The global magnetic materials market is forecast to reach USD 181,888.61 Million by 2030, according to a new report by Reports and Data. The global Magnets and Magnetic Materials market demand is anticipated to augment on account of the increasing need for power generation and miniaturization devices like generators in the wind and hydro-powered turbines over the forecasted period. In addition, the industry is expected to be driven by the growing automotive industry, which uses magnets in various components such as pollution control, alternators, and gearbox. However, volatile prices of rare-earth metals, including samarium, dysprosium, and neodymium used in the production of Magnets and Magnetic Materials, are expected to act as a key market restraint. The rise in application range owing to the development of new technologies is anticipated to open new avenues for the global Magnets and Magnetic Materials sector over the forecasted period.
The growing trend of electrification and modernization to reduce the cost of production and improve efficiencies enhances the use of permanent magnets in a variety of end-use industries. The building technologies provide advanced solutions that ensure the highest levels of energy efficiency, safety, and sustainability. These not only offer industry-specific solutions for hospitals, life science companies, airports, hotels, utility companies, and but also provide solutions for commercial buildings of cities as well as international companies and their infrastructures. Permanent magnets are extensively used in the motors of lift doors and train doors. NdFeB magnets are also used to dewax oil pipelines in China.
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Market Overview:
The chemical industry is expected to register significant revenue growth over the coming years driven by a recovery in domestic demand due to rising prices of crude oils and better exports. The chemical and material industry has undergone radical changes owing to long-term trends such as the evolution of advanced technologies such as the industrial internet of things (IIoT), artificial intelligence, machine learning, automation, and efficient data management tools. Increasing demand for novel chemical products such as soaps and detergents, particularly amid the COVID-19 pandemic, improvements in operational efficiency, and the development of energy-efficient manufacturing and production processes are some other factors expected to drive market revenue growth going ahead. In addition, the rapid adoption of trends such as sustainability and digitalization have further contributed to revenue growth of the materials and chemicals industry.
Key companies profiled in the Magnets and Magnetic Materials reports are Hitachi Metals, Ltd., Daido Steel Co., Ltd, Molycorp Magnequench, Shin-ETSU Chemical Co., Ltd., TDK Corporation, Lynas Corporation Ltd., Arnold Magnetic Technologies Corporation, Electron Energy Corporation, Tengam Engineering, Inc., and Adams Magnetic Products Co., Inc. among others.
Further key findings from the report suggest
- The Asia Pacific is expected to have an attractive growth for the Magnets and Magnetic Materials market as many multinational companies are shifting their manufacturing set-ups to this region.
- China has an excellent automobile production rate, according to OICA, which, in turn, is a factor behind the rising demand for the industry.
- Among the end-user segment, electronics telecommunication are presently leading the market, and they will continue to dominate with an estimate to register the highest CAGR of 9.4% over the forecasted period.
Type Outlook (Revenue, USD Billion; 2017-2027)
- Hard/Permanent Magnet
- Semi-Hard Magnet
- Soft Magnet
Application Outlook (Revenue, USD Billion; 2017-2027)
- Transformers
- Motors
- Inductors
- Generators
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Automotive
- Electronics Telecommunications
- Industrial
- Power Generation
- Others
To know more about the report @ https://www.reportsanddata.com/report-detail/magnetic-materials-market
Regional analysis of Magnets and Magnetic Materials market covers:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
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