Global Magnetic Materials Market Size to grow USD 58.97 Billion by 2030 | CAGR of 7.7%Category: Chemicals & Materials
Global Magnetic Materials Market worth $58.97 billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Magnetic Materials Market Size to grow from USD 30.25 billion in 2021 to USD 58.97 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.7% during the forecast period. The demand for magnetic materials in the automotive and electronic industries is expected to increase, fuelling the expansion. Among other things, magnetic materials are utilised in magnetic separators, motors, transformer cores, electromagnets, generators, microphones, and speakers.
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Browse key industry insights spread across 212 pages with 106 market data tables and figures & charts from the report ”Global Magnetic Materials Market Size, Share, and COVID-19 Impact Analysis By Type (Hard/Permanent, Semi-hard and Soft), By Application (Automotive & Transportation, Electronics, Energy and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.“ in detail along with the table of contents. https://www.sphericalinsights.com/reports/magnetic-materials-market
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Soft segment to account for the largest market size during the forecast period
Based on the Type, the global Magnetic Materials Market is categorized into Hard/Permanent, Semi-hard, and Soft. The Soft segment accounts for the largest market size during the forecast period. The demand for Soft magnetic materials is increasing rapidly as they have material' hysteric loops enclosing smaller spaces. These materials exhibit high initial permeability, low remnant magnetization, and low coercively. These materials have minimal hysteresis and eddy current losses. These factors are leading soft segment to rapid growth in the market.
The Automotive and Transportation segment to hold a higher CAGR during the forecast period
Based on the application, the Magnetic Materials Market is categorized into Automotive & Transportation, Electronics, Energy and Others. The Automotive and Transportation segment to hold a higher CAGR during the forecast period. Growing investments by the present Automotive & Transportation market with enormous opportunities leading to rapid growth in the magnetic material market.
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Asia- Pacific is estimated to account for the highest market share in 2021.
The Global Magnetic Materials Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. 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). Europe to hold a higher CAGR during the forecast period.
Major vendors in the Global Magnetic Materials Market include Daido Steel Co. Ltd., Hitachi Metals Ltd., TDK Corp, Shin-Etsu Chemical Co. Ltd., Lynas Corporation Ltd., Molycorp Magnequench, Arnold Magnetic Technologies Corporation, Electron Energy Corporation, Tengam Engineering, Inc., Galaxy Market, and Adams Magnetic Products Co.
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