Definition of Market/Industry:
Magnetic materials are objects that are used to produce electricity power generation devices and automotive industry. They are classified into permanent magnets and electromagnets. Out of which permanent magnets are gaining popularity from automotive and power generation industries. Samarium, neodymium, and dysprosium are some of the raw materials used in the production of magnetic materials
The global magnetic materials market is expected to surpass US$ 188,569.6 Mn in terms of value by the end of 2028.
Growth in the wind energy generation industry is augmenting the market growth of the magnetic materials. Rapid industrialization and the rise in population is driving the demand for electricity. Hard, soft, and semi-hard magnetic materials are major components used in generating electricity equipment and systems. Hard magnets have a key role in the wind energy segment. Moreover, magnetic materials are widely used in the stator of the wind turbine as these are responsible for producing AC electricity.
Rising demand for soft magnetic materials from developing regions such as China, India, and Malaysia is expected to offer potential market opportunities over the forecast period. Also, the development of nanostructured soft magnetic material is further projected to foster the market growth of the magnetic materials. Thus, the growing demand for soft magnetic materials due to its excellent properties is projected to propel the market growth of the magnetic materials over the forecast period.
Global Magnetic Materials Market: Recent Developments
In August 2019, Neo Performance Materials Inc. announce that it has acquired the assets of Anhui Asia Magnets Co., Ltd. ("SAMAG"), a privately-owned manufacturer of compression molded neodymium-iron-boron ("NdFeB") bonded magnets.
In November 2018, TDK Corporation announced it has acquired Showa Denko’s neodymium magnet alloy R&D business sector. Showa Denko is a producer of a comprehensive portfolio of petrochemical products and electronic materials.
The volatile price of rare earth materials is projected to hinder the market growth. Various types of elements are used in the manufacture of permanent magnets such as boron (B), neodymium (Nd), iron (Fe), and dysprosium (Dy). Thus, the fluctuating price of raw materials used in the manufacturing of permanent magnets is projected to restrict market growth over the forecast timeframe.
Global Magnetic Materials Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on magnetic materials market.
Figure 1. Global Magnetic Materials Market Share, By Application, 2020
Continuous product innovation by key manufacturers is a major trend in the magnetic materials market. This ongoing trend is projected to support the market growth over the forecast period. For instance, in June 2020, Audeze announced the launch of a new flat magnetic headset in India. The company claims that the sine headset is a new generation of on- Ear plane magnetic headphones on the market. The Sine headset comes with the Fazor element and the uniform diaphragm, offering a lightweight headset with very low distortion and good bass.
Growing merger and acquisition among key manufacturers for business expansion is a key trend. This is projected to bolster the market growth of the magnetic materials.
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