Magnetic materials possess magnetic properties and have ability to produce the magnetization. They can be magnetized or naturally possess magnetic properties. According to ease of magnetization, magnetic materials are classified as hard, semi-hard, and soft magnets. Hard magnetic materials are suitable for permanent magnets while soft for temporary. Hard magnetic materials have wide range of applications from toys and refrigerator magnets to electromotors, loudspeakers, windshield wipers, locks, and microphones-and high-tech devices such as hard disk drives. Soft magnetic materials are used in high and low-frequency applications such as transformer cores, microwave applications, and recording heads. Magnetic materials ranging from hard and soft are extensively used as recording media. Rapid industrialization, specifically in emerging economies such as India and China, demand for alternative power sources, such as windmill and water turbine are driving growth of the magnetic material market.
According to U.S. Geological Survey report, in 2017, China led the world production of rare earth materials from 2007, accounted for more than 90 percent of global production and supply. The magnetic materials are used in the production and distribution of electricity and used as the chief component of many electronics and electrical devices.
In Medicine, they are used in body scanners and in a range of applications where they are attached to or implanted into the body. The home entertainment market depends on magnetic materials in applications such as CD players, PCs, televisions, games consoles, and loudspeakers. Large magnets are used in industry for moving heavy loads. Magnetic strips are used for labeling foods and medicines on shelving. In airports, docks and, construction sites, magnetic sweepers are used to picking up any scrap or waste that could potentially puncture tires or endanger traffic.
Key players in Global Magnetic Materials Market
On the basis of products, global magnetic materials market is segmented into:
On the basis of application, global magnetic materials market is segmented into:
On the basis of region global magnetic materials market is segmented into:
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