The global magnetic materials market is estimated to reach at a high CAGR during the forecast period 2022-2029.
Magnetic materials are those materials that are attracted by magnets and can be magnetized to create permanent magnets. There are wide varieties of magnetic materials used in various fields such as automobiles, electronics and home appliances.
Magnetic materials are utilized to create and distribute electricity and, in most cases, in the appliances that use that electricity, such as televisions, PCs, CD players, loudspeakers, and others. They are used for the data storage on video and audiotape as well as on computer disks.
Moreover, they are used in body scanners and other machines where they are attached to or implanted into the body.
Increasing demand for miniaturized electronic devices is expected to drive the magnetic materials market
Miniaturization is the manufacturing of smaller optical, mechanical and electronic products and devices, which require the development of improved magnetic materials. Manufacturers primarily focus on developing miniaturized electronics with low weight, low volume, and low power consumption rates.
In recent times, the miniaturized electronic devices requirement has significantly increased. For instance, manufacturers focus on developing and delivering IC chips with superior performance and lesser power consumption.
Moreover, miniaturization has also been used in medical electronics such as pacemakers and defibrillators.
Fluctuation in raw material prices is expected to hinder the magnetic material market
The global magnetic materials market growth is expected to be hampered by unexpected fluctuations in raw material prices that destabilize the supply chain and pose a challenge for manufacturers.
They are influenced by the general availability of raw materials, geographic distribution, ease of recovery from mined ore, and open market trading. For instance, out of 120+ elements, only 36 are potentially useful to form a magnetic material, and only a few can produce a magnetic output.
Based on type, magnetic material market is segmented into magnetically hard material and magnetically soft material.
Magnetically hard material is expected to dominate the magnetic materials market
Magnetically hard materials are magnetized using an external solid magnetic field. They remain magnetized indefinitely unless they are demagnetized by an opposing magnetic field, raised above their curie temperature or allowed to rust.
Magnetically hard materials create permanent magnets made from alloys generally consisting of varying amounts of aluminum, iron, nickel, cobalt and rare earth elements. Permanent magnets are difficult to magnetize, unlike magnetically soft materials.
Hard magnetic materials have a wide range of applications in various sectors such as automotive, telecommunication, data processing, consumer electronics, electronic and instrumentation and many others.
Asia-Pacific is the largest and fastest-growing market for magnetic materials owing to high demand from major markets, such as China, India, and Japan. The growing automotive industry in the region is also driving the need for magnetic materials. The trend is anticipated to continue over the forecast period based on rapid industrialization in emerging economies such as China, India and Japan. China is projected to be a more lucrative market owing to abundant rare earth metal deposits and a large end-use industry base.
The magnetic materials market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Hitachi Metals Ltd., Daido Steel Co. Ltd., Molycorp Magnequench, Shin-Etsu Chemical Co. Ltd., and TDK Corp., AMES, Mate Co., Ltd., Melrose Industries PLC, SG Technologies, Sumitomo Metal Mining Co., Ltd., Toshiba Materials Co., L. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Magnetic Materials market globally.
Hitachi Metals Ltd.
Overview: Hitachi Metals Ltd. is a manufacturing and marketing company of advanced metals products, components and materials. The company is headquartered in Tokyo, Japan.
Product Portfolio: The company’s products and services are divided into two categories, which are by business segment and technology. In business segment, the company offers its products in automotive, infrastructure and electronics.
The global magnetic materials market report would provide an access to an approx. 53 market data table, 52 figures and 228 pages.
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