Magnetic Materials Market Report 2024-2033: Analysis, Size, Share, Growth, Trends, Forecast, Outlook, Mergers and Acquisitions

The magnetic materials market size has grown strongly in recent years. It will grow from $33.66 billion in 2023 to $35.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to electronics boom, automotive applications, telecommunications infrastructure, renewable energy growth, medical imaging.

The magnetic materials market size is expected to see strong growth in the next few years. It will grow to $45.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to electric vehicle revolution, miniaturization trends, energy storage solutions, emerging magnetocaloric cooling, automation and robotics. Major trends in the forecast period include 5g technology deployment, magnetic levitation technologies, magnetic recording technology, magnetic 3d printing, iot integration, magnetic materials for aerospace.

Market Overview -
Magnetic materials refer to substances that possess the ability to generate a magnetic field or be attracted to a magnetic field. They are characterized by their ability to exhibit ferromagnetism, Para magnetism, or diamagnetism.

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Magnetic Material Market Accelerates With Surging Demand From The Automotive Industry
The growing demand for the automotive industry is expected to propel the growth of the magnetic material market going forward. 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. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), according to the primary standards and advocacy organization for the EU's automotive industry, US passenger car sales climbed by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. In 2021, the number of automobiles produced by Chinese automakers increased by 7.1% to 20.7 million. The total number of automobiles produced globally increased by 2.7% to 63.2 million. Also, in 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the growing demand for the automotive industry is driving the growth of the magnetic material market.

Competitive Landscape -
Major companies operating in the magnetic materials market report are TDK Corporation, Daido Steel Co. Ltd., Hitachi Metals Ltd., Magnequench Inc., Lynas Corporation Ltd., Eriez Magnetics, Chengdu Galaxy Magnets Co. Ltd., Arnold Magnetic Technologies Corporation, Bunting Magnetics Co., Voestalpine High Performance Metals GmbH, Integrated Magnetics, Industrial Magnetics Inc., Eclipse Magnetics Ltd., Electron Energy Corporation, SG Technologies Ltd., Shin-Etsu Chemical Co. Ltd., Adams Magnetic Products Co. Inc., Tengam Engineering Inc., Steward Advanced Materials LLC, Magnetic Component Engineering LLC, Ningbo Zhaobao Magnet Co. Ltd., Dura Magnetics Inc., Sonal Magnetics, Alpha Magnetics Inc., Greenwood Magnetics Limited, Polarity Magnets, Quantum Magnetics Inc., Toshiba Materials Co. Ltd., Monroe Engineering, MSA Magnetics

Technological Breakthroughs In The Magnetic Materials Market
Technological developments are a key trend gaining popularity in the magnetic materials market. 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.

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Key Segments -
The magnetic materials market covered in this report 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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