Magnetic Materials Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Magnetic materials are substances that are attracted towards a magnet when an external magnetic field applied on them. Magnetic materials are magnetized in the applied magnetic field because they have induced magnetic moments. Magnetism ascends from the magnetic moment of the magnetic materials. Iron, cobalt, nickel, neodymium, and samarium cobalt are the most commonly used five magnetic materials as they reflect favourable magnetic properties. The behaviour of magnetism in materials is closely related to the properties of their constituent atoms, particularly the behaviour of their electrons. The home entertainment products market relies on magnetic materials in applications including loudspeakers, CD players, televisions, PCs, and games consoles. Besides, surging demand for electronic devices such as tablets, smartphones, laptops, and televisions will boost the overall industry growth.

MARKET DYNAMICS

The magnetic materials market is expected to grow substantially during the forecast period. The growth is attributed to increasing application in the automotive sector. Magnetic materials, including materials used in power steering systems, electric motors, sensors, and actuators, are crucial in various automotive applications. The demand for electric and hybrid vehicles has been steadily increasing, which, in turn, boosting the permanent magnets demand. Permanent magnets are used in wind turbines for power generation, while magnetic elements are utilized in inverters, solar panels, and energy storage systems. The expansion of renewable energy installations is likely to boost the magnetic material products demand in coming years. Many companies are shifting their focus towards developing new and innovative products in the magnetic materials market. The increasing demand for magnetic materials drives the properties and new applications because of technological advancement. However, the cost of magnetic raw materials, manufacturing, and processing are high, which may hinder growth.

MARKET SCOPE AND REPORT FEATURES

The "Global Magnetic Materials Market Analysis to 2031" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by type, application, and geography. The global magnetic materials market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of magnetic materials worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the magnetic materials market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in magnetic materials market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global magnetic materials market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The global magnetic materials market is segmented on the basis of type and application. Based on type, the magnetic materials market is segmented as soft magnet, semi-hard magnet, and hard/permanent magnet. On the basis of application, the market is classified as automotive, electronics, power generation, and others.

Based on type, the semi-hard magnet segment accounts for a significant share which can be attributed to its common use in magnetic materials applications. Magnetically, the semi-hard materials fall into the category between soft magnetic and permanent magnetic materials with respect to coercivity. In magnetic recording, semihard material either in particulate or thin film form is processed into tape or disk media. Semi-hard magnet materials function well in devices such as hysteresis-coupled drives, braking systems and compass.  They are designed to have specific magnetic properties suitable for various applications where low coercivity, high permeability, and minimal losses are desired. However, the combination of these properties the soft magnet materials highly desirable for a wide range of applications, including transformers, inductors, magnetic sensors, electric motors, generators, and other electromagnetic devices where efficient energy conversion and minimal losses are essential.

REGIONAL INSIGHTS

The report provides a detailed overview of the global magnetic materials market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia-Pacific is estimated to account for a significant share of the market. China and India, particularly have highly developed power generation sectors and have made substantial investments in the electronics and automotive industries. The progression in this sector has led to increased demand for magnetic materials, which are essential components in various applications, including power generation, electronics, and automotive systems. The Asia Pacific region is facing growing environmental concerns related to air pollution and carbon emission. Magnetic converters are needed to convert solar or wind energy into electrical energy. Thus, continuous development of renewable energy sectors in Asia-Pacific is a boost to drive the market for magnetic materials.

MARKET PLAYERS

Some of the key players operating in the magnetic materials market include Daido Steel Co Ltd, Dexter Magnetic Technologies, Dura Magnetics, Kaiven Magnet Co, Lynas Corporation Ltd, Molycorp Magnequench, Shin-Etsu Chemical Co Ltd, TDK Corp, Toshiba Materials Co Ltd, FJ Industries A/S, Arnold Magnetic Technologies, and Hitachi Metals, Ltd among others.

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Magnetic Materials Report Scope