Magnetic Materials Market
Magnetic materials are substances that can be magnetized and are widely used across many industries. Magnetism arises due to the motion of electric charges within the material. When these charged particles align in the presence of a magnetic field, it results in the material becoming magnetized. Magnetic materials find applications where control or redirection of electric currents or magnetic fields are required. Magnetic materials are used in motors, generators, transformers, inductors, and various other electro-magnetic systems. Advances in nanotechnology have enabled the development of improved magnetic materials with uniquely enhanced properties. Global magnetic materials market growth is driven by rising demand from various end-use industries.
Market Dynamics-
Global magnetic materials market growth is driven by factors such as growth of electronics sector, increasing demand for energy-efficient systems, and advancements in nanotechnology. Rising demand for improved magnetic components from industries such as automotive, consumer electronics and industrial motors can drive the market growth. However, high costs of production and volatility in raw material prices poses major challenges. Increasing focus on development of more efficient magnets using rare-earth elements presents an opportunity for manufacturers to develop highly specialized alloys. Initiatives to reduce reliance on rare-earth imports through strategic partnerships can offer growth opportunities. Expanding electric vehicle industry is another major growth driver as motors, batteries and charging infrastructure employ magnetic materials extensively. The renewable energy generation from solar and wind is witnessing strong growth worldwide creating demand for associated equipment utilizing magnetic materials. Industrial automation through robotics, 3D printing and automation solutions also spurs the need for magnetic materials in motors and sensors.
Key Features of the Study
- This report provides in-depth analysis of the global magnetic materials market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- Key players covered as a part of this study include AK Steel Holding Corporation, Arnold Magnetic Technologies, Electron Energy Corporation, Hitachi Metals, Ltd., Lynas Corporation Ltd., Molycorp Inc., OM Group, Shin-Etsu Chemicals Co., Ltd., Tengam Engineering Inc., TDK Corporation, Daido Steel Co. Ltd
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global magnetic materials market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global magnetic materials market
Market Segmentation
Table of Contents
* Browse 50 market data tables* and 40 figures* on “Magnetic Materials Market” – Global forecast till 2031
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