The global magnetic materials market size was exhibited at USD 27.85 billion in 2022 and is projected to hit around USD 51.54 billion by 2032 with a registered CAGR of 6.4% during the forecast period 2023 to 2032.
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Materials that are employed primarily for their magnetic properties are known as magnetic materials. The magnetic dipole moment, which is linked to the spin of a material's electrons or intrinsic angular momentum, is mostly used to analyze the magnetic response. Additionally, magnetic materials are those that are drawn to a magnet. Nickel, Iron, Cobalt, etc. are a few examples. Today, magnets are utilized in all industrial sectors. Magnets are the basis for everything from the microphone we use to automobile electric motors. In the medical field, it is now widely employed. For instance, MRI, or magnetic resonance imaging, employs strong magnets and radio waves to diagnose a range of problems inside the body. Magnets can be an ideal replacement for traditional electronic materials, as evidenced by the dynamic expansion of the electronic industry. For instance, the power-hungry transistors in microchips are being replaced by nanomagnets. In the future, it might possibly take the place of silicon, which would change the semiconductor market.
The need for magnetic materials in the automotive and electronic industries is expected to increase, fueling the expansion. Among other things, magnetic materials are utilized in magnetic separators, motors, electromagnets, transformer cores, generators, microphones, and speakers. These items also have been used in signal transmission, power adaptation, magnetic field screening, analog, and digital data storage, permanent magnets, quantum devices, and power conversion from electrical to mechanical, among other things.
Typically, items that produce magnetic fields are made of magnetic materials. They are made up of a variety of materials that have a wide range of applications. Since magnetic materials are frequently used to generate and distribute energy, they play a significant role in numerous socio-economic factors on a global scale. The expansion of the automotive industry is one of the key drivers of the growth of magnetic materials.
Report Scope of the Magnetic Materials Market
|Market Size in 2023||USD 29.49 Billion|
|Market Size by 2032||USD 51.54 Billion|
|Growth Rate from 2023 to 2032||CAGR of 6.4%|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2023 to 2032|
Key Market Drivers
Key Market Challenges
Key Market Opportunities
On the basis of type, the soft magnet segment is expected to have the largest market share in the coming years period. In terms of CAGR, it is projected that soft magnet demand will increase dramatically. Demand has grown as a result of its use in motor applications, where it improves the field created by the motor winding. Soft magnetic materials outperform other materials in terms of characteristics, which lowers eddy current loss and boosts motor efficiency. One of the key market drivers is the sharp increase in demand for soft magnetic materials from the automobile sector. The increasing use of high-performance auto components including the gearbox, alternator, induction coil, and antenna core is another aspect driving demand.
Semi-hard magnetic materials are thought to be the source of the market's increased income. This is a result of the increased need for technology tools and systems utilized to create new items on a global scale. Because they are pliable and coercive, semi-hard magnetic materials are more frequently used to make car brakes.
On the basis of application, the automotive & transportation segment held the largest revenue share of 37.0% in 2022 and is expected to have the largest market share in the coming years period, the segment has dominated the market and it will continue to grow well in terms of revenue. The demand for magnetic materials is anticipated to rise over the next years as a result of investments in this sector. For instance, in March 2022, the Japan-based Suzuki Motor Company announced that it would invest USD 1.3 billion in an Indian factory that will make electric vehicles and batteries.
Magnetic materials are used in microphones, speakers, motors, transformer cores, electromagnets, generators, and magnetic separators among other things. Among other things, these components are used for signal transmission, power adjustment, magnetic field screening, analog and digital data storage, permanent magnets, quantum devices, and power conversion from electrical to mechanical.
On the basis of geography, North America is expected to continue to be among the most alluring markets, and this region accounted for the majority of revenue share in the market throughout the projection period. Regional research predicts that North America will see considerably faster sales growth during the projection period. Magnets are now widely used in a number of local industries.
The market has increased as a result of the migration from gasoline-powered vehicles to hybrid electric vehicles with electric magnets. The region's demand for magnets is being driven by the rapid expansion of wind energy and the consumer electronics sector.
In terms of revenue, the Asia Pacific market dominated the global market in 2022 and is predicted to grow more quickly than other regions over the projected period. This is explained by the fact that China has a sizable power generation business, and that the region has continued to invest in the electronics and automotive industries throughout the predicted period. The region's need for electric motors is also being fueled by the region's strict environmental restrictions, which have facilitated the adoption of electric vehicles. The market is expanding as a result of the rising demand for soft magnetic materials used in automotive applications such as sensors, driving motors, electric brakes, actuators, and gear shifts, among others. Its demand is anticipated to rise due to the increasing requirement for energy transmission from generators and rising industrialization.
Key Market Players
Segments Covered in the Report
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