(MENAFN- PR Newswire)
NEW YORK, Sept. 6, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global
magnetic materials market
size is estimated to grow by USD 12.91 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of
6.56%
during the forecast period.
Increased applicability of magnetic materials in computer application industry
is driving market growth,
with a trend towards
ai simulations for magnetic material geometry designs. However,
volatile prices of raw materials
poses a challenge. Key market players include Alliance LLC, Arnold Magnetic Technologies Corp., Carpenter Technology Corp., Daido Steel Co. Ltd., DEXTER MAGNETIC TECHNOLOGIES, Dura Magnetics Inc., Electron Energy Corp., Grundfos Holding AS, Hengdian Group Holdings Ltd., Lynas Rare Earths Ltd., Magna Tronix Pvt. Ltd., Magnaworks Technology Inc., Magnet Expert Ltd., Merck KGaA, Nippon Steel Corp., TDK Corp., The InterTech Group Inc., Toshiba Corp., TyTek Group, and Hitachi Ltd..
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Technavio has announced its latest market research report titled Global Magnetic Materials Market 2023-2027
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| Forecast period |
2023-2027 |
| Base Year |
2022 |
| Historic Data |
2017 - 2021 |
| Segment Covered |
Application (Automotive and transportation, Electronics and instrumentation, Industrial, and Others ), Product (Hard magnetic materials and Soft magnetic materials ), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) |
| Region Covered |
APAC, North America, Europe, South America, and Middle East and Africa |
| Key companies profiled |
Alliance LLC, Arnold Magnetic Technologies Corp., Carpenter Technology Corp., Daido Steel Co. Ltd., DEXTER MAGNETIC TECHNOLOGIES, Dura Magnetics Inc., Electron Energy Corp., Grundfos Holding AS, Hengdian Group Holdings Ltd., Lynas Rare Earths Ltd., Magna Tronix Pvt. Ltd., Magnaworks Technology Inc., Magnet Expert Ltd., Merck KGaA, Nippon Steel Corp., TDK Corp., The InterTech Group Inc., Toshiba Corp., TyTek Group, and Hitachi Ltd. |
Key Market Trends Fueling Growth
The magnetic materials market is experiencing significant growth due to the integration of Artificial Intelligence (AI) technology. Traditionally, developing magnetic materials involved costly and time-consuming trial-and-error methods. However, AI is revolutionizing this process by automating the design of magnetic material geometries, reducing energy loss, and minimizing risks. Fujitsu Laboratories and Fujitsu have pioneered this technology, making it available through the cloud in 2020. Researchers are also leveraging computer modeling and machine learning to generate libraries of potential magnetic materials, further fueling market growth. AI simulations for magnetic material designs will continue to augment market expansion during the forecast period.
The Magnetic Materials Market is experiencing significant growth due to increasing demand in various sectors. Notable trends include data storage, quantum devices, industrial electronics, advanced motors, and the energy sector. In renewable energy, soft magnetic materials like silicon steels, permalloys, orthonol, nanocrystalline cores, and amorphous cut cores are essential for turbine generators and power distribution. Key properties such as coercivity, remnant magnetization, initial permeability, and hysteresis losses are crucial for these applications. The energy sector's focus on clean energy and wind turbine generators drives the demand for high-performance, reliable, and efficient magnetic materials. Additionally, the market is witnessing growing demand from the industrial sector for transaction motors, hybrid electric vehicles, uninterruptible power supplies, SMPS PFC chokes, and filter inductors. Metallic glass materials and crystalline structures like Permalloy and Orthonol offer advantages in terms of resistivity, frequency response, and efficiency, particularly in high-frequency, low-loss applications. Overall, the Magnetic Materials Market is expected to show strong growth in the short term, with volume share shifting towards advanced materials that offer superior performance and reliability.
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Market
Challenges
.
The magnetic materials market relies heavily on the prices of key metals used in their production, such as iron ore, aluminum, cobalt, nickel, and rare earth metals. Fluctuations in the prices of these metals, particularly base metals like iron ore and nickel, create uncertainty and potential disruptions to supplies and exports to major importing countries like China, Japan, South Korea, Germany, and Taiwan. For instance, the price of nickel increased significantly from around USD11,563/ton in March 2020 to USD47,840/ton in March 2022, while iron ore's price rose from USD83/ton in March 2020 to USD230/ton in May 2021 and then decreased to USD161.63/ton in March 2022. These price fluctuations can lead to countries relying on recycling or seeking alternative materials, which may negatively impact the growth of the global magnetic materials market during the forecast period.
.
