Published Date : 25 Jul 2023
The global magnetic materials market size surpassed USD 34.81 billion in 2022 and it is expected to rake around USD 57.9 billion by 2030, poised to grow at a CAGR of 6.57% during the forecast period 2022 to 2030.
The majority of the time, magnetic fields are produced by magnetic materials. They are made up of a diverse array of components that have a wide variety of uses. Since magnetic materials are frequently used to generate and distribute energy, they play a crucial role in many socio-economic aspects of life worldwide. The expansion of the automobile sector is one of the key reasons driving the growth of magnetic materials. Furthermore, there is an increase in electrical demand. Permanent magnetic generator, or PMG, technologies have been included into wind turbines through recent upgrades. Since PMG systems were able to generate their own electricity, they served as a substitute for gearboxes. Long-term growth of the magnetic material market is anticipated to be fueled by the usage of magnetic materials to replace electricity.
The biggest market share was held by North America in the magnetic materials market during the forecast period. According to a regional study, North America is anticipated to experience a materially quicker rate of revenue growth during the forecast period. Today, a variety of industries in the area employ magnets frequently. In addition to other medical systems and applications, they are quickly being used in MRIs, X-rays, and therapies. Apart from that, the well-established construction industry makes use of various kinds of magnetic conveyors, plates, separators, pulleys, and grates. Growing environmental concerns have also led to the switch from gasoline-powered cars to hybrid electric cars with electric magnets, which has expanded the market. The great growth of wind energy and the consumer electronics industry are driving the region's demand for magnets.
Magnetic Materials Market Report Scope:
|Market Revenue in 2023||USD 37.09 Billion|
|Projected Forecast Revenue in 2030||USD 57.9 Billion|
|Growth Rate from 2022 to 2030||CAGR of 6.57%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Magnetic material demand is anticipated to rise in the automotive and electronic industries, driving the expansion. 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.
The expansion of the magnetic materials market is predicted to be fueled by the U.S. government's objective of achieving net zero carbon emissions by 2050. Both domestically and internationally, there is likely to be an increase in the demand for permanent magnets. Industrial and consumer electronics also require permanent magnets, particularly in modern motors and driving systems. It is projected that demand for magnetic materials will increase at a profitable rate as a result of expanding investments in the energy sector. Magnets, which are essential parts of wind turbine generators, hybrid electric vehicles, and transaction motors in batteries, are specifically used in the renewable energy sector.
Nations all around the world are seeing a significant increase in the use of renewable energy sources. Furthermore, the rising demand for electricity has led to increased investment in energy-efficient power generation. Particularly in the production of electric power, transportation, air conditioning, and telecommunications, permanent magnets are essential to the efficient operation of machinery.
According to data from the World Wind Energy Association, wind is the renewable energy source that is expanding the fastest (WWEA). Given that it transforms mechanical energy into electrical energy, the permanent magnet is a crucial component of wind turbine generators. Over the projected period, the architecture of the wind turbine generator drive system changed due to the growing demand for higher energy yields and the preference for less maintenance. Because of materials like NdFeB, direct-drive (DD) permanent magnet generators can take the place of mechanical gears in wind turbines.
The requirement of huge investment in R&D hampers the growth of the magnetic materials market. Magnetic materials require a huge investment in order to research new opportunities and advancements in its usage.
To get a competitive edge, the main corporations are often refocusing their efforts on creating new and inventive goods and expanding their production capabilities in the magnetic material sector. It is anticipated that the development of nano-structured magnetic materials will lead to new applications that will greatly expand the market for magnetic materials.
Variations in the price of raw materials are anticipated to be one of the main challenges preventing market progress. The supply chain is significantly impacted by the high price of elements like samarium cobalt, dysprosium, and neodymium, which restricts their use. Price fluctuations for the goods, especially for permanent magnets, result in increased costs for the producers and have an impact on the quality and quantity of the product. Regulations and restrictions related to the product, which are some major variables anticipated to impede the global market's revenue growth throughout the projected period, help to exacerbate this, nevertheless.
Major Key Players:
Buy this Research Report@ https://www.precedenceresearch.com/checkout/2267
You can place an order or ask any questions, please feel free to contact at email@example.com | +1 9197 992 333