The global magnetic material market stands at US$ 114.69 Bn as of now and is expected to reach US$ 297.07 Bn by the year 2032 at a CAGR of 9.3% between 2022 and 2032. Magnetic materials find their presence in transformer cores, motors, generators, electromagnets, magnetic separators, speakers, and microphones.
They do help in converting power from electrical to mechanical along with signal transfer, magnetic field screening, power adaptation, data storage (analog and digital), quantum devices, and permanent magnets (amongst others).
The government of the US has decided to take carbon emissions to ‘net zero’ by the year 2050. This is a factor driving the magnetic material market, as clean energy makes use of magnets as key components of wind turbine generators, transaction motors, and hybrid electric vehicles.
Soft magnetic materials are expected to stay the quickest-growing sector in the next year. This could be reasoned by the fact that they have a high anisotropy field, high coercivity, a big hysteresis loop area, and a huge magnetic field.
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The call for renewable energy sources also drives the demand for permanent magnets; inclusive of solar & wind, rising needs for power distribution, and likewise. Application-wise, automotive & transportation rule the roost. The status quo is expected to remain unchanged even in the forecast period. Along these lines, Suzuki Motor (Japan) did announce an investment of US$ 1.3 Bn in an India-based plant for producing electric vehicles as well as batteries.
At the same time, it needs to be noted that solar panels and batteries use plastics for storing power, which is certainly not environmentally friendly. Herein, transistors could be replaced by nanomagnet chips, and wired communication using transistors could be replaced by magnetic fields, which could curtail demand for as well as consumption of power.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Magnetic Material Market’ with its team of analysts and consultants to execute.
“Massive investments in magnetic materials are bound to take the magnetic materials market by storm in the upcoming period”, says an analyst from Future Market Insights.
Key Takeaways from Magnetic Material Market
- The Asia-Pacific holds the largest market share. This could be attributed to the voluminous production of automobiles and electronics products in this region. Japan, China, and India are leading the market for the Asia-Pacific. According to the International Organization of Motor Vehicle Manufacturers (OICA), China alone accounted for more than 30% of the production of automobiles across the globe. Also, Pacifico Energy, in October 2020, did announce the beginning of the construction of the 54-MW solar project at Sano-shi (Tochigi Prefecture, Japan). JERA Co. also announced increasing its investments in renewable energy to 5 GW by the year 2025.
- Europe is expected to grow at the fastest rate in the magnetic material market going forward. Records state that Europe did invest EUR 41 Bn in wind energy in the year 2021 to yield 25 GW of novel energy capacity. Neodymium magnets that are made by making use of boron, iron, and neodymium do find applications in several kinds of wind turbines. They render an efficient generation of electricity.
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Magnetic Material Market: Competitive Evaluation
- Arnold Magnetic Technologies
- Hitachi Metals Ltd.
- Molycorp Inc.
- Electron Energy Corporation
- Lynas Corporation Ltd.
- Tengam Engineering Inc.
- Adams Magnetic Products Co.
- Hangzhou Permanent Magnet Group.
- Shin-Etsu
Competitive Materials
- Quadrant, in January 2022, did announce a plan to build a permanent magnets production plant in the US.
- Electron Energy Corporation produces neodymium iron boron magnets that are known for having the highest magnetic energy. Also, the company is one of the preferred suppliers of ‘precision rotor assemblies’ for medical, defense, aerospace, and industrial markets. They extend support to customers with regard to initial considerations of design, qualifications, rapid prototyping, and production.
- Tengam Engineering is a prominent leader when it comes to injection molded magnet vertical. It has been in operation for the last 40 years.
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Magnetic Material Market: Key Segmentation
By Metal Used
- Neodymium
- Aluminium Nickel Cobalt
- Samarium Cobalt
By Magnet Type
- Permanent
- Electromagnet
By Application
- Automotive
- Medical Equipment
- Energy & Power Generation
- Consumer Goods & Electronics
- Defence & Military Communication
- Satellites & Space Missions
- Industrial
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How does the Report materialize?
- The research study is based on the metal used (neodymium, aluminum nickel cobalt, and samarium cobalt), by a magnet, type (permanent and electromagnet), by application (automotive, medical equipment, energy & power generation, consumer goods & electronics, defense & military communication, satellites & space missions, and industrial).
- With the realization of the fact that magnets are cost-effective and environmentally-friendly assets, the global magnetic material market is bound to grow on an astounding note in the upcoming period.
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