Magnetic material can be defined as an object which Produces magnetic field. The Magnetic response of such material largely depends on its spin of electron and dipole movement. A magnetic material can be classified in permanent or temporary, soft, semi-hard or hard, each of them with specific properties and uses. A magnet generates a continuous magnetic field which is nothing, but a form of current which flows inside the material.
The Attraction factor: A Paradigm Shift in the Electronic Industry
Magnets are being used everywhere, from our day-to-day life to a gigantic automotive industry, Magnets have replaced numerous conventional components and emerged as a lucrative low cost, environment friendly asset. With rise of demand in low cost and high throughput in electronic products, Magnets can be a game changer.
Magnets are now used in every sphere of industry. The Microphone we use to electric motors in cars, all are derivatives of magnet. It is now extensively used in medical industry, for instance MRI called as magnetic resonance imaging use powerful magnets in combination with radio waves to diagnose variety of conditions inside body.
The Dynamic evolution in electronic industry is a manifestation that magnet can be a perfect substitution of conventional electronic components. For instance, nanomagnets are replacing the power-hungry transistors in microchips. It can even replace silicon in future, which can re-shape the semiconductor industry
Reduction in Power Consumption: A Boost to Climate Change Mitigation
We all are aware of the fact that most of the global power demand is met by conventional coal driven power projects and hydrothermal projects. Even, the most acclaimed environment friendly solar energy comes at cost of environment degradation, for instance, the plastics used in solar panels and battery used to store power is not environment friendly. Magnets cannot fulfil such huge electricity demands; however, it is playing a significant role in reduction of power consumption in many electronic components which ultimately can save electricity. For example, a nanomagnet chip replacing transistors, wired communication using transistors can be replaced with magnetic fields which can significantly reduce the power consumption and demand.
Magnetic Material Market: Key Restraints and Constraints
Competitive landscape and pricing of the material are key deterrent. The highly volatile prices of rare earth metal such as samarium and neodymium act as a key restraining factor.
Magnetic Material market: Region-wise Analysis
It is expected that Asia pacific will attract huge growth in magnetic material market as it’s a base for numerous manufacturing unit of multinational company .China and India are leading in automobile production which is turn exponentially rising the demand of electric motors.
Rise in production of public passenger vehicles in India and china ,mainly focussing on less carbon footprint are bound to use electric motor made up of magnets.
The adoption of magnetic material in these region are not only limited to automobile industry but also to clean energy sector like Wind power generators and turbine.
In North America it is expected to witness a CAGR of 4.5 percent from 2020 to 2027. For instance Tesla is one of the largest electric car makers to use neodymium magnets in electric motors .
On other hand, in Europe, Germany is emerging as key Manufacturer of permanent magnets as Automotive industry is the backbone of their economy
Magnetic Material Market: Competitive Landscape
- 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.
The adoption of magnetic market by developing countries is resonating and will continue to drive the automobile and electronic industry. Countries like India and china, which together constitute 36 percent of world Population .The rapid demand of passenger vehicles for this segment of population will continue the magnet market to grow exponentially. Furthermore, The high economic growth sustained by India and china specifically, can attribute to huge investment in the emerging magnetic market
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Magnet Material Market Segment Analysis
The Magnet Material market can be segmented based on the following:
By Metal Used
- Aluminium Nickel Cobalt
- Samarium Cobalt
By Magnet Types
- Medical Equipment
- Energy & Power generation
- Consumer goods& electronics
- Defence & Military Communication
- Satellites & Space missions
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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