Global Magnetic Materials Market Analysis, Drivers, Restraints, Threats & Growth Forecast to 2032

The global magnetic materials market size was worth around USD 18.67 Billion in 2023 and is predicted to grow to around USD 33.53 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.72% between 2024 and 2032.

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Substratum magnetic fields are produced by materials due to their inherent magnetic characteristics. Typically, the magnetic field generated by magnetic substances is imperceptible to the unaided human eye. Despite the cessation of their exposure to the specific magnetic field, these materials maintain their magnetic characteristics. Magnetic materials exhibit a repulsive effect on non-ferrous metals but attract ferrous metals. Uncommon magnetic materials that have been discovered include nickel, cobalt, iron, and various other naturally occurring elements found on the Earth’s surface.

By applying magnetization to alloys composed of rare earth elements or metals, the alloys are caused to become extremely attracted to the magnet. Elements classified as “ferromagnetic materials” are referred to by this term. Both the electronics and automotive sectors utilise magnetic materials extensively for an extensive range of applications. Magnetic substances are the fundamental components utilised in the fabrication of magnets.

Due to the increasing demand for permanent magnets in numerous industry sectors, it is anticipated that the worldwide market for magnetic materials will experience substantial growth in the coming years. Permanent magnets are widely employed in wind turbines to generate a diverse range of renewable energy sources. An additional element that is facilitating the growth of this industry is the expanding use of magnets in an assortment of computer applications. The advent of technological advancements has facilitated the introduction of energy-efficient storage systems to the market.

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The Global Magnetic Materials Market is segmented based on product, application and region

Global Magnetic Materials Market: Product Segment Analysis

● Soft Magnetic Materials
● Semi-hard Magnetic Materials
● Hard Magnetic Materials

Global Magnetic Materials Market: Application Segment Analysis

● Industrial
● Electronics
● Power Generation
● Automotive

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The global Magnetic Materials market profiles key players such as:

● Zhejiang Kaiven Magnet Company
● Ningbo Vastsky Magnet
● Dexter Magnetic Technologies
● Tengam Engineering
● A.K. Steel Holding Corporation
● Shin-Etsu Chemical
● Electron Energy Corporation
● Steward Advanced Materials
● BGRIMM Magnetic Materials & Technology
● Toshiba Materials
● Hengdian Group DMEGC Magnetics
● Adams Magnetic Products
● GKN Sinter Metals
● Sintex
● Dura Magnetics
● Neo

Considerable progress has been made in the study and advancement of energy storage materials in recent years. The implementation and operation of magnetic materials resulted in substantial energy savings. It is therefore expected that this will stimulate market expansion even further. Additionally, the biomedical sector’s expanding use of nanocrystalline magnetic materials is propelling the global market for magnetic materials. Future market expansion may be hampered, however, by the volatile cost of basic materials.

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