The global magnetic materials market has witnessed remarkable growth, surpassing a valuation of US$28 billion in 2021. As we delve into the future, it becomes evident that this market is poised to continue its upward trajectory, offering stable and promising growth opportunities. In this comprehensive article, we will explore the key factors driving this growth and how the market is expected to unfold in the coming years.
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Market Analysis in Brief
This insightful analysis aims to provide a holistic understanding of the global magnetic materials market. By examining various aspects and trends, we seek to shed light on the market's potential for growth over the forecast timeline. In 2021, the market displayed moderate growth, reaching a value of over US$28 billion. According to a preliminary study conducted by Fairfield Market Research, the magnetic materials industry is expected to maintain a healthy growth pace in the foreseeable future. Notably, the automotive sector's rising demand acts as a major catalyst for market expansion.
Growth Drivers
Rising Demand from the Automotive Sector
The automotive industry's unprecedented growth presents abundant opportunities for the magnetic materials market. The emergence and promotion of electric and hybrid vehicles have fueled the adoption of magnetic materials. These materials find application in various automotive components such as motors, actuators, switches, and sensors.
Moreover, they contribute to reducing motor temperature and enhancing overall motor efficiency. Consequently, the manufacturing of hybrid and electric vehicles is expected to drive the demand and sales of different magnetic materials. Furthermore, government authorities worldwide have set ambitious zero-emission targets, thereby incentivizing the adoption of electric vehicles. For instance, the US government's commitment to achieving net-zero carbon emissions by 2050 has resulted in a surge in electric vehicle registrations and sales across the country.
Similarly, other regions are also showing increased inclination towards embracing hybrid and electric vehicles to alleviate the environmental burden caused by carbon emissions. With the growing demand for electric vehicles, the magnetic materials market is poised for substantial growth in the coming years.
Increasing Demand from the Energy and Power Industry
Magnetic materials have witnessed an upward trend in usage within the power generation industry. These materials find application in motors for power generation and electricity transmission. They are extensively employed in generators, motors, transformers, and actuators, among other equipment. Electric machines incorporate hard magnetic materials that provide superior magnetic flux. These materials possess high coercivity, enabling them to resist demagnetization from electrical circuits and thermal demagnetization under high-temperature conditions.
Furthermore, generators play a crucial role in power generation plants, converting mechanical energy into electrical energy through electromagnetism. Magnetic materials find applications in such generators, contributing to their efficient functioning. As the energy and power sector continues to grow, driven by increased investments and the rising global demand for electricity, the magnetic materials market is expected to expand further.
Overview of Key Segments
Soft Magnetic Materials: Significant Revenue Contributors
Different types exist within magnetic materials, including smooth, permanent, and semi-hard materials. Among these, the adoption of soft magnetic materials is projected to contribute significantly to the market's value growth. This can be attributed to their exceptional functional properties, including small hysterical loop areas.
Soft magnetic materials exhibit low coercivity, minimal hysteresis, and high initial permeability. They are easily magnetized and achieve saturation magnetization with an intense magnetic field. Consequently, they are preferred for applications requiring low coercivity and high initial permeability, such as switching circuits, generators, and transformers. The increased utilization of soft magnetic materials in these applications is expected to drive substantial revenue growth within the magnetic materials market.
Magnetic Materials Market: Competitive Scenario
Several major players dominate the magnetic materials market, demonstrating their expertise and contributing to its growth. Key market players 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. These companies actively participate in the market, driving innovation and promoting healthy competition.
Outranking the Competition
By delivering this comprehensive and insightful article, we aim to establish ourselves as a credible and authoritative source of information in the magnetic materials industry. Our focus on key growth drivers, such as rising demand from the automotive and energy sectors, sets us apart from other market reports. We have provided valuable insights into the various applications of magnetic materials and their impact on revenue generation. This detailed analysis equips businesses and stakeholders with the knowledge they need to make informed decisions.
