Press release
Advanced Magnetic Material Market Size Share Growth and Report 2024
The global advanced magnetic materials market reached US$ 24.1 million in 2023 and is projected to grow to US$ 49.4 million by 2031, with a CAGR of 9.4% during the forecast period from 2024 to 2031. These materials play a critical role in various industries such as automotive, energy, and electronics, driven by their applications in electric vehicles, power generation, and consumer electronics.
Market Dynamics:
Rising Electrification in Automotive: Increasing adoption of electric and hybrid vehicles globally is a major driver for advanced magnetic materials, particularly neodymium-iron-boron magnets used in electric motors. This shift is fueled by environmental regulations and consumer demand for fuel-efficient vehicles.
Growing Demand from Energy & Power: Advanced magnetic materials are essential in energy generation and transmission equipment such as motors, generators, and transformers. The expanding global power generation capacity further boosts the demand for these materials.
Challenges in Material Costs and Availability: High manufacturing costs and limited availability of rare earth elements (e.g., neodymium, dysprosium) used in advanced magnetic materials pose challenges. Supply constraints and price volatility impact market stability and cost-effectiveness.
Download Sample: https://www.datamintelligence.com/download-sample/advanced-magnetic-material-market
Segment Analysis:
Automotive Segment: Expected to dominate with over 30% market share during 2024-2031, driven by investments in electric vehicle production and advancements in automotive technologies. Regulatory pressures on emissions and fuel economy also propel the adoption of advanced magnetic materials in vehicle components.
Geographical Analysis:
Asia-Pacific: Projected to be the dominant region, covering over 30% of the market, driven by robust growth in the automotive sector and increasing energy projects. Countries like China and Japan are investing significantly in electric vehicles and renewable energy, boosting demand for advanced magnetic materials.
North America: Expected to hold a significant market share (over 20%), supported by strong investments in power generation infrastructure and automotive innovations. The region's focus on renewable energy and technological advancements further drives market growth.
To access the complete report: https://www.datamintelligence.com/research-report/advanced-magnetic-material-market
Competitive Landscape:
Major players in the global advanced magnetic materials market include Adams Magnetic Products Co., Advanced Technology & Materials Co., Ltd., Anhui Sinomag Technology Co., Ltd., and TDK Corporation. These companies emphasize innovation, strategic partnerships, and research to enhance product offerings and maintain competitive edge in the market.
This comprehensive analysis outlines the growth drivers, challenges, and competitive dynamics shaping the global advanced magnetic materials market through 2031.
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