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. 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, Nano magnets are replacing the power-hungry transistors in microchips. It can even replace silicon in future, which can re-shape the semiconductor industry. The growth is primarily due to the development & modernization of infrastructure coupled with the growing automotive industry in Asia-Pacific. The factor restraining the growth of this market is fluctuating raw material costs.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the magnets and magnet materials market in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the magnets and magnet materials market.
Top Impacting Factors
The growing trend of modernization and electrification to improve efficiencies and reduce the cost of production enhances the use of permanent magnets in various industries. The building technologies offer advanced solutions that ensure the highest levels of sustainability, energy efficiency, and safety. These not only offer industry-specific solutions for data centers, hospitals, life science companies, airports, hotels, and utility companies, but also offer solutions for commercial buildings of international companies as well as cities and their infrastructures. Permanent magnets are increasingly used in the motors of train doors and lift doors. NdFeB magnets are also used to dewax oil pipelines in China.
- Growing demands in automobile and electrical industries is a key driver for the market.
- Increasing demand for magnetic materials in electrical industry, owing to rapidly growing demand for electricity across the globe is major factor expected to drive growth of the global magnetic materials market over the forecast period. Demand for magnetic material in automobile industry is expected increase over the forecast period, owing to its use in various applications such as such as alternators, pollution control, gearbox, which in turn is expected to support growth of the market over the forecast period.
- Growing demand from electronics industry across the globe owing to rapid digitalization is a major boost for the market.
- Permanent magnets are increasingly being used in electro-mechanical products for better efficiency purposes. Permanent magnets have wide applications in electronics such as refrigerators, electric motors, loudspeakers, sensors among others. Several policies such as Make in India, National Policy of Electronics, Net Zero Imports in Electronics, and Zero Defect Zero Effect, offer a commitment to growth in domestic manufacturing, lowering import dependence, energizing exports, and manufacturing. Owing to all the factors, the market is expected to grow.
- Growing end-use industries in emerging markets of APAC countries is a key aspect of the market growth.
- Asia-Pacific region is expected to dominate the market owing to the highly developed sustainable energy sector in China, and Japan coupled with the continuous investments occurring in the region to advance the automotive technology sector throughout the years. Additionally, the growing population and expanding industrial production activities in the Asia-Pacific region increased the production and demand for electricity through various energy sources. This, in turn, has been supporting the demand for permanent magnets in multiple applications. All the factors, in turn, are projected to have a significant impact on the market growth in the region during the forecast period.
Key Benefits of the Report
- This study presents the analytical depiction of the magnets and magnet materials market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the magnets and magnet materials market share.
- The current market is quantitatively analyzed to highlight magnets and magnet materials market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed magnets and magnet materials market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Magnets and Magnet Materials Market Report
- Who are the leading market players active in the Magnets and Magnet Materials Market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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- Who are the leading global players in the “Magnets and Magnet Materials Market” market?
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- What will be the anticipated growth rates for your own Magnets and Magnet Materials Market economy altogether and for every segment inside?
- What are the driving factors and opportunities in the market?
Magnets and Magnet Materials Market Report Highlights
Key Market Players
Arnold Magnetic Technologies, Lynas Corporation Ltd., Vacuumschmelze GmbH, Molycorp Inc., Hitachi Metals Ltd., Shin-Etsu Chemical Co. Ltd, Kaiven Magnet Co., Dexter Magnetic Technologies, Dura Magnetics
Other Key Market Players
Daido Steel Co. Ltd