Magnetic Materials Market Size to grow by USD 12910.29 million between 2023-2027
According to a research report “ Magnetic Materials Market” by Application (Automotive and transportation, Electronics and instrumentation, Industrial, Others ) Product (Hard magnetic materials, Soft magnetic materials ) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 12910.29 million, at a CAGR of 6.56% during the forecast period. In the technology sector, there is a growing demand for energy-efficient magnetic materials in the production of memory storage for computer applications. Historically, semiconductors have been the go-to solution for short-term memory and processing, leading to significant energy consumption. To address this challenge, researchers at prestigious institutions such as Carnegie Mellon University and the University of Washington are investigating the development of energy-efficient magnetic materials for data storage. Notably, a professor at Carnegie Mellon University is spearheading a project funded by DARPA, worth USD1.8 million, to explore the application of topological protection in enhancing magnetic materials for computer memory. Meanwhile, a team at the University of Washington has engineered a technology that encodes data using ultrathin magnets, offering potential for energy savings..
Browse market data tables, figures, and in-depth TOC on “Magnetic Materials Market” by Application (Automotive and transportation, Electronics and instrumentation, Industrial, Others ) Product (Hard magnetic materials, Soft magnetic materials ) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample
By Application, the Automotive and transportation segment is projected to dominate the market size in 2024
The global magnetic materials market for automotive and transportation applications is projected to experience significant growth during the forecast period. The increasing demand for advanced automotive solutions has led to the development of sophisticated automotive magnets, which are increasingly being utilized in the manufacturing of vehicles. Magnetic materials play a crucial role in various automotive applications, including electric vehicles (EVs), motors, sensors, actuators, suspension systems, fans, alternators, power steering components, and more. Alnico and sintered ferrite are the two primary magnetic materials used in automotive applications due to their superior magnetic properties and durability. The adoption of these materials in automotive manufacturing is driven by the need for improved vehicle control systems, reduced fuel consumption, and lower emissions.
By Product, Hard magnetic materials segment is expected to hold the largest market size for the year 2024
In the realm of magnetic materials, hard magnets, also referred to as permanent magnets, are a significant market segment due to their unique property of retaining magnetic properties outside the magnetic field. This segment can be further segmented into ferrite magnets, neodymium iron boron (NdFeB) magnets, samarium cobalt (SmCo) magnets, and Alnicos magnets. The burgeoning adoption of these hard magnets across industries such as automotive, electronics, and industrial sectors is expected to fuel the growth of the hard magnetic materials market during the forecast period. Regarding Alnico magnets, they exhibit exceptional operational capabilities at high temperatures, ranging from 68 degrees F to 662 degrees F, and maintain stable magnetic properties at room temperature. Alnico magnets are characterized by their low intrinsic coercivity and are typically produced through either sintering or directional casting processes. These features make Alnico magnets a preferred choice for various applications in industries where high temperature resistance and stable magnetic properties are essential.
APAC is forecasted to hold the largest market size by region in 2024
The Magnetic Materials Market encompasses a wide range of materials, including ferromagnetic, ferrimagnetic, and antiferromagnetic substances, used in various industries for applications such as motors, generators, transformers, and magnetic storage devices. These materials exhibit unique magnetic properties, enabling them to attract or repel magnetic forces. Market growth is driven by increasing demand from the automotive, electronics, and energy sectors, among others. Companies in this space focus on research and development to improve magnetic material efficiency and performance.
The Magnetic Materials Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Magnetic Materials Market encompasses a wide range of applications in various industries, including power conversion, electronics, and industrial sectors. Magnetic materials play a crucial role in power generation through generators, electromagnets, and transformer cores. In the electronic industry, they are essential components of speakers, microphones, and motors. Magnetic separators are used to remove ferrous contaminants from various industrial processes. Permanent magnets, such as neodymium magnets and ferrites, are used in diverse applications, including lift doors, train doors, and electronic devices due to their high efficiency and frequency response. Power generation applications require high-performance magnetic materials, such as nanocrystalline cores, Orthonol, Permalloys, silicon steels, and metallic glass materials. The crystalline structure and resistivity of these materials significantly impact their performance. Electromagnets and transformer cores are critical components of power conversion systems. The choice of magnetic material depends on the specific application requirements, such as efficiency, frequency response, and cost. For instance, semi-hard magnets are suitable for high-power applications, while amorphous cut cores are preferred for high-frequency transformers. In summary, the Magnetic Materials Market is a dynamic and diverse industry that caters to various applications in power generation, electronics, and industrial sectors. The choice of magnetic material depends on the specific application requirements, such as efficiency, frequency response, and cost.
Market Research Overview
The Magnetic Materials Market is experiencing significant growth due to the increasing demand for reliable and efficient solutions in various industries, including renewable energy, power distribution, and industrial electronics. Turbine generators and wind turbine generators are major consumers of magnetic materials, particularly soft magnetic materials like Samarium Cobalt, NdFeB magnets, and ferrite cores. These materials offer advantages such as high initial permeability, low coercivity, and low hysteresis losses, making them ideal for power generation and energy savings. In the energy sector, magnetic materials are used in power adaption, signal transfer, and power conversion applications. They are also crucial components in advanced motors, hybrid electric vehicles, and quantum devices. The magnetic field screening property of these materials is essential in data storage, magnetic separators, and components in the electronic industry, including speakers, microphones, generators, electromagnets, and transformer cores. Industry experts predict that the market for magnetic materials will continue to expand due to the increasing demand for clean energy and the growing importance of reliability and efficiency in various industries. The market is diverse, with a wide range of products, including semi-hard magnets, split cores, toroids, and nanocrystalline cores. Service providers and manufacturers are investing in research and development to create new types and applications of magnetic materials, such as Orthonol, Permalloys, Silicon steels, and metallic glass materials. The Magnetic Materials Market is also influenced by factors such as operational temperature range, impedance, flux capacity, and corrosion resistance. The market is expected to grow in the short term due to the increasing demand for magnetic materials in retroactive rent bills, transaction motors, and low loss applications. However, the market may face challenges due to the high cost of some materials, such as Samarium Cobalt, and the need for high-frequency efficiency and frequency response. Bloomberg BusinessWeek and various databases and directories provide valuable information on the types and applications of magnetic materials and the latest market trends. The market is expected to grow in various industries, including oil pipelines, lift doors, train doors, and permanent magnets, due to the increasing demand for energy-savings and the growing importance of magnetic materials in power generation and industrial electronics.
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