Dublin, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The "Magnetic Materials Market By Type, By Application, By End-User Forecasts To 2027" report has been added to ResearchAndMarkets.com's offering.
Growing demand from end-use industries, rise in development & modernization of infrastructure, and expansion of the automotive industry, are some factors propelling market growth.
The global magnetic materials market size was valued at USD 75.52 billion in 2019 and is estimated to garner USD 143.87 billion in terms of revenue, delivering a CAGR of 9.3% through 2027
Market growth is driven by growing product demand from the automotive industry, increasing demand for power generation, and miniaturization of devices, such as generators in the hydro-powered and wind turbines.
The automotive industry extensively uses magnets in various components, such as alternators, gearboxes, for pollution control, and others. The expanding product application range with the development of new technologies in the automotive industry is likely to offer lucrative opportunities for the global magnetic materials market growth over the forecast period.
The highly popular trend of modernization and electrification to reduce production costs and enhance efficiencies has proliferated the use of permanent magnets in several end-use industries. In building technology, the utilization of magnetic materials provides advanced solutions to ensure the highest levels of safety, sustainability, and energy efficiency.
The product offers industry-specific solutions for life science companies, hospitals, airports, utility companies, hotels, commercial buildings, and other infrastructural projects. The permanent magnets are experiencing extensive utilization in the motors of train doors and lift doors. China is generating a high demand for NdFeB magnets for oil pipelines dewaxing applications. The rise in ore exploration activities in the country will favor magnetic materials market growth.
The volatile prices of rare-earth metals, including dysprosium, neodymium, and samarium, used in the production of magnetic materials may negatively impact industry growth.
The COVID-19 Impact:
The outbreak of COVID-19 has adverse effects on most industry verticals across the globe, and the magnetic materials market had an equally negative impact. With travel restrictions and lockdown situations in most countries, foundries have been closed, and several events have also been canceled, badly affecting magnetic materials industry players.
The international trade fairs were also canceled due to lockdowns in several regions of the world. Moreover, key industry participants like the TDK Corporation has sent its workers to quarantine and also started to work with reduced workforce strength. These factors have temporarily halted the growth of the flourishing magnetic materials industry.
Further key findings from the report suggest
- The effective utilization of electricity, decrease in size of technological devices, and surging demand for faster transmission of data is fuelling the growth of the magnetic material market.
- Based on product type, the semi-hard magnet segment is leading the market share and is forecast to exhibit a growth rate of 9.5% over the forecast period.
- In terms of end-use, electronics & telecommunication is set to register the highest growth rate of 9.4% through 2027.
- In the regional landscape, the Asia Pacific region is estimated to offer lucrative growth opportunities for the global magnetic materials industry, as most multinational companies based in developing economies are shifting their manufacturing sites to the region.
- According to the Organisation Internationale des Constructeurs d'Automobiles, China has an excellent automobile production rate, which, in turn, is propelling the demand for magnetic materials.
- Prominent players in the market include Daido Steel Co., Hitachi Metals, Ltd., Ltd, Shin-ETSU Chemical Co., Ltd., Molycorp Magnequench, TDK Corporation, Arnold Magnetic Technologies Corporation, Lynas Corporation Ltd., Electron Energy Corporation, Adams Magnetic Products Co., and Tengam Engineering, Inc. among others.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Magnetic Materials Market Segmentation & Impact Analysis
4.1. Magnetic Materials Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing Automotive Industry
4.2.2.2. Growth in End-Use Industries
4.2.2.3. Development and Modernization of Infrastructure
4.2.3. Market restraints analysis
4.2.3.1. Volatile Raw Material Prices
4.2.3.2. Requirement of Huge Investment in R&D
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Magnetic Materials Market By Type Insights & Trends
5.1. Type Dynamics & Market Share, 2019 & 2027
5.2. Hard/Permanent Magnet
5.3. Semi-Hard Magnet
5.4. Soft Magnet
Chapter 6. Magnetic Materials Market By Application Insights & Trends
6.1. Application Dynamics & Market Share, 2019 & 2027
6.2. Transformers
6.3. Motors
6.4. Inductors
6.5. Generators
Chapter 7. Magnetic Materials Market by End User Insights & Trends
7.1. End User Dynamics and Market share
7.2. Automotive
7.3. Electronics & Telecommunications
7.4. Industrial
7.5. Power Generation
7.6. Others
Chapter 8. Magnetic Materials Market Regional Outlook
Chapter 9. Competitive Landscape
9.1. Market Revenue Share By Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Market positioning
9.5. Strategy Benchmarking
9.6. Vendor Landscape
Chapter 10. Company Profiles
- Hitachi Metals Ltd.
- Daido Steel Co. Ltd
- Molycorp Magnequench
- Shin-ETSU Chemical Co. Ltd.
- TDK Corporation
- Lynas Corporation Ltd.
- Arnold Magnetic Technologies Corporation
- Electron Energy Corporation
- Tengam Engineering Inc.
- Adams Magnetic Products Co. Inc.
For more information about this report visit https://www.researchandmarkets.com/r/u9n96d
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