Understand How The Magnetic Materials Market Is Set To Grow In Through 2023-2032
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The global magnetic materials market is undergoing substantial growth, with projections indicating a compound annual growth rate (CAGR) of 5.67%, from $31.86 billion in 2022 to $33.66 billion in 2023. Looking ahead, the market is anticipated to reach $42.52 billion in 2027, with a CAGR of 6.01%. The driving force behind this growth is the increasing demand in the automotive industry, coupled with noteworthy technological developments.
- Revving Up Demand: Automotive Industry’s Role
The burgeoning demand for the automotive industry stands out as a prime catalyst propelling the growth of the magnetic materials market. As a crucial sector involved in the design, development, production, and marketing of vehicles, the automotive industry heavily relies on magnetic materials. These materials play a pivotal role in enhancing the performance, efficiency, and safety of various automotive components and systems.
- Global Automotive Statistics:
- In 2021, US passenger car sales increased by 5.5%, reaching 11.9 million units.
- Over 6.3 million passenger cars were produced in US auto facilities in 2021, marking a 3.1% increase from 2020.
- Chinese automakers witnessed a 7.1% increase in the number of automobiles produced, reaching 20.7 million in 2021.
- Globally, the total number of automobiles produced rose by 2.7%, hitting 63.2 million in 2021.
- Driving Forces: Automotive Industry’s Impact on Magnetic Materials Market
The growth in the automotive industry directly correlates with the expanding use of magnetic materials, demonstrating their significance in various components crucial for vehicle functionality. The reliance on magnetic materials spans applications in motors, transformers, generators, inductors, and other essential automotive systems.
- Impact on Magnetic Materials Market:
- Magnetic materials contribute to the performance, efficiency, and safety of automotive components.
- The increased production and sales of vehicles globally boost the demand for magnetic materials in the automotive sector.
- Industry Titans: Major Players Steering the Market
The magnetic materials market is shaped by major players that contribute to its development and innovation. Companies such as TDK Corporation, Hitachi Metals Ltd., and Lynas Corporation Ltd. play pivotal roles in advancing the capabilities of magnetic materials. Their technological expertise and innovative strides drive the market’s dynamism.
- Notable Industry Players:
- TDK Corporation
- Hitachi Metals Ltd.
- Lynas Corporation Ltd.
- Eriez Magnetics
- Chengdu Galaxy Magnets Co. Ltd.
- Bunting Magnetics Co.
- Voestalpine High Performance Metals GmbH
- Industrial Magnetics Inc.
- And more.
- Technological Triumphs: Trending Developments in Magnetic Materials
Technological developments are emerging as a key trend in the magnetic materials market, with companies adopting innovative approaches to sustain their positions. A noteworthy example is the research conducted by the Department of Energy’s Critical Materials Institute (CMI) in November 2022. The research focused on enhancing the properties of a rare-earth-free magnet material called manganese bismuth (MnBi) and demonstrated its potential for large-scale manufacturing. This advancement provides a pathway to creating compact and energy-efficient motors without relying on rare earth elements.
- Recent Technological Advancement:
- Improvement of magnetic properties and performance of manganese bismuth (MnBi) magnets.
- Potential for large-scale manufacturing of rare-earth-free magnet material.
- Strategic Segmentation: Unveiling Market Dynamics
The global magnetic materials market is strategically segmented, providing insights into the diverse types, raw materials, orientations, and applications that drive its growth.
- By Type:
- Hard Magnetic Materials
- Soft Magnetic Materials
- Semi-Hard Magnetic Materials
- By Raw Materials:
- Samarium Cobalt
- Bonded NdFeB
- By Orientation:
- By Application:
- Other Applications
- Global Dynamics: Asia-Pacific Leading, North America Accelerating
In 2022, Asia-Pacific emerged as the largest region in the magnetic materials market, showcasing its dominance in the industry. Looking forward, North America is expected to be the fastest-growing region during the forecast period, reflecting accelerated adoption and growth opportunities.
- Regional Dynamics:
- Asia-Pacific leads the market, reflecting its industrial dominance.
- North America’s expected growth signals increasing adoption and market expansion opportunities.
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The Magnetic Materials Global Market Report 2023 provides an overview of the magnetic materials market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The magnetic materials market forecast analyzes magnetic materials market size, magnetic materials market share, leading competitor and their market positions.
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