Chicago, Feb. 11, 2024 (GLOBE NEWSWIRE) -- The Advanced Magnetic Materials Market is projected to grow from USD 24.2 billion in 2023 to USD 38.2 billion by 2028, at a CAGR of 9.5% during the forecast period, as per the recent study by MarketsandMarkets™. The global advanced magnetic materials market is expected to grow in the coming years, driven by increasing demand from various industries such as automotive, industrial, electronics, medical, power generation and others. The market is also expected to benefit from technological advancements in advanced magnetic materials technology, enabling to achieve high quality magnets.
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Browse in-depth TOC on “Advanced Magnetic Materials Market”.
214 - Market Data Tables
47 - Figures
218 - Pages
List of Key Players in Advanced Magnetic Materials Market:
- Hitachi Metals Ltd. (Japan)
- TDK Corporation (Japan)
- Daido Steel Ltd. (Japan)
- Shin-Etsu Chemical Co. Ltd. (Japan)
- Arnold magnetic Technologies (US)
- Anhui Sinomag Technology Co. Ltd. (China)
- Neo (Canada)
- Ningbo Yunsheng Co. Ltd. (China)
- Vacuumschmelze GmbH & Co. KG (Germany)
Drivers, Restraints, and Opportunities in Advanced Magnetic Materials Market:
- Driver: Development of new industrial robots
- Restrain: Recent trade bans imposed by Chinese government on new technologies which affect the market
- Opportunity: Development of magneto calorific materials for HVAC
- Challenge: investments required in R&D
Key Findings of the Study:
- Permanent magnet segment to grow at a significant rate in advanced magnetic materials, in terms of value.
- Automotive industry to be the fastest-growing end-use industry segment in the global advanced magnetic materials market in terms of value.
- Asia Pacific continuous to be the largest market in the global advanced magnetic materials market in terms of value.
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Based on Type, the advanced magnetic materials market is segmented by type into permanent magnet, semi-hard magnet, and soft magnet. Among these three types of advanced magnetic materials, permanent magnets have high magnetic coercivity. Semi-hard magnets have a coercivity that is lower than permanent magnets but higher than soft magnets whereas soft magnets have a very low coercivity. Permanent magnets are used in high-performance applications such as MRI (Magnetic Resonance Imaging), stator of the electric motors and more. Soft magnets are used in applications where high permeability and low coercivity is required. Semi-hard magnets are mostly used for hysteresis motors, clutches, and brakes for textile, paper, and computer disk drives industry. Moreover, semi-hard magnets are also used in the telecommunication industry for telephone switching systems, and security devices & articles.
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Based on end-use industries, Automotive, electronics, industrial, power generation, medical and other are the key end-use industries for advanced magnetic materials. Advanced magnetic materials have vast applications in the automobile industry. The automobile contains magnetic materials in various parts such as motors, sensors, actuators, and switches. The concerns regarding the fuel economy of vehicles lead the manufacturers to reduce vehicle weight and to increase the combustion efficiency. This has resulted in an elevated use of magnetic materials in automobiles. Magnetic materials are increasingly used in electric motors for various functions such as electric steering, electric braking, electric throttle actuation, auto-clutch, and gearbox actuation. The technology advancement increases the utilization of magnetic materials. The magnetocardiography and magnetoencephalography are some of the medical applications that make use of magnetic materials. The automation and technology development in Asia-Pacific is expected to improve the magnetic materials market.
Based on countries, The US led the advanced magnetic materials market in 2022. The market in the US is driven by the presence of major end-use industries and strong industrialization in the country. The US is expected to remain the dominant market during the forecast period. The growing usage of advanced magnetic materials in automotive, aerospace and defense, and other industries is responsible for the high market share of the US. The market in Germany is expected to register a CAGR of 9.7% between 2023 and 2028 to reach a market size of USD 2,042.6 million by 2028. The market in China is projected to witness a CAGR of 10.1% during the forecast period. The growth in the country is owed to projects that are expected to be completed by 2028.
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