Press release
Advanced Magnetic Materials Market Cost, Price, Revenue Analysis Industry Chain Report 2028 | Expert Review
The advanced magnetic materials market is projected to grow from USD 24.2 billion in 2023 to USD 38.2 billion by 2028, at a CAGR of 9.5% during the forecast period. This research report provides detailed data analysis of the advanced magnetic materials market from 2023 to 2028. Including the market size and development trends of the market, it analyzes advanced magnetic materials market size [https://www.marketsandmarkets.com/Market-Reports/advanced-magnetic-materials-market-192828139.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=advancedmagneticmaterials] indicators such as sales, sales volume, average price and CAGR, it also provides a detailed assessment of the market share and ranking of major companies.
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Permanent magnet segment to grow at a significant rate in advanced magnetic materials, in terms of value.
Permanent Magnet is a type of magnetic material which has exceptionally strong magnetic properties. It is also known as a high- performance magnet. This type of magnet retains its magnetic strength even after removal of the external magnetizing force. This magnet exhibits high magnetic flux density, high coercivity, which makes it suitable for various high-end applications such as MRI (Magnetic Resonance Imaging), magnetic separation, renewable energy systems and more.
Automotive industry to be the fastest-growing end-use industry segment in the global advanced magnetic materials market in terms of value.
The use of magnets is most widespread in automotive and hence there is a need of advanced magnetic materials. Magnetic materials have vast applications in the automobile industry. The automobile contains magnetic materials in various parts such as motors, sensors, actuators, and switches. The concerns regarding the fuel economy of vehicles lead the manufacturers to reduce vehicle weight and to increase the combustion efficiency. This has resulted in an elevated use of magnetic materials in automobiles. Magnetic materials are increasingly used in electric motors for various functions such as electric steering, electric braking, electric throttle actuation, auto-clutch, and gearbox actuation. The usage of magnetic materials in the automotive segment is the highest owing to the demand for high-quality materials from the manufacturing & production industries. The demand is estimated to surge in the Asia-Pacific region due to the increasing demand for electric and hybrid vehicles.
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Asia Pacific continuous to be the largest market in the global advanced magnetic materials market in terms of value.
Asia Pacific is expected to be the largest market for advanced magnetic materials. The growth in the Asia-Pacific region is primarily driven by the increasing demand for energy and economic development in the region. The magnetic materials market in Asia-Pacific accounts for greater share owing to the introduction of new products in the magnetic materials industry. North America is the second-largest market for magnetic materials. North America is witnessing stiff competition for magnetic minerals, especially the rare earth minerals; to address the need, the U.S. imports rare earth minerals from Asian countries, such as China and Japan. The rapid industrialization in the region coupled with the increased demand for technological advancements and economic recovery is driving this market. China is one of the largest markets for magnetic materials due to huge production of minerals with processing capabilities. China owns the highest reserves of rare earth minerals across the world. The demand for magnetic materials is expected to surge from Thailand, Vietnam, Malaysia, South Korea, and Indonesia on account of significant production and utilization of magnetic materials in the nations. This has given an opportunity to the multinational companies, such as Hitachi Metals Ltd (Japan), Daido Steel Co., Ltd (Japan), Shin-Etsu Chemical Co Ltd (Japan), and TDK Corporation (Japan) to sell magnetic materials.
Advanced Magnetic Materials Companies [https://www.marketsandmarkets.com/ResearchInsight/advanced-magnetic-materials-market.asp?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=advancedmagneticmaterials]
Some of the key players in the global advanced magnetic materials market are such as Hitachi Metals Ltd. (Japan), TDK Corporation (Japan), Daido Steel Ltd. (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Arnold magnetic Technologies (US), Anhui Sinomag Technology Co. Ltd. (China), Neo (Canada), Ningbo Yunsheng Co. Ltd. (China), Vacuumschmelze GmbH & Co. KG (Germany).
Hitachi Metals Ltd. (Japan)
Hitachi Metals, Ltd. now known as Proterial, Ltd. is engaged in manufacturing and sale of various metal products, components, and materials. The company operates through three segments namely, Advanced Metals, Advanced Components & Materials, and Others. The company provides high performance materials through nine business units: Specialty Steel, Rolls, Automotive Casting, Waupaca, Piping Components, Magnetic Materials, Power Electronics Materials, Electric Wire & Cable, and Automotive Components. The company specializes in the production of magnetic materials and serves various industries including automotive, consumer electronics, and industrial machinery.
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TDK Corporation (Japan)
TDK Corporation is one of the leading electronic components manufacturers. The company specializes in magnetic application products, including ferrite cores, magnets, and sensors. The company operates through five segments: passive components segment, sensor application products segment, magnetic application products segment, energy application products segment, and others. The company serves automotive, energy, telecommunications, power supplies, industrial, and electronics. The company has a global presence with subsidiaries, sales offices, and manufacturing facilities located in key regions across Asia, the Americas, Europe, and Middle East & Africa. This extensive network allows TDK to efficiently serve its customers worldwide and meet their specific requirements.
Daido Steel Co. Ltd. (Japan)
Daido Steel Co., Ltd. is a Japanese multinational corporation that operates in the fields of steel manufacturing, high-performance materials, and magnetic materials. The company operates through five segments: specialty steel, high-performance materials & magnetic materials, parts for automobile & industrial equipment, engineering, and trading & service. The company serves automotive, industrial, energy and infrastructure, aerospace & defense. The company has a presence in Europe, North America, and Europe.
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