The report “Advanced Magnetic Materials Market by Type (Permanent Magnet Materials, Semi-Hard Magnetic Materials, Soft Magnetic Materials), End-Use Industry (Automotive, Electronics, Industrial, Power Generation, Medical), And Region – Global Forecast to 2028″, is estimated at USD 24.2 billion in 2023 and is projected to reach USD 38.2 billion by 2028, at a CAGR of 9.5% from 2023 to 2028. The increasing use of advanced magnetic materials in the automotive industry is one of the most significant factors projected to drive the growth of the advanced magnetic materials market.
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- 214 Market data Tables
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- 218 Pages and in-depth TOC on “Advanced Magnetic Materials Market – Global Forecast to 2028”
Some of the prominent key players are:
· Hitachi Metals Ltd. (Japan)
· TDK Corporation (Japan)
· Daido Steel Ltd. (Japan)
· Shin-Etsu Chemical Co. Ltd. (Japan)
· Arnold magnetic Technologies (US)
· Anhui Sinomag Technology Co. Ltd. (China)
· Neo (Canada)
· Ningbo Yunsheng Co. Ltd. (China)
· Vacuumschmelze GmbH & Co. KG (Germany)
Driver: Development of new industrial robots
According to industrial federation of robotics, The World Robotics report found that a record-breaking 517,385 new industrial robots were installed in factories around the world in 2021. It also represented 31 percent of year-on-year growth. Industrial robots require fast response, high torque, and accurate positioning. Advanced magnets enable precision movements in robotic arms, hands, and actuators by providing the necessary magnetic force.
Advanced magnets are essential for the development of highly compact, powerful servomotors and actuators that are used in a variety of motion control systems, including industrial robots that require fast response, high torque, and accurate positioning. Increasing demand of industrial robots drive the advanced magnetic materials market.
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Power generation end-use industry segment to be the second largest segment in the advanced magnetic materials market, in terms of value.
The use of advanced magnets in the global power generation industry is still small. The requirements of the industry to develop highly efficient generators and transformers to reduce the energy loss during the generation and transmission of power to the consumer. The advanced magnetic materials are used to develop the generators which has the less energy loss during the power generation from mechanical work. The magnets are designed in different shapes and sizes to test the energy loss during the conversion of mechanical energy to electrical energy and changes are made to the magnetic wire woundings also to tap the magnetic flux generated by these new magnets developed using advanced magnetic materials. Similarly, the companies are testing the usage of advanced magnetic materials to improve the efficiency of energy transfer during transmission of power from the point of generation or transmission to the consumers.
Asia Pacific to be the fastest growing market in the advanced magnetic materials market.
Asia Pacific holds the largest market share in the advanced magnetic materials market. The growth of the advanced magnetic materials market in this region is mainly driven by the automotive, increasing use of renewable energy for power generation and demand from medical and healthcare industry. Low interest rates, the presence of established players, and stringent environmental regulations emphasizing the use of electric vehicles, which are expected to drive the market. The country has the presence of automobile manufacturers in the region. The growing EVs market drives advanced magnetic materials in Asia Pacific. The end-use industries in the country have been involved in research and development of advanced applications using the advanced magnetic materials to improve the efficiency of the applications. The demand for improving the efficiency in the automotive, power generation and industrial end-use segments is expected to boost the consumption of advanced magnetic material in the country. China is the leading manufacturer of permanent magnets in the world, as the country has the major source of rare earth metals in the world.