Magnetic Materials Market Size, Share Analysis, Industry Trends, Key Drivers, And Forecast To 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Magnetic Materials Global Market Report 2023 identifies growing demand for the automotive industry as the major driver for the magnetic materials market's growth in the forecast period. The automotive industry refers to the sector involved in the design, development, production, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and other vehicles. The growing demand for the automotive industry has significant implications for the use of magnetic materials. Magnetic materials play a crucial role in various components and systems within automobiles, contributing to their performance, efficiency, and safety.

The global magnetic materials market size is expected to grow from $31.86 billion in 2022 to $33.66 billion in 2023 at a compound annual growth rate (CAGR) of 5.67%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of magnetic materials market is expected to reach $42.52 billion in 2027 at a CAGR of 6.01%.

Download Free Sample Of Magnetic Materials Market Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=11979&type=smp

Major competitors in the magnetic materials market are TDK Corporation, Daido Steel Co. Ltd., Hitachi Metals Ltd., Magnequench Inc., Lynas Corporation Ltd., Eriez Magnetics, Chengdu Galaxy Magnets Co. Ltd.

A key trend in the magnetic materials market includes technological developments. Companies operating in the magnetic materials market are adopting new technologies to sustain their position in the market. For instance, in November 2022, according to Critical Materials Institute (CMI), a US-based energy innovation hub led by Ames National Laboratory, the research conducted by the Department of Energy's Critical Materials Institute (CMI) and Ames National Laboratory represents a significant development in the field of permanent magnet materials. The researchers have enhanced the properties of a rare-earth-free magnet material called manganese bismuth (MnBi) and demonstrated its potential for large-scale manufacturing. By carefully controlling the microstructure of the MnBi magnets, the researchers were able to improve their magnetic properties and performance. This advancement is particularly noteworthy because it offers a pathway to creating compact and energy-efficient motors without relying on rare earth elements.

Read More On The Global Magnetic Materials Market Report Here:
https://www.thebusinessresearchcompany.com/report/magnetic-materials-global-market-report

The magnetic materials market is segmented -
1) By Type: Hard Magnetic Materials, Soft Magnetic Materials, Semi-Hard Magnetic Materials

2) By Raw Materials: Neodymium, Ferrite, Alnico, Samarium Cobalt, Bonded NdFeB

3) By Orientation: Diamagnetic, Paramagnetic, Ferromagnetic, Anti-Ferromagnetic

4) By Application: Transformers, Motors, Inductors, Generators, Other Applications

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the magnetic materials market.

The Business Research Company's "Global Magnetic Materials Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

Explore Buying Options For The Magnetic Materials Market Report Here:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=11979

The Table Of Content For The Magnetic Materials Market Include:
1. Executive Summary
2. Magnetic Materials Market Characteristics
3. Magnetic Materials Market Trends And Strategies
4. Magnetic Materials Market - Macro Economic Scenario
……
32. Global Magnetic Materials Market Competitive Benchmarking
33. Global Magnetic Materials Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Magnetic Materials Market
35. Magnetic Materials Market Future Outlook and Potential Analysis
36. Appendix

Contact us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Latest Trending Press Releases: https://www.thebusinessresearchcompany.com/press-release.aspx

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

This release was published on openPR.