The magnetic materials market encompasses a wide range of applications, from electronics to industrial and power generation sectors. Ferrite cores are crucial components in electronics, requiring operational temperature ranges up to 200 degrees Celsius and high flux capacity. Impedance, compression, and tension are essential factors for magnet selection in motors and generators. Ferrites, semi-hard magnets, and NdFeB magnets offer varying degrees of fracture resistance and corrosion resistance. Industry experts and service providers use directories and databases, such as Bloomberg BusinessWeek, to stay updated on market trends. Magnetic materials find applications in train and lift doors, oil pipelines, and various components in the automobile, smartphone, and network equipment industries. Permanent magnets, including Samarium Cobalt and NdFeB, power motors, transformer cores, electromagnets, generators, microphones, speakers, magnetic separators, and provide energy-saving solutions for power conversion, signal transfer, power adaptation, and magnetic field screening. Landisville manufacturing unit specializes in producing high-quality magnetic materials for diverse applications.
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Segment Overview
This magnetic materials market report extensively covers market segmentation by
Application
1.1 Automotive and transportation
1.2 Electronics and instrumentation
1.3 Industrial
1.4 Others
Product
2.1 Hard magnetic materials
2.2 Soft magnetic materials
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 South America
3.5 Middle East and Africa
1.1
Automotive and transportation-
The global magnetic materials market for automotive and transportation applications is experiencing significant growth due to the increasing demand for advanced automotive solutions. Magnetic materials, such as Alnico and sintered ferrite, are increasingly used in vehicles, including electric vehicles (EVs), for improved performance and control systems. They are applied in various components like motors, sensors, actuators, suspension systems, fans, alternators, power steering, and others. The rising trend of electric vehicles, driven by government initiatives like India's National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, is a major factor fueling the market growth. Additionally, major automotive players like Toyota and Volkswagen are expanding their manufacturing capacity and sales, further boosting the market. For instance, Toyota's proposed 30% expansion in India and the development of a new SUV for the Indian market, along with Volkswagen's 12% year-on-year increase in vehicle deliveries, demonstrate the industry's growth trajectory. Consequently, the automotive and transportation segment is expected to witness growth in the global magnetic materials market during the forecast period.
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Research Analysis
Magnetic materials market encompasses a wide range of materials used in various industries for magnetic applications. These materials include amorphous cut cores and metallic glass materials, which have no crystalline structure and offer high magnetic properties. Silicon steels and permalloys, with their crystalline structure, are commonly used in the electrical industry for transformer cores and electromagnets. Nanocrystalline cores offer improved magnetic properties and are used in high-performance applications. The magnetic materials market caters to diverse sectors such as electronics, industrial, power generation, and transportation. In power generation, permanent magnets are used in wind turbines and generators for efficient energy conversion. In transportation, magnetic materials are used in train and lift doors for automatic opening and closing. The market also includes applications in motors, transformer cores, electromagnets, generators, microphones, speakers, magnetic separators, and power conversion systems. Key properties of magnetic materials include high resistivity, frequency response, and efficiency. Semi-hard magnets offer high magnetic strength and are used in various applications, including motors and generators. The magnetic materials market continues to evolve with advancements in technology, leading to the development of new materials and applications.
Market Research Overview
The Magnetic Materials Market encompasses a wide range of materials used in various industries for diverse applications. These materials include Amorphous cut cores and Metallic glass materials, which have a disordered Crystalline structure, and Silicon steels, Permalloys, Orthonol, and Nanocrystalline cores. The properties of these materials, such as Resistivity, Frequency response, Efficiency, and High frequency performance, make them suitable for Low loss applications in Uninterruptible power supplies, SMPS PFC chokes, Filter inductors, and Ferrite cores. Operational temperature range, Flux capacity, Impedance, Compression, Tension, Fracture resistance, and Corrosion resistance are essential factors determining the choice of magnetic materials. Toroids and Split cores are common shapes used in Semi-hard magnets for Electronics, Industrial, Power generation, and Permanent magnets in various sectors like Automobile, Smartphones, Network equipment, Electronic industry, Motors, Transformer cores, Electromagnets, Generators, Microphones, Speakers, Magnetic separators, Power conversion, Signal transfer, Power adaption, Magnetic field screening, Data storage, Quantum devices, Industrial electronics, Advanced motors, Energy sector, Clean energy, Wind turbine generators, Hybrid electric vehicles, and Transaction motors. Soft magnetic materials, such as Samarium Cobalt, have high Volume share due to their excellent properties like Coercivity, Remnant magnetization, Initial permeability, Hysteresis losses, and Anisotropy field. The Magnetic Materials Market is extensively covered in Directories, Databases, Bloomberg BusinessWeek, Industry experts, and Service providers. The market's Product range includes various types and applications, from Energy-savings components to Renewable energy and Power distribution.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Automotive And Transportation
Electronics And Instrumentation
Industrial
Others
Product
Hard Magnetic Materials
Soft Magnetic Materials
Geography
APAC
North America
Europe
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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SOURCE Technavio
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