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Magnetic Materials Market Business Challenges, Competition Analysis, Companies & Forecast
Magnetic Materials Market
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A major driver for growth of the global magnetic materials market is the growing automobile industry. The shift from the conventional fuel vehicles towards electric vehicles is a major factor fueling market growth. According to International Energy, over 750 thousand sales were registered for electric cars in 2016. Automotive manufacturers are shifting towards the magnetic motors system. For instance, Tesla uses the magnetic motor in its Model 3 Long Range car, which uses rare earth element neodymium.
Market Taxonomy
On the basis of products, global magnetic materials market is segmented into:
Hard Magnetic Materials
Semi-Hard Magnetic Materials
Soft Magnetic Materials
On the basis of application, global magnetic materials market is segmented into:
Automotive
Electronics`
Power Generation
Industrial
Others
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Key players operating in the global magnetic materials market include Arnold Magnetic Technologies Corporation, Daido Steel Co. Ltd., Dexter Magnetic Technologies, Hitachi Metals Ltd., GKN Plc., Molycorp Inc., Shin-ETSU Chemical Co., Ltd., Electron Energy Corporation, Lynas Corporation Ltd., TDK Corporation, and Tengam Engineering Inc.
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