In terms of revenue, the Global Magnetic Materials Market is expected to reach USD 38.7 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.30% from 2022 to 2028.
The need for Magnetic Materials in the automotive and electronic industries is expected to increase, fueling the expansion. Among other things, Magnetic Materials are utilized in magnetic separators, motors, transformer cores, electromagnets, generators, microphones, and speakers. These items also have been used in signal transmission, power adaptation, magnetic field screening, analog, and digital data storage, permanent magnets, quantum devices, and power conversion from electrical to mechanical, among other things.
Key Developments in the Industry
· The Expanding Market for Magnetic Materials in Vehicles.
· Expanding Consumer Need for Electric Motors.
· Increasing Use In The Electricity And Energy Industries
· In The Automotive and Electrical Industries, The Demand For Magnetic Materials Is Increasing.
· Focusing More On Creating Innovative Items And Improving Their Capacity For Production
The Global Magnetic Materials Market is segmented based on Type, Applications, and Region. Based on Type, the market is classified into Hard, Semi-hard, Soft. Furthermore, based on the Applications, the Magnetic Materials Market has been segmented into Automotive & Transportation Electronics, Energy, Others. Region-wise, the Global Magnetic Materials Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Across all nations, the use of renewable energy sources has considerably increased. Additionally, as a result of the increased demand for electricity, there has been an increase in investments in energy-efficient power generation. Particularly in the creation of electric power, transportation, air conditioning, and telecommunications, permanent magnets are essential to the efficient operation of machinery. According to figures from the World Wind Energy Association (WWEA), the wind is the renewable energy source that is expanding the fastest. The architecture of the wind turbine generator drive system changed as a result of the growing desire for lower maintenance needs and higher energy yields over the projected time.
The expansion will probably be fueled by rising demand for Magnetic Materials in the electrical and automotive industries. Signal transmission, power adjustments, magnetic field screening, analog, and digital data storage, permanent magnets, quantum devices, and power conversion from electrical to mechanical are just a few applications for these components.
The market for Magnetic Materials is anticipated to develop in response to the U.S. government's objective of reaching net zero carbon emissions by 2050. On a national and international scale, there will likely be an increase in the need for permanent magnets. Modern motors and driving systems also use permanent magnets in industrial and consumer electronics. In addition, the demand for Magnetic Materials is expected to increase at a profitable rate due to rising investments in the energy sector. Magnets are widely used in the renewable energy industry and are essential parts of battery transaction motors, hybrid electric vehicles, and wind turbine generators.
During the forecast period, the Magnetic Materials Market in Asia Pacificis anticipated to develop at the quickest rate. The automotive and electronics sectors' high-volume production in China, India, and Japan is expected to drive up demand for Magnetic Materials in the area. For instance, China manufactured 32.5% of the world's automobiles in 2021, according to the International Organization of Motor Vehicle Manufacturers (OICA).
In addition, according to an announcement from Pacifico Energy, the 54-MW solar project in Sano-shi, Tochigi Prefecture, Japan, will begin construction in October 2020. This is the 13th facility for Pacifico Energy in Japan. Furthermore, JERA Co. also declared its intention to boost its investment in renewable energy to 5 GW of capacity by 2025. In the upcoming years, it is anticipated that the expansion of such energy projects will fuel the demand for Magnetic Materials in the area.
The Global Magnetic Materials Market is Segmented as follows
- Semi-Hard Magnet
- Soft Magnet
- Power Generation
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Magnetic Materials Market is
Daido Steel Co. Ltd. (Japan), Hitachi Metals Ltd. (Japan), TDK Corp (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Molycorp Magnequench (Singapore), Lynas Corporation Ltd. (Malaysia), Arnold Magnetic Technologies Corporation (US), Electron Energy Corporation (US), Tengam Engineering Inc. (US)
The Global Magnetic Materials Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|