Global Magnetic Materials Market Fueled by Growing Demands from Petroleum and Electronics Industries, to Reach US$ 40,286 Million by 2033

By 2033, the Magnetic Materials Market is anticipated to be worth more than US$ 40,286 Million. During the evaluation period from 2023 to 2033, it is set to generate an absolute dollar potential of US$ 20,441 Million. In 2023, it is anticipated that the market for magnetic materials will reach a value of around US$ 19,845.2 Million. In the forecast period from 2023 to 2033, it is expected to cross a CAGR of 7.3%. Sales of magnetic materials are anticipated to increase due to rising demand from the electronics and petroleum industries. Businesses can save money by using this technology to eliminate waste and optimize energy use.

Other materials such as steel or iron can be drawn to or repelled by magnetic elements. Magnetic materials have a wide range of practical applications, particularly in transformers, motors, and generators. They are extensively used in data storage devices, speakers, and MRI equipment.

Consumer devices such as cellphones, computers, and tablets are in high demand. Permanent magnets, magnetic sensors, and magnetic storage components are just a few of the magnetic components used in these gadgets. Demand for these materials is projected to increase as they are important parts of electronic products.

Use of renewable energy sources such as solar and wind power is expanding globally. It is hence projected that use of magnetic materials in generators, wind turbines, and other energy systems will increase.

The market for electric cars (EVs) is growing as environmental awareness among modern consumers increases. For their electric motors and powertrains, EVs significantly rely on magnetic materials, particularly rare-earth magnets.

Click to Request Sample Report and Drive Impactful Decisions: https://www.futuremarketinsights.com/reports/sample/rep-gb-466

The need for magnetic materials is increasing along with the trend toward industrial automation. They are utilized in actuators, sensors, and motors for robotics and manufacturing automation.

Demand for magnetic materials is expected to increase as infrastructure, including transportation & communication networks and power grids are developed. These are intended for use in transformers, motors, and other machinery.

Demand for smaller, more effective magnetic materials is anticipated to increase with the growing trend toward shrinking of systems such as sensors and actuators.

Demand for consumer electronics and other devices that rely on magnetic materials is rising as raw materials become cheaper developing nations. The market for magnetic materials is anticipated to hence expand significantly until 2033.

Key Takeaways in Magnetic Materials Market:

• From 2018 to 2022, the global magnetic materials industry was reported to expand at a CAGR of 7.9%.
• China magnetic materials industry is expected to spur at a CAGR of 14.4% in the forecast period.
• Germany magnetic materials industry is anticipated to expand at a sizable CAGR of 5.8% over the estimated period.
• The United States market is likely to exceed a valuation of US$ 6,447.5 Million by the end of 2033.
• By product type, the permanent magnetic materials segment is expected to account for more than 70% of the global market share in the assessment period.

“One of the biggest consumers of magnetic materials is the auto industry. Requirement for magnetic materials is anticipated to increase along with the need for electric vehicles. It is anticipated that growing use of renewable energy sources such as wind turbines and solar panels will further increase demand for magnetic materials,” – Future Market Insights (FMI).

Competitive Landscape:

Manufacturers have started to concentrate on acquisitions in recent years to expand their product lines in the global magnetic materials market. To increase production efficiency and cut costs, they are also implementing cutting-edge automation and robotics technology.

A few new players are making significant investments in research initiatives to produce new and improved magnetic materials that are more effective, long-lasting, and affordable. To fulfill the evolving needs of their clients, they are always reinventing their products by introducing new shapes, sizes, and materials.

For instance,

• A new kind of magnet made without rare earth elements was created by Hitachi Metals in October 2020. The magnet is referred to as RE-free. According to the manufacturer, rare earth metal-free magnets have high magnetic qualities that are comparable to those of regular magnets.

Elevate Your Business Today! Gain Critical Market Insights – Obtain the Report Now! https://www.futuremarketinsights.com/checkout/466

Key Companies Profiled:

1. Advanced Composites Inc.
2. AGY Holdings Corp.
3. Jushi Group
4. TDK Corp.
5. Magnetics, Inc.
6. Arnold Magnetic Technologies, Corp.
7. Magnetics, Inc.
8. Taishan Fiberglass Inc
9. Beijing Zhong Ke San Huan
10. Advanced Materials and Technology Co., Ltd
11. Electron Energy Corp.
12. Hengdian Group DMEGC Magnetics Co., Ltd
13. ASAHI FIBER GLASS Co., Ltd
14. Nippon Electric Glass Co., Ltd
15. Owens Coming
16. Saertex Group

Market Outlook by Category:

By Product Type:

• Soft Magnetic Materials
• Iron-Si Alloys (Electrical Steel)
• Ni-Fe Alloys
• Amorphous and Nano Crystalline Alloys
• Soft Ferrites
• Permanent Magnetic Materials
• Alnico
• Nd-Fe-B
• SmCo Type
• Ferrite

By Application:

• Transformers
• Drives and Motors
• Generators
• Relays
• Inductors
• Communication Equipment
• Data Storage Devices
• Medical Devices and Equipment
• Electronic Equipment / Appliances and Accessories
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and the Pacific
• Middle East and Africa