The advanced magnetic materials market is projected to grow from USD 24.2 billion in 2023 to USD 38.2 billion by 2028, at a CAGR of 9.5% during the forecast period. The composition of advanced magnets varies depending upon the requirements of the end-use industry. The fixed costs of producing advanced magnets are on the higher side. The only way to reduce the fixed cost is to increase their production volume.
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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.
Advanced Magnetic Materials Market Trending Key Players
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).
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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.
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