Richmond, Feb. 22, 2024 (GLOBE NEWSWIRE) -- According to a research report "Advanced Magnetic Material Market”, by Type (Permanent Magnetic Material, Soft magnetic Material, Others), By Application(E-Mobility and automotive, Smart Industrial Solutions, Aerospace and E-flight, Energy Generation and Management, Medical and Healthcare, Consumer Electronics, Information and communication technology, Others), and Region - Global Forecast to 2030.
Global Advanced Magnetic Material Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 24.4 Billion |
| Market size value in 2030 | USD 40.5 Billion |
| CAGR (2023-2030) | 7.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Advanced Magnetic Material Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The advanced magnetic material market has seen consistent growth, primarily fueled by rising demands across diverse sectors including automotive, electronics, healthcare, and energy. Key segments like permanent magnets, and soft magnetic materials have contributed to this expansion. Moreover, emerging technologies such as magnetic refrigeration, magnetic sensors, and magnetic levitation systems are further driving market growth by opening new opportunities. With ongoing technological advancements, expanding industrial applications, and the escalating need for energy-efficient solutions across multiple sectors, the advanced magnetic material market is positioned for sustained development.
Major vendors in the global Advanced magnetic material market:
- Anhui Sinomag Technology Co. Ltd. (China)
- Bunting Magnetics Co.
- Arnold Magnetic Technologies (US)
- Guangdong Lingyi Co. Ltd.
- Hitachi Metals LTD.
- Bogen Magnetics GmbH
- DMEGC
- Daido Steel Ltd. (Japan)
- Dexter Magnetic Technologies
- Electron Energy Corporation (US)
- Master Magnetics Inc.
- Neo (Canada)
- Proterial Ltd.
- Shin-Etsu Chemical Co. Ltd. (Japan)
- TDK Corporation (Japan)
- Tengam
- Vacuumschmelze GmbH & Co. KG (Germany)
- Viona Magnetics
- Yantai Dongxing Magnetic Materials Inc. (China)
- Ningbo Yunsheng Co. Ltd. (China)
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Highly efficient magnetic materials could resolve the energy crisis
Utilizing advanced magnetic materials in the creation of more effective energy conversion devices like generators and motors can reduce energy loss during the conversion process, resulting in overall energy conservation. Moreover, incorporating these materials into energy storage systems, such as magnetic-based batteries or flywheels, can enhance energy management and utilization. Given the intermittent nature of renewable energy sources like wind and solar power, leveraging magnetic materials can boost the efficiency of generators in wind turbines and solar panels, thereby increasing energy output. Furthermore, these materials can aid in developing more efficient energy storage solutions, addressing the variability of renewable energy generation, and enhancing grid stability. Through innovative applications of highly efficient magnetic materials, opportunities abound for improving energy efficiency across various sectors, spanning from energy generation and storage to transmission and consumption. Harnessing the unique properties of these materials offers a pathway to mitigating the energy crisis by optimizing energy utilization, minimizing wastage, and integrating renewable energy sources more seamlessly into the global energy mix.
Market Dynamics
Drivers:
- Highly efficient magnetic materials could resolve the energy crisis
- Magnetic materials may drive future cooling tech
Opportunities:
- The robotics community is increasingly interested in using magnetic methods for remote manipulation and wireless actuation
The robotics community is increasingly interested in using magnetic methods for remote manipulation and wireless actuation
Magnetic methods empower robots to interact with objects without direct physical contact, offering a significant advantage in delicate tasks where contact might cause damage. This non-contact capability enables robots to handle a diverse array of objects, regardless of their characteristics such as shape, size, or material composition. This versatility, combined with the precise control enabled by magnetic fields, makes them well-suited for intricate tasks across industries like manufacturing, healthcare, and logistics. Additionally, by harnessing magnetic fields, robots can achieve actuation without relying on physical connections or wires, leading to simplified design, reduced maintenance needs, and improved versatility. This wireless operation is particularly beneficial in applications requiring mobility or flexibility. The adoption of magnetic methods in robotics holds the potential to enhance manipulation capabilities, bolster safety, and broaden the scope of tasks robots can proficiently undertake. With ongoing advancements in research and development, magnetic technologies are positioned to assume a more prominent role in shaping the future of robotics.
Asia Pacific dominates the market for Advanced magnetic material market
Asia Pacific, with a notable emphasis on China, possesses ample reservoirs of rare earth elements essential for crafting advanced magnetic materials. These elements, like neodymium, dysprosium, and samarium, constitute pivotal constituents in permanent magnets widely utilized across various sectors. China's significant advantage in rare earth element production contributes to Asia Pacific's prominent position in the market. Moreover, Asia Pacific showcases robust manufacturing capabilities and infrastructure, establishing itself as a pivotal center for advanced magnetic material production and associated technologies. Noteworthy countries within the region, such as Japan and South Korea, have demonstrated considerable investments in research and development (R&D) endeavours targeted towards advancing magnetic materials.
In North America, particularly the United States, there is a significant emphasis on research and development concerning advanced magnetic materials. The region has a reputation for innovating in magnetic technologies, with notable progress seen in applications including renewable energy, medical devices, and aerospace. Similarly, Europe is deeply engaged in advancing magnetic materials. Countries such as Germany, France, and the Netherlands are recognized for their expertise in various domains, including automotive engineering, renewable energy systems, and electronics.
The Permanent magnetic material Segments is anticipated to hold the Largest Market Share during the Forecast Period
Among the several segments, Permanent magnetic materials dominate the advanced magnetic material market due to their extensive usage across diverse industries such as automotive, electronics, renewable energy, healthcare, and aerospace. Found in electric motors, generators, MRI machines, sensors, and various other devices, they serve as essential components in modern technology. Offering superior energy efficiency and reliability compared to other magnetic materials, permanent magnets can sustain their magnetic properties over prolonged periods without external power sources, ensuring consistent performance. Their versatile applications, coupled with attributes like high efficiency, reliability, strong magnetic properties, compact size, and ongoing advancements in material science, reinforce their dominance in the advanced magnetic material market.
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