Magnetic Materials Market: Summary
The Global Magnetic Materials Market is projected to reach a value of over USD 176 billion by 2027 at a CAGR of around 9.1%.
Magnetic Material is an object that produce magnetic field. The Magnetic material response magnetic material responds to the applied magnetic field either in the form of attraction or repulsion by generating magnetization or demagnetization property. A magnetic material can be classified in permanent or temporary, soft, semi-hard or hard, each of them with specific properties and uses. These materials are used in various application including automotive, electronics, power generation, industrial, and others.
Magnetic Materials Market: Drivers & Challenges
- Growing Automotive Industry
The high-quality magnetic material is used in processing automotive bodies and use of advanced technologies boost the market. Automotive industry has much to explore in terms of growth. Moreover, in the automotive industry, magnetic materials are used for anti-lock brake systems, compressors, fuel injectors, motors, and various rotating devices. Shift in trend from fuel-based vehicles to electric vehicles in the automotive industry is expected to drive the use of soft magnetic material in automotive applications. Electric car deployment has been growing rapidly over the past ten years, with the global stock of electric passenger cars passing 5 million in 2018, an increase of 63% from the previous year. Around 45% of electric cars on the road in 2018 were in China – a total of 2.3 million – compared to 39% in 2017. In comparison, Europe accounted for 24% of the global fleet, and the United States 22%. Thus, the increasing shift towards the use of electric vehicles is expected to boost the demand for global magnetic material market
- Fluctuating Cost of the Raw Materials
A number of materials such as ferrite, neodymium, alnico, samarium cobalt, and others used for the manufacturing of magnetic materials. Neodymium (Nd) is a rare earth element on the earth. Although part of the rare earth family neodymium is relatively abundant and is no rarer than copper. Neodymium is mixed with iron and boron as well as traces of other elements such as dysprosium and praseodymium to produce a ferromagnetic, a strongest magnetic material in the world. Moreover, alnico is an acronym of aluminium, nickel and cobalt; the three primary elements which are used to create alnico magnetic material. the above-mentioned raw materials are the rare on the earth. Volatility in the prices of these materials is a major factor likely to hamper the market growth during the assessment period. The price fluctuations are attributed to the mining and extraction of the raw materials, which are dependent on geological and geopolitical factors.
Magnetic Materials Market: Key Segments
- Segmentation based on type: Hard/Permanent Magnet, Semi-Hard Magnet, Soft Magnet
- Segmentation based on application: Automotive, Electronics, Industrial, Power Generation and Others
- Segmentation based on region covers: North America, Asia-Pacific, Europe, Middle East & Africa and South America, with individual country-level analysis.
Magnetic Materials Market: Report Scope
The report on the Magnetic Materials market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million), Volume (Kiloton)
Type, Application, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- Hitachi Metals, Ltd. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- 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.
- Adams Magnetic Products Co., Inc.
- Other Key Companies
Magnetic Materials Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Magnetic Materials Market, by Type
- Hard/Permanent Magnet
- Semi-Hard Magnet
- Soft Magnet
Magnetic Materials Market, by Material
- Power Generation
Magnetic Materials Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Magnetic Materials Market Providers
- Magnetic Materials Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Magnetic Materials Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE MAGNETIC MATERIALS MARKET STUDY