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The report "Advanced Magnetic Materials Market by Type (Permanent Magnet Materials, Semi-Hard Magnetic Materials, Soft Magnetic Materials), End-Use Industry (Automotive, Electronics, Industrial, Power Generation, Medical), And Region - Global Forecast to 2028", is estimated at USD 24.2 billion in 2023 and is projected to reach USD 38.2 billion by 2028, at a CAGR of 9.5% from 2023 to 2028. This report provides a comprehensive analysis of the industry, including advanced magnetic materials market size, trends, drivers and constraints, Competitive Aspects, and prospects for future growth.
The increasing use of advanced magnetic materials in the automotive industry is one of the most significant factors projected to drive the growth of the advanced magnetic materials market.
Browse in-depth TOC on "Advanced Magnetic Materials Market"
214 – Tables
47 – Figures
218 – Pages
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Permanent magnet segment to grow at a significant rate in advanced magnetic materials, in terms of value.
Permanent Magnet is a type of magnetic material which has exceptionally strong magnetic properties. It is also known as a high- performance magnet. This type of magnet retains its magnetic strength even after removal of the external magnetizing force. This magnet exhibits high magnetic flux density, high coercivity, which makes it suitable for various high-end applications such as MRI (Magnetic Resonance Imaging), magnetic separation, renewable energy systems and more.
Automotive industry to be the fastest-growing end-use industry segment in the global advanced magnetic materials market in terms of value.
The use of magnets is most widespread in automotive and hence there is a need of advanced magnetic materials. Magnetic materials have vast applications in the automobile industry. The automobile contains magnetic materials in various parts such as motors, sensors, actuators, and switches. The concerns regarding the fuel economy of vehicles lead the manufacturers to reduce vehicle weight and to increase the combustion efficiency. This has resulted in an elevated use of magnetic materials in automobiles. Magnetic materials are increasingly used in electric motors for various functions such as electric steering, electric braking, electric throttle actuation, auto-clutch, and gearbox actuation. The usage of magnetic materials in the automotive segment is the highest owing to the demand for high-quality materials from the manufacturing & production industries. The demand is estimated to surge in the Asia-Pacific region due to the increasing demand for electric and hybrid vehicles.
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Asia Pacific continuous to be the largest market in the global advanced magnetic materials market in terms of value.
Asia Pacific is expected to be the largest market for advanced magnetic materials. The growth in the Asia-Pacific region is primarily driven by the increasing demand for energy and economic development in the region. The magnetic materials market in Asia-Pacific accounts for greater share owing to the introduction of new products in the magnetic materials industry. North America is the second-largest market for magnetic materials. North America is witnessing stiff competition for magnetic minerals, especially the rare earth minerals; to address the need, the U.S. imports rare earth minerals from Asian countries, such as China and Japan. The rapid industrialization in the region coupled with the increased demand for technological advancements and economic recovery is driving this market. China is one of the largest markets for magnetic materials due to huge production of minerals with processing capabilities. China owns the highest reserves of rare earth minerals across the world. The demand for magnetic materials is expected to surge from Thailand, Vietnam, Malaysia, South Korea, and Indonesia on account of significant production and utilization of magnetic materials in the nations. This has given an opportunity to the multinational companies, such as Hitachi Metals Ltd (Japan), Daido Steel Co., Ltd (Japan), Shin-Etsu Chemical Co Ltd (Japan), and TDK Corporation (Japan) to sell magnetic materials.
Some of the key players in the global advanced magnetic materials market are such as Hitachi Metals Ltd. (Japan), TDK Corporation (Japan), Daido Steel Ltd. (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Arnold magnetic Technologies (US), Anhui Sinomag Technology Co. Ltd. (China), Neo (Canada), Ningbo Yunsheng Co. Ltd. (China), Vacuumschmelze GmbH & Co. KG (Germany).
Hitachi Metals Ltd. (Japan)
Hitachi Metals, Ltd. now known as Proterial, Ltd. is engaged in manufacturing and sale of various metal products, components, and materials. The company operates through three segments namely, Advanced Metals, Advanced Components & Materials, and Others. The company provides high performance materials through nine business units: Specialty Steel, Rolls, Automotive Casting, Waupaca, Piping Components, Magnetic Materials, Power Electronics Materials, Electric Wire & Cable, and Automotive Components. The company specializes in the production of magnetic materials and serves various industries including automotive, consumer electronics, and industrial machinery.
Hitachi Metals, Ltd. has a geographic footprint in North America, Europe, Asia Pacific, and others. The company generates major parts of its revenue from Asia Pacific region. Some of the competitors of the company are TDK Corporation, Daido Steel, and others.
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TDK Corporation (Japan)
TDK Corporation is one of the leading electronic components manufacturers. The company specializes in magnetic application products, including ferrite cores, magnets, and sensors. The company operates through five segments: passive components segment, sensor application products segment, magnetic application products segment, energy application products segment, and others. The company serves automotive, energy, telecommunications, power supplies, industrial, and electronics. The company has a global presence with subsidiaries, sales offices, and manufacturing facilities located in key regions across Asia, the Americas, Europe, and Middle East & Africa. This extensive network allows TDK to efficiently serve its customers worldwide and meet their specific requirements.
Daido Steel Co. Ltd. (Japan)
Daido Steel Co., Ltd. is a Japanese multinational corporation that operates in the fields of steel manufacturing, high-performance materials, and magnetic materials. The company operates through five segments: specialty steel, high-performance materials & magnetic materials, parts for automobile & industrial equipment, engineering, and trading & service. The company serves automotive, industrial, energy and infrastructure, aerospace & defense. The company has a presence in Europe, North America, and Europe.
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