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Global Magnetic Materials Market is valued approximately USD 31.22 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.81% over the forecast period 2023-2030. Magnetic Materials are substances that exhibit the property of magnetism, which is the ability to attract or repel other materials based on the orientation of their atomic or molecular magnetic moments. The Magnetic Materials market is expanding because of factors such as increasing production of electric vehicles and rising integration of industrial automation.
The magnetic properties of materials are crucial in various technological applications, including the production of magnets, magnetic storage devices, and various electronic components such as inductors and transformers. As a result, the demand of Magnetic Materials has progressively increased in the international market during the forecast period 2023-2030.
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Electric vehicles commonly use permanent magnets in their electric motors, with neodymium magnets being a popular choice. Neodymium magnets are made from neodymium, iron, and boron (NdFeB), and they are crucial for achieving high efficiency and power density in electric motors. According to the Statista, in 2022, global sales of battery-electric vehicles surged to approximately 7.3 million units, marking a substantial increase from the approximately 4.6 million units sold in 2021. Furthermore, in 2022, registrations for Chinese battery electric vehicles and hybrid electric vehicles accounts an impressive 82% year-on-year growth rate.
Another important factor drives the Magnetic Materials market is rising integration of industrial automation. Industrial automation heavily relies on electric motors and actuators for precision control and movement of machinery. These motors often use permanent magnets made from materials like neodymium and samarium-cobalt. The increased adoption of automation can drive the demand for high-performance magnetic materials to enhance the efficiency and responsiveness of these motors. In addition, as per Statista, in 2020, the global industrial automation market was valued at over USD 175 billion and estimated to grow at a compound annual growth rate of approximately 9% reaching up to approximately USD 265 billion by the year 2025.
Moreover, surge in demand of renewable energy sources and technological advancements in medical devices is anticipated to create a lucrative growth opportunity for the market over the forecast period. However, fluctuations in pricing of magnetic raw materials and stringent environmental regulations related to mining of rare earth metals is going to impede overall market growth throughout the forecast period of 2023-2030.
On the basis of Type, Global Magnetic Materials Market is bifurcated into hard/permanent, semi-hard and soft materials. In 2023, soft magnetic materials asserted their dominance in the magnetic materials market, capturing a substantial volume share and this trend is poised to persist throughout the forecast period. Characterized by smaller areas enclosed by their hysteric loop, these materials exhibit low coercivity, remnant magnetization, and high initial permeability. Additionally, soft magnetic materials are recognized for their low eddy current and hysteresis losses. This prevalence is attributed to their suitability in various applications where efficient magnetization and demagnetization cycles are crucial.
On the basis of Application in 2023, the automotive and transportation sector emerged as the leader in revenue generation within the magnetic materials market The ongoing and anticipated investments in this sector are poised to propel the demand for magnetic materials. Notably, Suzuki Motor, a Japan-based company, announced a substantial investment of USD 1.3 billion in its India plant for the production of electric vehicles and batteries in March 2022, exemplifying the industry’s commitment to electric mobility.
Simultaneously, the burgeoning investments in renewable energy, including wind and solar projects, present a significant opportunity for market participants. In a noteworthy development, the U.S. Senate passed a comprehensive clean energy investment bill of USD 500 billion in July 2021. This bill outlines the U.S. government’s strategic plan to modernize energy infrastructure, focusing on energy generation and electric vehicles, thereby stimulating the demand for magnetic materials.
The key regions considered for the Global Magnetic Materials Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the rising manufacturing of electronic hardware, rising of electric motors, rising automotive industry in the region. The demand for smaller, more efficient, and high-performance electronic devices encourages innovation in magnetic materials.
Researchers can develop new materials with enhanced magnetic properties to meet the evolving requirements of electronic hardware, such as higher magnetic saturation, improved permeability, and lower energy losses. The region’s dominant performance is anticipated to propel the overall demand of Magnetic Materials. Furthermore, Asia Pacific is expected to grow fastest during the forecast period, owing to factors such as rising consumer electronics and spending in renewable energy projects in the region.
Major market player included in this report are:
Daido Steel Co. Ltd
Proterial, Ltd
TDK Corporation
Shin-Etsu Chemical Co. Ltd
Magnequench International, LLC
Metaltec Steel Abrasive Company
Lynas Corporation Ltd
Arnold Magnetic Technologies Corporation
Electron Energy Corporation
Tengam Engineering, Inc
Recent Developments in the Market:
Global Magnetic Materials Market Report Scope:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Semi-hard magnet
Soft magnet
Permanent/hard magnet type
By Application:
Automotive & Transportation
Electronics
Energy
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Chapter 1. Executive Summary
Chapter 2. Global Magnetic Materials Market Definition and Scope
Chapter 3. Global Magnetic Materials Market Dynamics
Chapter 4. Global Magnetic Materials Market Industry Analysis
Chapter 5. Global Magnetic Materials Market, by Type
Chapter 6. Global Magnetic Materials Market, by Application
Chapter 7. Global Magnetic Materials Market, Regional Analysis
Chapter 8. Competitive Intelligence
Chapter 9. Research Process
Research Methodology:
At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts.
This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.
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