According to a recent analysis by Reports And Data, the Global Magnetic Materials Market size is expected to reach USD 143.87 Billion from USD 73.52 Billion in 2019, at a CAGR of 9.3% through 2027. The market growth is driven by the increasing miniaturization of devices and growing demand for magnetic materials from various end-use industries.
Magnetic materials are experiencing high demand for power generation, automotive, industrial and electronics & telecommunication industries. Magnetic materials find extensive application in power generation, like generators in the hydro-powered and wind turbines. The growth in the automotive industry is offering lucrative opportunities for magnetic materials market growth as vehicles employ magnets in various components such as alternators, gearbox, and pollution control. The electronics & telecommunication industry is also creating demand for magnetic materials. The increasing need for faster transmission of data, effective utilization of electricity and reducing the size of technological devices is fostering the magnetic material market share.
Rising environmental concerns, government support & incentives, and increasing product demand from end-use industries, such as demand from the automotive industry for electric vehicles, for medical devices like body scanners, and others are likely to boost global magnetic materials industry growth over the forecast period. However, volatile prices of rare-earth metals, including dysprosium, neodymium, and samarium that are used in the production of magnetic materials may act as negative impact rendering factors for the industry.
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The growing trend modernization of electrification to improve efficiencies and reduce the cost of production has fuelled the use of permanent magnets in a variety of end-use industries. The latest technologies provide advanced solutions that ensure the highest levels of safety, sustainability, and energy efficiency. The technologies not only offer optimized solutions for life science companies, hospitals, airports, utility companies, and hotels but also provide solutions for infrastructures of commercial buildings. Permanent magnets are estimated to witness major growth through 2027 due to extensive utilization in the motors of train doors and lift doors.
Based on type, the semi-hard magnet segment holds 42.8% of the magnetic materials market revenue share and is estimates to register the highest CAGR of 9.5% through 2027 on account of mounting demand for technologically advanced devices & systems.
In terms of end-use, the electronics & telecommunication sector is dominating the global magnetic market share and is exhibit the highest growth rate of 9.4% over the projected timeframe.
In the regional landscape, the Asia Pacific accounts for 62.3% of the market share due to significant growth in the automotive industry and high industrial activity in the region. Moreover, several multinational companies and automobile manufacturers are shifting their manufacturing set-ups to the region, which will further bolster regional industry growth in the coming years. Europe is estimated to exhibit a growth rate of 14.3% over the analysis period. North America is expected to register a CAGR of 9.5% over the analysis period.
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Companies profiled in the Global Magnetic Materials Market
Global Magnetic Materials Market: Segmentation
For this report, Reports And Data has segmented the magnetic materials market on the basis of type, application, end-user, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-User Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)