The global Hard Magnet Magnetic Materials Market is forecast to reach USD 143.87 Billion by 2027, according to a new report by Reports and Data. The global Hard Magnet 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 Hard Magnet 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 Hard Magnet 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 chemicals and materials industry produces a massive variety of products consumed by people across the world on a daily basis. While several products, namely detergents, perfumes, soaps, and others are bought directly by the consumers, the others are used as ingredients to make numerous products. For instance, in Europe, nearly 70% of the chemicals that are manufactured are used to make other products. The industry uses a wide range of raw materials ranging from oil, minerals, air, and others. With growing competition among industry players, innovation remains vital in discovering new paths to meet the needs of sophisticated, demanding, and environmentally conscious consumers.
The global materials chemicals industry revenue growth can be majorly attributed to increasing demand for essential consumer goods including soaps, detergents, and beauty personal care products worldwide, rising preference for sustainable and eco-friendly raw materials, and growing use of advanced chemicals and raw materials in industries including agriculture, food beverage industries, buildings construction, automotive, packaging, and manufacturing industries. Other major factors driving the growth of this industry are rising pollution levels, increasing environmental awareness, increasing use of technologically advanced chemicals and materials, and rising demand for organic materials.
Top Companies Profiled in the Report:
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.
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Further key findings from the report suggest
The Asia Pacific is expected to have an attractive growth for the magnetic material 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.
Among the type segment, a semi-hard magnet is presently leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 9.5% over the forecasted period.
Demand for faster transmission of data, decreasing the size of technological devices, and effective utilization of electricity has provided an impetus to the magnetic material sector.
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Type Outlook
Hard/Permanent Magnet
Semi-Hard Magnet
Soft Magnet
Application Outlook
Transformers
Motors
Inductors
Generators
End-User Outlook
Automotive
Electronics Telecommunications
Industrial
Power Generation
Others
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