Press release
Magnetic Materials Market Estimated to Exhibit 8.9% CAGR through 2024
Of the three types of magnetic materials on the global market, semi-hard magnetic materials have historically been the dominant product segment of the market. Semi-hard magnetic materials took up a 55% share in the global market in 2012.
They are expected to remain the dominant category over the forecast period, though in large part thanks to the headstart they have accumulated over the years. Easier availability of soft and permanent magnetic materials is expected to propel demand for these two segments at high rates over the forecast period. The high performance of permanent magnets such as NdFeB is a boon to the modern industrial sector and is expected to result in high demand for the permanent magnetic materials segment.
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The report also provides detailed quantitative and qualitative information regarding the various applications of magnetic materials. The growing automotive industry is one of the two major end users of magnetic materials in the current scenario. Diverse applications of various magnetic materials in automotive design have resulted in high demand from the global magnetic materials market. The strong rise of the Asia Pacific automotive sector will help keep demand for magnetic materials high in the forecast period, allied to steady demand from the historical automotive powerhouses in Europe and North America.“A good opportunity for major magnetic materials manufacturers catering to automotive giants is the growing interest in hybrid electric cars. Because magnetic materials are important components in electric powertrains, this sector will generate steady demand for magnetic materials in the coming years,” said a TMR analyst about a promising opportunity in the global magnetic materials market.
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The energy sector, though, is a rapidly developing application segment of magnetic materials and is expected to grow in terms of demand for magnetic materials at a CAGR of 8.8% in the forecast period. Wind energy claims the largest demand for magnetic materials among all energy generation mechanisms. Growing support for wind energy from various governments around the world will result in an escalating demand for magnetic materials from the wind energy sector in the forecast period.The report also details the competitive landscape of the global magnetic materials market by profiling major players in the market, such as Molycorp Inc., Tengam Engineering inc., Hitachi Metals, Ltd., OM Group, and TDK Corporation.
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Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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