WASHINGTON, Dec. 06, 2022 (GLOBE NEWSWIRE) — Global Magnetic Materials Market is valued at USD 28.1 Billion in 2021 and is projected to reach a value of USD 38.7 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period 2022-2028.
One of the most significant economic areas is the Magnetic Materials business, and consistent expansion is projected going forward. However, despite the industry’s turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and prospects. It also goes into detail about the global drivers of the demand for Magnetic Materials, including increasing investment requirements, developing technology, and new regulations.
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According to Vantage Market Research, some major factors are expected to fuel the Magnetic Materials market growth over the forecast period. The growing automobile sector, the boom in end-user industries, and the expansion and modernization of infrastructures are three major aspects that favorably impact the need for magnetic materials.
According to industry predictions, the market will rise during the forecast period owing to the expanding application range brought on by the development of new technologies. Additionally, the various growth chances within the market are further provided by the key market players’ increasing investments. For instance, Hydro-Québec announced an investment in July 2019 to support Dana TM4’s expansion in electric powertrains. A joint venture business called Dana TM4 focuses on creating and producing electric motors.
Asia Pacific dominated the market in 2021, and this trend of dominance will persist throughout the projection period. This is explained by the fact that China has a sizable power generation business and that the region has continued to invest in the electronics and automotive industries throughout the predicted period. Its demand is anticipated to rise due to the increasing requirement for energy transmission from generators and growing industrialization. The region’s need for electric motors is also fueled by the region’s strict environmental restrictions, which have facilitated the adoption of electric vehicles.
Growth in Need for Magnetic Materials in Automotive Industry to Drive the Market
In the automobile industry, magnetic material demand is rising. As a result, the market for magnetic materials is expected to experience the quickest growth and largest end-user sector throughout forecasting. The vital automotive applications predicted to drive the market growth rate for magnetic materials are motors, compressors, anti-lock brake systems, fuel injectors, and other rotating devices.
Government Initiatives for Mounting the Power Generation Capacity
The government has launched several programs like DDUGJY, IPDS, and progressive measures for enhancing distribution and boosting power generation capacity, which is further anticipated to increase demand for motors and, ultimately, for magnetic materials during the forecast period. In addition, governments are heavily investing in solar energy sources, which have the highest share among other renewable energy sources in Asia-Pacific, according to the International Renewable Energy Agency (IRENA). Furthermore, government limits on combustion engine cars have been tightened due to the region’s developing environmental problems. Due to this, the region now has a greater demand for electric vehicles, encouraging the use of magnetic materials in varied applications.
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Global Magnetic Materials Market Segmentation:
Vantage Market Research Has Studied the Global Magnetic Materials Market with Detailed Segmentation on the Basis of Type, Application, and Key Regions.
- Semi-Hard Magnet
- Soft Magnet
- Power Generation
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Top Trends in Global Magnetic Materials Market
- One trend that Vantage Market Research (VMR) expects to see in the Magnetic Materials industry is increased usage in the energy and power sectors. Across all nations, the use of renewable energy sources has risen considerably. Additionally, due to the increased demand for electricity, there has been an increase in investments in energy-efficient power generation. Particularly in creating electric power, air conditioning, transportation, 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 due to the growing desire for lower maintenance needs and higher energy yields over the projected time.
- Another trend that VMR predicts will continue in the Magnetic Materials industry is the rising demand for electric motors. Numerous end-use sectors, such as electric automobiles, consumer electronics, electric transmission, and medical equipment, employ electric motors extensively. For example, electric motors were used to produce hemodialysis machines, respirators, centrifuges, infusion pumps, compressors, scanners, and other medical devices and equipment. The demand for magnetic materials is anticipated to rise along with the need for electric motors in various equipment, including medical devices, and to accelerate the market expansion.
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Top Report Findings
- Based on type, the magnetic materials market was led by soft magnetic materials in terms of revenue. Due to its use in motor applications, where it enhances the field produced by the motor winding, demand has increased. The surge in the need for soft magnetic materials from the automotive sector is also one of the leading market drivers.
- Based on application, the automotive & transportation dominated the Magnetic Materials market. Because of its more significant investments in this industry, it is projected that this trend will continue.
- 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.
Top 10 Players Generates Most of the Global Magnetic Materials Market Revenue
The market for magnetic materials is highly fragmented globally, and major corporations are investing more money in R&D projects. Hitachi Metals Ltd., Daido Steel Co. Ltd., TDK Corporation, Arnold Magnetic Technologies, Lynas Corporation Ltd., Shin-Etsu Chemical Co. Ltd., Electron Energy Corporation, Adams Magnetic Products Co. Inc., Tengam Engineering Inc., and Galaxy Magnets are few of the major players in the market. These market participants compete with one another by comparing pricing and providing a wide selection of products to satisfy consumer demand. The supply of magnetic materials is expected to increase in the upcoming years because of investments in magnetic materials manufacturing. For instance, the magnets technology company Quadrant declared in January 2022 that it would 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.
Automotive & Transportation Segment in Magnetic Materials Market to Generate more than 37% Revenue
Vantage Market Research has conducted an analysis to comprehend the Magnetic Materials market’s existing situation and possible drivers of future expansion. Due to significant investments in this industry, it is projected that demand for magnetic materials will increase over the coming years.
Rapid growth in the market for magnetic materials is being fueled by increasing investments made by the current Automotive & Transportation sector, which offers countless opportunities. For example, the Japanese-based Suzuki Motor Company declared in March 2022 that it would invest USD 1.3 billion in an Indian factory producing electric vehicles and batteries.
The market is boosted by the growing demand for high-quality magnetic materials used in processing automotive bodies and by the usage of cutting-edge technology. Moreover, because the automobile industry is the foundation of its economy, Germany is quickly becoming a significant permanent magnet manufacturer in Europe.
Top Players in the Global Magnetic Materials Market
- 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)
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Magnetic Materials Market Forecast Report (2022-2028).
- Asia-Pacific dominates the magnetic materials market in the forecast period due to rising electronics, automotive and telecommunications industries in this region on a wide range.
- North America and Europe are expected to be the fastest developing region during the forecast period of 2022-2028 due to the availability of cheap labour force coupled with a goal to target untapped market areas of this region.
Scope of the Report:
|Market Size in 2021||USD 28.1 Billion|
|Revenue Forecast by 2028||USD 38.7 Billion|
|CAGR||5.5% from 2022 to 2028|
|Forecast Year||2022 to 2028|
|Key Players||Daido Steel Co. Ltd., Hitachi Metals Ltd., TDK Corp, Shin-Etsu Chemical Co. Ltd., Molycorp Magnequench, Lynas Corporation Ltd., Arnold Magnetic Technologies Corporation, Electron Energy Corporation, Tengam Engineering Inc.|
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