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 – 2030Industry: Chemicals & Materials
Global Magnetic Materials Market Insights Forecasts to 2030
- The global Magnetic Materials Market was valued at USD 30.25 billion in 2021.
- The market is growing at a CAGR of 7.7% from 2021 to 2030
- The global Magnetic Materials Market is expected to reach USD 58.97 billion by 2030
- The Asia Pacific is expected to grow the fastest during the forecast period
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The global Magnetic Materials Market is expected to reach USD 58.97 billion by 2030, at a CAGR of 7.7% during the forecast period 2021 to 2030. 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.
An object that produces a magnetic field is said to be a magnetic material. This material's dipole movement and electron spin greatly influence its magnetic response. A magnetic substance can be permanent or brittle, soft, semi-hard, or hard, each with their own characteristics and applications. A magnet creates a persistent magnetic field, which is nothing more than an internal current flowing through the material. Today, magnets are utilised in all industrial sectors. Both domestically and internationally, there is likely to be an increase in the demand for permanent magnets. Industrial and consumer electronics also require permanent magnets, particularly in modern motors and driving systems.
It is projected that demand for magnetic materials will increase at a profitable rate as a result of expanding investments in the energy sector. Magnets, which are essential parts of wind turbine generators, hybrid electric vehicles, and transaction motors in batteries, are specifically used in the renewable energy sector. However, the market's expansion is anticipated to be constrained in the short term by its heavy dependence on the importation of magnetic materials. The country's electricity industry has recently suffered significant effects. Due to the worldwide health crisis, the sector has already seen cancellations and delays in its installation projects. In addition, a significant number of retroactive rent bills have also been issued. This action will cost the industry millions of dollars.
All of the microphones we use with automobile electric motors are variations on magnets. In the medical field, it is now widely employed. For instance, MRI, or magnetic resonance imaging, uses strong magnets and radio waves to identify a range of problems inside the body. Magnets can be an ideal replacement for traditional electronic components, as shown by the dynamic expansion of the electronic industry. For instance, the power-hungry transistors in microchips are being replaced by Nano magnets. In the future, it might even displace silicon, which would change the semiconductor market. The development and upgrading of infrastructure, along with the expanding automobile sector in Asia-Pacific, are the main causes of the increase. Variable raw material costs are the issue limiting this market's expansion.
This research report categorizes the market for global Magnetic Materials based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global Magnetic Materials Market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global Magnetic Materials Market sub-segments.
Global Magnetic Materials Market Report Coverage
|Market Size in 2021:||USD 30.25 Billion|
|Forecast Period 2021-2030 CAGR:||7.7%|
|2030 Value Projection:||USD 58.97 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||212|
|Tables, Charts & Figures:||106|
|Segments covered:||By Type, By Application, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Daido Steel Co. Ltd., Hitachi Metals Ltd., TDK Corp, Lynas Corporation Ltd., Molycorp Magnequench, Arnold Magnetic Technologies Corporation, Electron Energy Corporation, Tengam Engineering, Inc., Galaxy Market, Adams Magnetic Products Co.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the Soft segment dominated the market with the largest market share of 49.6% and market revenue of 58.97 billion.
Based on the Type, the global Magnetic Materials Market is categorized into Hard/Permanent, Semi-hard, and Soft. In 2021, the Soft segment dominated the market with the largest market share of 49.6% and market revenue of 58.97 billion. The demand for Soft magnetic materials is increasing rapidly as they have material' hysteric loops enclose 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.
- In 2021, the Automotive and Transportation segment accounted for the largest share of the market, with 33.7%and market revenue of 10.19 billion.
Based on the application, the Magnetic Materials Market is categorized into Automotive & Transportation, Electronics, Energy and Others. In 2021, the Automotive and Transportation segment accounted for the largest share of the market, with 33.7% and market revenue of 10.19 billion. Growing investments by present Automotive & Transportation market with enormous opportunities leading to rapid growth in magnetic material market.
Regional Segment Analysis of the Magnetic Materials Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia- Pacific emerged as the largest market for the global Magnetic Materials Market, with a market share of around 67.1% and 20.29 billion of the market revenue in 2021.
- Asia- Pacific emerged as the largest market for the global Magnetic Materials Market, with a market share of around 67.1% and 20.29 billion of the market revenue in 2021. 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).
- The Europe market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing encouragement and benefits for foreign businesses to enter the region. In order to add 25 GW of new energy capacity, Europe invested EUR 41 billion in the wind energy sector in 2021. Neodymium magnets, which are comprised of neodymium, boron, and iron, are used in many kinds of wind turbines to efficiently generate power.
The report offers the appropriate analysis of the key organizations/companies involved within the global Magnetic Materials Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- 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
- Adams Magnetic Products Co.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In January 2022- A magnet technology business called Quadrant recently announced plans to build a permanent magnet manufacturing facility in the United States. The business hopes to gain from the automotive industry's explosive growth in the manufacture of electric vehicles.
- In October 2020- In Sano-shi, Tochigi Prefecture, Japan, Pacifico Energy announced the commencement of construction of a 54-MW solar project. In the upcoming years, it is anticipated that the expansion of such energy projects would drive the demand for magnetic materials in the area.
- In July 2021- The U.S. A $500 billion clean energy investment measure was approved by the Senate. Through investments in energy production and electric vehicles, the U.S. government intends to update its energy infrastructure, which is expected to increase demand for magnetic materials.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Magnetic Materials Market based on the below-mentioned segments:
Global Magnetic Materials Market, By Type
Global Magnetic Materials Market, By Application
- Automotive & Transportation
Global Magnetic Materials Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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