The global magnetic materials market that surpassed the valuation of US$28 Bn in 2021 will most likely pursue a stable yet promising growth trajectory during the years of forecast. The report would offer a close examination of what will drive the market and how the growth will unfold in future.
Market Analysis in Brief
This study intends to analyse diverse aspects of the global magnetic materials market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline. In 2021, the market reflected modest growth and per industry figures, it stood at over US$28 Bn in terms of value. According to preliminary study carried out by Fairfield Market Research, the magnetic materials industry will demonstrate a healthy growth pace over the next few years. Demand surge from the automotive industry is expected to be a major booster to market expansion.
Key Report Findings
Rising Demand from Automotive Sector
The unprecedented growth of the automotive industry is expected to present ample opportunities for the magnetic materials market. The advent and promotion of electric and hybrid vehicles has fuelled the adoption of magnetic materials. Magnetic materials are used in different parts of automobiles such as motors, actuators, switches, and sensors.
In addition, they facilitate reduction in temperature of motor and other operations while enhancing motor efficiency. This factor consequently is poised to fuel demand and sales of different magnetic materials owing to increase in the manufacturing of hybrid and electric vehicles. Moreover, government authorities have set their own zero emission targets, thus promoting the adoption of electric vehicles. For instance, the US government’s Net-Zero carbon emission target by 2050 has resulted in an increase in the registration and sales of electric vehicles in the country.
Likewise, other regions are also showcasing increased inclination toward adopting hybrid and electric vehicles to reduce environmental burden due to carbon emissions. That said, rampant growth in the demand for electric vehicles is expected to bolster the growth of the magnetic materials market in the forthcoming years.
Increasing Demand from Energy and Power Industry
The use of magnetic materials in the power generation industry has been on an upswing for the past several years. Magnetic materials are deployed in motors for generation of power and electricity transmission. They are widely used in generators, motors, transformers, and actuators among other equipment. Electric machines include hard magnetic materials that provide superior magnetic flux. Hard magnetic materials feature high coercivity that enables high resistance against demagnetization from electrical circuit as well as against thermal demagnetization while operating under high temperatures.
Moreover, generators are widely utilized in power generation plants to generate electricity and magnetic materials are used in generators that employ electromagnetism mechanism for conversion of mechanical energy to electrical energy. Consequently, rising adoption of generators backed by growing energy and power sector is expected to pave potential pathways of growth for the magnetic materials market. Furthermore, there has been an increase in the demand for electricity across the globe. This has resulted in increased investments in the power generation sector. This factor coupled with technological advances and rising population has largely driven the growth of the market on the global front.
Overview of Key Segments
Soft Magnetic Materials Significant Revenue Contributors
There are several types of magnetic materials, such as soft, permanent, and semi-hard materials. Of these, the adoption of soft magnetic materials is expected to increase significantly contributing toward the value growth of the magnetic materials market. This is mainly owing to their functional properties. They have small areas that are enclosed by a hysterical loop.
In addition, soft magnetic materials have low coercivity, minimal hysteresis, and high initial permeability. They can be easily magnetized and can reach saturation magnetization with low magnetic field. They are a feasible solution for different applications such as switching circuits, generators, and transformers. That said, their use in these applications which require less coercivity and high initial permeability is expected to increase, in turn accounting for a significant revenue share in the magnetic materials market.
Growth Opportunities Across Regions
Asia Pacific Poised to Dominate
Developing nations in the Asia Pacific region are poised to account for a major share in the magnetic materials market. The lucrativeness of Asia Pacific with respect to the presence of major end use industries and high customer pool continues to influence the growth of the market. In addition, expanding power generation industry across countries such as China, Japan, and India backed by rising investments is another factor paving way for the region’s magnetic materials industry. Also, consumer electronics and automotive sectors have been largely contributing toward the market growth. Furthermore, rising emphasis on environmental health has fueled the demand for electric vehicles in these countries.
Moreover, investments in natural renewable sources of energy have supported the growth of the magnetic materials market. For instance, as per International Renewable Energy Agency, government authorities are initiating large investments in solar energy in the region. This has fueled the demand and sales of magnetic materials as they are required for electricity generation through these sources. Likewise, other countries are also focusing on increasing their renewable energy capacities in the coming years. For instance, by the end of 2025, JERA Co. announced its plan to increase its renewable energy investments to around 5GW of capacity. The growth in investments in the energy sector is thus expected to aid the market in Asia Pacific, making it a lucrative region in the coming years.
Magnetic Materials Market: Competitive Scenario
A few of the major players in the magnetic materials market include Hitachi Metals co. Ltd., Shin-Etsu Chemical, Daido Steel, Lynas Corporation, Arnold Magnetic Technologies Corporation, TDK Corp, Molycorp Magnequench, Tengam Engineering Inc., and Electron Energy Corporation.
Regional Classification of the Global Magnetic Materials Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Magnetic Materials Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology