The global magnetic materials market is forecast to reach USD 181,888.61 Million by 2030, according to a new report by Reports and Data. The global magnetic materials market demand is anticipated to augment on account of the increasing need for power generation and miniaturization devices like generators in the wind and hydro-powered turbines over the forecasted period. In addition, the industry is expected to be driven by the growing automotive industry, which uses magnets in various components such as pollution control, alternators, and gearbox. However, volatile prices of rare-earth metals, including samarium, dysprosium, and neodymium used in the production of magnetic materials, are expected to act as a key market restraint. The rise in application range owing to the development of new technologies is anticipated to open new avenues for the global magnetic materials sector over the forecasted period.
The growing trend of electrification and modernization to reduce the cost of production and improve efficiencies enhances the use of permanent magnets in a variety of end-use industries. The building technologies provide advanced solutions that ensure the highest levels of energy efficiency, safety, and sustainability. These not only offer industry-specific solutions for hospitals, life science companies, airports, hotels, utility companies, and but also provide solutions for commercial buildings of cities as well as international companies and their infrastructures. Permanent magnets are extensively used in the motors of lift doors and train doors. NdFeB magnets are also used to dewax oil pipelines in China.
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Further key findings from the report suggest
- The Asia Pacific is expected to have an attractive growth for the magnetic material market as many multinational companies are shifting their manufacturing set-ups to this region.
- China has an excellent automobile production rate, according to OICA, which, in turn, is a factor behind the rising demand for the industry.
- Among the end-user segment, electronics telecommunication is presently leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 9.4% over the forecasted period.
- Among the type segment, a semi-hard magnet is presently leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 9.5% over the forecasted period.
- Demand for faster transmission of data, decreasing the size of technological devices, and effective utilization of electricity has provided an impetus to the magnetic material sector.
- Key participants include Hitachi Metals, Ltd., Daido Steel Co., Ltd, Molycorp Magnequench, Shin-ETSU Chemical Co., Ltd., TDK Corporation, Lynas Corporation Ltd., Arnold Magnetic Technologies Corporation, Electron Energy Corporation, Tengam Engineering, Inc., and Adams Magnetic Products Co., Inc. among others.
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Type Outlook (Revenue, USD Billion; 2019-2030)
- Hard/Permanent Magnet
- Semi-Hard Magnet
- Soft Magnet
Application Outlook (Revenue, USD Billion; 2019-2030)
- Transformers
- Motors
- Inductors
- Generators
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
The Magnetic Materials market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Magnetic Materials market.
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Frequently Asked Questions Addressed in the Report:
- What is the estimated market revenue growth over the forecast period?
- What are the major factors driving the global Magnetic Materials market revenue growth?
- Which regional market is expected to account for the largest revenue share in the global Magnetic Materials market over the forecast years?
- Which are the leading players in the global Magnetic Materials market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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