The market is estimated to surpass a valuation of about US$ 40,286 million by 2033. According to the study, it is set to create an absolute dollar opportunity of US$ 20,441 million during the assessment period from 2023 to 2033.
The global magnetic material market stands at US$ 114.69 Bn as of now and is expected to reach US$ 297.07 Bn by the year 2032 at a CAGR of 9.3% between 2022 and 2032. Magnetic materials find their presence in transformer cores, motors, generators, electromagnets, magnetic separators, speakers, and microphones.
They do help in converting power from electrical to mechanical along with signal transfer, magnetic field screening, power adaptation, data storage (analog and digital), quantum devices, and permanent magnets (amongst others).
The government of the US has decided to take carbon emissions to ‘net zero’ by the year 2050. This is a factor driving the magnetic material market, as clean energy makes use of magnets as key components of wind turbine generators, transaction motors, and hybrid electric vehicles.
Soft magnetic materials are expected to stay the quickest-growing sector in the next year. This could be reasoned by the fact that they have a high anisotropy field, high coercivity, a big hysteresis loop area, and a huge magnetic field.
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The call for renewable energy sources also drives the demand for permanent magnets; inclusive of solar & wind, rising needs for power distribution, and likewise. Application-wise, automotive & transportation rule the roost. The status quo is expected to remain unchanged even in the forecast period. Along these lines, Suzuki Motor (Japan) did announce an investment of US$ 1.3 Bn in an India-based plant for producing electric vehicles as well as batteries.
At the same time, it needs to be noted that solar panels and batteries use plastics for storing power, which is certainly not environmentally friendly. Herein, transistors could be replaced by nanomagnet chips, and wired communication using transistors could be replaced by magnetic fields, which could curtail demand for as well as consumption of power.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Magnetic Material Market’ with its team of analysts and consultants to execute.
“Massive investments in magnetic materials are bound to take the magnetic materials market by storm in the upcoming period”, says an analyst from Future Market Insights.
Key Takeaways from Magnetic Material Market
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Magnetic Material Market: Competitive Evaluation
Competitive Materials
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Magnetic Material Market: Key Segmentation
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By Magnet Type
By Application
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 26, 2023