Magnetic materials are those that can be magnetized and thus attract other magnetic objects. These materials are composed of atoms with an unpaired electron, allowing them to align with an external magnetic field and generate a magnetic moment. Magnetic materials have a wide range of applications, from motors and generators to storage devices like hard discs and tapes. They’re also used in medical devices like MRI machines and pacemakers. Magnetic materials are in high demand due to the development of new technologies and the increasing demand for devices that use magnetic properties. The main uses of magnetic materials include in electrical motors, generators and transformers, consumer electronics, medical equipment, magnetic recording media and aerospace applications.
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Magnetic Materials Market: Drivers
- Rising consumer electronics demand: Rising consumer electronics demand, such as smartphones, televisions, and computers, is a major driver of the magnetic materials market. Magnetic materials’ high-performance and reliability in these products are driving demand.
- Growing green energy sector: Another driving factor in the magnetic materials market is the growth of the green energy sector. Magnetic materials are used to generate renewable energy sources like wind and solar power.
- Increasing transportation sector: The market for magnetic materials is also being driven by rising transportation demand. Electric vehicle manufacturing and the development of automated driving systems both require magnetic materials.
- Growing healthcare sector: The market for magnetic materials is also being driven by the expanding healthcare sector. Applications including medical imaging, monitoring, and therapy use magnetic materials.
- Increasing automotive industry: The market for magnetic materials is also being driven by the rising demand for automobiles. Electric vehicle manufacturing and the creation of automated driving systems both employ magnetic materials.
Semi-hard magnet account for the major share of the magnetic materials market
The semi-hard magnets neodymium-iron-boron (NdFeB) account for the majority of the magnetic materials market. These magnets provide the most magnetic energy and are used in a variety of applications including automotive, electronics, and robotics. NdFeB magnets are extremely hard and brittle, making them unsuitable for use in applications involving shock or vibration. They are, however, ideal for applications that require a strong magnetic field.
Growing industrialization drives the automotive & transportation application segment
The automotive and transportation segment accounted for approximately 41.4% of market revenue. This is primarily due to increased demand for electric vehicles and the use of magnetic materials in various automotive components such as sensors, motors, and powertrain components. During the forecast period, the electronics and consumer appliances segment is expected to grow at the fastest rate. This is primarily due to rising consumer electronics demand for smartphones and other consumer appliances.
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Asia-Pacific to be the fastest-growing market during the forecast period
Asia-Pacific is expected to be the fastest-growing market during the forecast period, owing to rising demand for electric vehicles, consumer electronics, and other industries in the region. The presence of several manufacturers in the region is also expected to drive market growth during the forecast period. Furthermore, countries in the Asia-Pacific region are investing heavily in the development of renewable energy sources, which is expected to drive demand for magnetic materials. The region’s magnetic materials market is expected to be driven by rising consumer electronics demand and increased industrial automation adoption.
Currently, the global magnetic materials market is dominated by various market players, such as Hitachi Metals Ltd. (Japan), Daido Steel Co. Ltd. (Japan), Molycorp Magnequench (Canada), Shin-Etsu Chemical Co. Ltd. (Japan), TDK Corp. (Japan), and others.
