Magnetic materials are usually objects that produces magnetic field. They consist of a wide range of materials that can be used in a number of applications extensively. Magnetic materials are usually put to use for producing and distributing electricity and are therefore an important part of different socio-economic factors at a global level.
One of the major factors for the growth of the magnetic materials is the rise in automotive industry. Adding to that, the rise in demand for electricity. In the past years, wind turbines were upgraded in order to make use of permanent magnetic generator or PMG systems. PMG systems were a substitute for gearboxes as they could produce electricity of their own. The use of magnetic materials in order to substitute electricity is also expected to fuel the growth of the magnetic material market in the long run.
Get sample of this report at: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1894
There has been a recent demand for hybrid-electric vehicles or HEVs in the market. This is because HEVs or hybrid cars are both nature and pocket friendly and runs on very less fuel, thus using less of fossil fuels. The price of gasoline has also come down to lower prices. Not only that, these cars are built from lighter materials and they also require magnetic materials. Since HEVs are both cost efficient and environment friendly, there is more demand for these cars, thus, generating more demand for magnetic materials in the market. Thus, the market of these hybrid vehicles is likely to generate more demand for magnetic materials thus accelerating the global market for magnetic materials in the long run.
Magnetic materials are used in different types of automobile parts like switches, motors, actuators, and sensors. They are also being used in innovative products in electronic systems, and banking security systems in the form of smart electronic bank cards, and other antitheft articles. Magnetic materials are also used in other applications like for pollution control devices, alternators and also in gearboxes.
The global magnetic materials market is presumed to be worth US$87.18 bn within the forecast period of 2013 to 2019 with a CAGR of 8%.
Semi-Hard Magnetic Materials to Draw More Revenue Because of its Malleability
The global magnetic materials market is segmented into application, and product. Based on classification by application, magnetic materials are categorized into energy generation, electronics, and automotive. On the basis of product, the global magnetic materials market is divided into semi-hard, soft, and permanent magnetic materials. Soft magnetic materials are further sub-divided into electrical steel and soft ferrite while the permanent magnetic materials are further sub-categorized into Alnico, SmCo, NdFeB, and hard ferrite materials. Out of all these categories and sub categories, the market is seen to be generating more revenue from semi-hard magnetic materials. This is because of the worldwide demand for technological devices and systems that can be used to develop new products. Semi-hard magnetic materials are malleable and coercive and are therefore more preferred in making of automobile brakes.
Europe Having High Demand for Magnetic Materials due to Infrastructural Development
The global magnetic materials market is studied on the basis of key geographies Europe, North America, Asia Pacific and the Rest of the World. Among these, Asia Pacific is seen to be contributing more share to the market followed by Europe. Europe has a high demand for magnetic materials because of present and emerging applications of modern technology in infrastructure and travel like that of smart homes and smart cars. Permanent magnets demand in the market is to make Asia Pacific the fastest growing region in terms of magnetic materials market in future.
Major companies in the global magnetic materials market are Electron Energy Corporation, Molycorp Inc., Hitachi Metals, Ltd., Arnold Magnetic Technologies, and Lynas Corporation Ltd.