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.

Download a Sample to Obtain Additional Highlights and Key Points on Various Market Segments and Their Impact in the Coming Years! https://www.futuremarketinsights.com/reports/sample/rep-gb-466

Magnetic Material Market: Competitive Evaluation

• Arnold Magnetic Technologies
• Hitachi Metals Ltd.
• Molycorp Inc.
• Electron Energy Corporation
• Lynas Corporation Ltd.
• Tengam Engineering Inc.
• Adams Magnetic Products Co.
• Hangzhou Permanent Magnet Group.
• Shin-Etsu

Magnetic Material Market: Key Segmentation

By Metal Used

• Neodymium
• Aluminium Nickel Cobalt
• Samarium Cobalt

By Magnet Type

• Permanent
• Electromagnet

By Application

• Automotive
• Medical Equipment
• Energy & Power Generation
• Consumer Goods & Electronics
• Defence & Military Communication
• Satellites & Space Missions
• Industrial

How does the Report materialize?

• The research study is based on the metal used (neodymium, aluminum nickel cobalt, and samarium cobalt), by a magnet, type (permanent and electromagnet), by application (automotive, medical equipment, energy & power generation, consumer goods & electronics, defense & military communication, satellites & space missions, and industrial).
• With the realization of the fact that magnets are cost-effective and environmentally-friendly assets, the global magnetic material market is bound to grow on an astounding note in the upcoming period.