Magnetostrictive Material Market size is forecast to reach $25.2 billion by 2025, after growing at a CAGR of 8.6% during 2020-2025. Magnetostrictive Material industry is projected to augment due to Increase in application of Magnetostrictive material in diverse range of industries, owing to its superior property such as change in dimension.
Type – Segment Analysis
Ferrite Magnetostrictive material held the largest share in the Magnetostrictive Material market in 2019. Ferrite magnetostrictive materials have high stability, high durability, high precision, and long working life, and are feasible to end consumers such as wastewater treatment firms, pharmaceutical manufacturers, as well as consumer goods manufacturers. One of the most promising materials for applications involving torsion and stress are the cobalt ferrites substituted with manganese. Magnetostriction properties of these signposts of cobalt ferrites replaced with manganese can be implemented effectively in different directions. Cobalt ferrites can be used as gigantic material, as strain, torsion, or force sensors as well as magnetic cores. These materials when taken in the form of nano particles, can be commonly used in medicine as gas sensors and catalysts, and in micro and nanoelectronics as shrill mats. These factors are anticipated to boost the overall growth of ferrite magnetostrictive material.
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End Use – Segment Analysis
Electrical and Electronics industry held the largest share in the Magnetostrictive Material market in 2019 growing at a CAGR of 9.7%. The magnetostrictive material market is witnessing significant growth in electronics industry because of its usage in transducers, actuators & motors, and structural materials. In the past few years there has been growth of electrical and electronics industry in emerging economies. The introduction of new products, leading more people to buy consumer electronics, innovation, falling prices, growing household incomes and increasing consumer sentiment have been driving the demand for consumer electronics. Shaft torque sensors based on the magnetostriction effect and magnetostrictive materials used in sensors. Torque sensors employing amorphous ribbons in a chevron pattern and with solenoidal pickup coils have been developed for highly sensitive torque measurements in an intermediate dynamic range. Hybrid electro-hydraulic actuators using smart materials such as Magnetostrictive along with flow rectification have been widely used in recent years. The basic operation of these electro-hydraulic actuators includes the bidirectional high frequency action of an active material which is transformed by a series of valves into unidirectional fluid movement. In recent times from January to March 2020, global electrical and electronics industry has seen decline in trade due to COVID-19 pandemic. The virus outbreak has affected the manufacturing sector across globe which has resulted into economic crisis across all industry verticals. The impact of COVID-19 pandemic on electrical and electronics industry can be traced till the end of year 2020, followed by which the industry will see healthy growth during the forecast period.
Geography – Segment Analysis
APAC dominates the Magnetostrictive Material market with a share of more than 42%, followed by North America and Europe. The growth of Magnetostrictive Material is supported due to presence of consumer electronics industry, automotive and aviation industry. The consumer electronics market segment is projected to exhibit a higher growth during the forecast period. The growth of the media and entertainment industry is aiding the healthy growth of electrical and electronics industry. The penetration of air conditioners in households, increasing income levels and rising temperatures of the middle-class population in countries such as China and India further contribute to the segment growth. Furthermore, well-established automotive market in APAC region will fuel the growth of magnetostrictive material. Moreover, the market can see impact on the growth due to ongoing COVID-19 pandemic globally for year 2020. The COVID-19 pandemic has forced many manufacturers to temporary shutdown their manufacturing units.
Drivers – Magnetostrictive Material Market
R&D for advanced Magnetostrictive Material will drive the market
In recent years, R&D on rare earth giant magnetostrictive materials has grown rapidly in the following areas, including mechanical properties of materials, alloy solidification cycle, magnetic domain orientation distribution, alloy properties in which the composition is in the morphotropic phase boundary, conventional methods such as high magnetic field application and stress treatment and new heat treatment method. The researchers continue to develop new rare earth giant magnetostrictive material alloy system, namely, the TbDyFe system with substitution or addition of different elements.
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Challenges – Magnetostrictive Material Market
Presence of alternative material can restrict the market
Magnetostrictive materials are currently of great interest due to their application potential in sensors and actuators. Metallic glass alloy Amorphous alloys Metglas 2826 MB are the best-known applicants for magnetostrictive sensors as these amorphous alloys exhibit large saturation magnetostriction, small saturation magnetization, low anisotropic energy, and low coercion. These materials can act as challenge to rare earth and Ferrite Magnetostrictive Material.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Magnetostrictive Material market. Major players in the Advanced Cerametrics, Bayer Material Science, TDK Corporation, Kenco Group, Gansu Rare Earth Functional Materials, and others.
Scientists has developed a new mechanism capable of harvesting wasted magnetic field energy and converting it into enough electricity to power next-generation sensor networks for smart buildings and factories. Scientists from Penn State University has developed a device that provides 400 percent higher power output compared to other state-of-the-art technology when working with low-level magnetic fields, like those found in our homes and buildings.
APAC dominates the Magnetostrictive Material market owing to high demand from consumer electronics and automotive sector in the region.
Increase in R&D activities and rise in investment will further drive the market growth.
The market drivers and restraints have been assessed to understand their impact over the forecast period. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications in Magnetostrictive Material Market and their specific segmented revenue.
Related Reports :
A. Ferrite Magnetostrictive Material Market
B. Ferrite Market
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