Magnetic Materials Market Applications, Growth, Size, Opportunities, Top Players, Global Share Analysis, TrendsPosted by Jack Martin on April 24th, 2024 Magnetic materials are those that can be magnetized and thus attract other magnetic objects. These materials are composed of atoms with an unpaired electron, allowing them to align with an external magnetic field and generate a magnetic moment. Magnetic materials have a wide range of applications, from motors and generators to storage devices like hard discs and tapes. They're also used in medical devices like MRI machines and pacemakers. Magnetic materials are in high demand due to the development of new technologies and the increasing demand for devices that use magnetic properties. The main uses of magnetic materials include in electrical motors, generators and transformers, consumer electronics, medical equipment, magnetic recording media and aerospace applications. Request to Download PDF Brochure of this Strategic Report at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=397 Magnetic Materials Market: Drivers
Semi-hard magnet account for the major share of the magnetic materials market The semi-hard magnets neodymium-iron-boron (NdFeB) account for the majority of the magnetic materials market. These magnets provide the most magnetic energy and are used in a variety of applications including automotive, electronics, and robotics. NdFeB magnets are extremely hard and brittle, making them unsuitable for use in applications involving shock or vibration. They are, however, ideal for applications that require a strong magnetic field. Get the Latest Version of the Report at https://www.marketsandmarkets.com/RequestNewVersion.asp?id=397 Growing industrialization drives the automotive & transportation application segment The automotive and transportation segment accounted for approximately 41.4% of market revenue. This is primarily due to increased demand for electric vehicles and the use of magnetic materials in various automotive components such as sensors, motors, and powertrain components. During the forecast period, the electronics and consumer appliances segment is expected to grow at the fastest rate. This is primarily due to rising consumer electronics demand for smartphones and other consumer appliances. Asia-Pacific to be the fastest-growing market during the forecast period Asia-Pacific is expected to be the fastest-growing market during the forecast period, owing to rising demand for electric vehicles, consumer electronics, and other industries in the region. The presence of several manufacturers in the region is also expected to drive market growth during the forecast period. Furthermore, countries in the Asia-Pacific region are investing heavily in the development of renewable energy sources, which is expected to drive demand for magnetic materials. The region's magnetic materials market is expected to be driven by rising consumer electronics demand and increased industrial automation adoption. Inquire Now: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=397 Currently, the global magnetic materials market is dominated by various market players, such as Hitachi Metals Ltd. (Japan), Daido Steel Co. Ltd. (Japan), Molycorp Magnequench (Canada), Shin-Etsu Chemical Co. Ltd. (Japan), TDK Corp. (Japan), and others. Like it? Share it!More by this author |