Oct 8, 2022   SOURCE: BusinessWire

Outlook on the Magnetic Materials Global Market to 2027 - Development and Modernization of Infrastructures is Driving Growth - ResearchAndMarkets.com

The "Global Magnetic Materials Market Size, Trends & Growth Opportunity, By Type, By Application, By Region and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global Magnetic Materials market was valued at USD 30.99 billion in 2021 which expected to reach USD 48.17 billion by 2027 at a CAGR 6.19 % from 2021-2027.

Magnets are currently employed in almost every industry. Magnets are used in everything from microphones to electric motors in automobiles. It is currently widely employed in the medical business, for example, MRI, or magnetic resonance imaging, which employs large magnets in conjunction with radio waves to diagnose a range of problems inside the body.

These products are utilized in home entertainment applications like as PCs, CD players, TVs, gaming consoles, and loudspeakers. Furthermore, due to their various atomic structures, different materials behave differently when placed in a magnetic field. In its most basic form, the number of unpaired electrons in each atom affects a material's magnetic behavior.

Market Drivers

Development and modernization of infrastructures

The growing trend of modernization and electrification to increase efficiencies and lower production costs boosts the use of permanent magnets in a variety of industries. Building technologies provide modern solutions that assure maximum sustainability, energy efficiency, and safety. These not only provide industry-specific solutions for data centers, hospitals, life science firms, airports, hotels, and utility companies, but also solutions for international company commercial buildings and city infrastructures.

Market Restraints

Magnetic materials are expensive

Price changes in raw materials are expected to be one of the key factors constraining market expansion. The high cost of materials like samarium cobalt, dysprosium, and neodymium has a significant impact on the supply chain, limiting their use. Product price variations, particularly for permanent magnets, add to manufacturing costs, influencing product quality and quantity. However, this is aided further by product laws and constraints, which are some of the key factors projected to restrain worldwide market revenue growth throughout the forecast period.

Companies Mentioned

  • Daido Steel Co. Ltd.
  • Hitachi Metals Ltd.
  • TDK Corp
  • Shin-Etsu Chemical Co. Ltd.
  • Molycorp Magnequench
  • Lynas Corporation Ltd.
  • Arnold Magnetic Technologies Corporation
  • Electron Energy Corporation
  • Tengam Engineering Inc

Market Segmentation

By Type

  • Hard/Permanent
  • Semi-hard
  • Soft

By Application

  • Automotive & Transportation
  • Electronics
  • Energy
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • China
  • Asia Pacific
  • Middle East & Africa

Key Questions Addressed by the Report

  • What are the Key Opportunities in Global Magnetic Materials Market?
  • What will be the growth rate from 2020 to 2027?
  • Which segment/region will have highest growth?
  • What are the factors that will impact/drive the Market?
  • What is the competitive Landscape in the Industry?
  • What is the role of key players in the value chain?

For more information about this report visit https://www.researchandmarkets.com/r/tt2j8