A new report by Reports and Data predicts that the global Magnet Materials market will reach USD 181,888.61 Million by 2030. The demand for magnetic materials is expected to increase due to the growing need for power generation and miniaturization devices such as generators in wind and hydro-powered turbines. The automotive industry, which uses magnets in various components, is also expected to drive the industry. However, volatile prices of rare-earth metals used in the production of magnetic materials may act as a market restraint. The development of new technologies is anticipated to open new avenues for the global magnetic materials sector.
The trend of electrification and modernization to reduce the cost of production and improve efficiencies enhances the use of permanent magnets in various end-use industries. These industries offer advanced solutions for energy efficiency, safety, and sustainability. Permanent magnets are extensively used in the motors of lift doors and train doors, and NdFeB magnets are also used to dewax oil pipelines in China.
The COVID-19 outbreak has had adverse effects on the magnetic materials market, as foundries have been closed and events canceled. The lockdown in several regions has severely impacted the industry globally. Major players like TDK Corporation have sent their workers to quarantine and are working with reduced workforce strength, which will negatively impact the flourishing magnetic materials market.
The Asia Pacific is expected to have attractive growth for the magnetic material market, and China has an excellent automobile production rate, which is a factor behind the rising demand for the industry. Among the end-user segments, the electronics and telecommunication sector is leading the market and is estimated to register the highest CAGR of 9.4% over the forecasted period. Among the type segments, semi-hard magnets are leading the market and are expected to register the highest CAGR of 9.5% over the forecasted period.
Key participants in the market include:
- 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.
Get a sample copy of the magnetic materials market report: https://www.reportsanddata.com/download-free-sample/3247
Magnetic Materials Market: Drive Factors
The growth of the global magnetic materials market is driven by various factors, including the increasing demand for power generation and miniaturization devices, such as generators used in wind and hydro-powered turbines. The industry is also expected to be propelled by the growing automotive industry, which utilizes magnets in various components such as pollution control, alternators, and gearbox. Moreover, the rise in application range owing to the development of new technologies is anticipated to open new avenues for the global magnetic materials sector over the forecasted period. However, the volatile prices of rare-earth metals used in the production of magnetic materials are expected to act as a key market restraint. Additionally, the COVID-19 outbreak has adversely affected the industry, with closed foundries and canceled events leading to a global impact.
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