Dublin, July 06, 2021 (GLOBE NEWSWIRE) -- The "Magnetic Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for magnetic materials is expected to grow at a CAGR of approximately 7% globally during the forecast period.
The rising usage of electronics around the globe and the growing need for electricity and power conversion are driving the market growth. The high cost of rare earth materials and mining regulations are expected to hinder the market growth.
Key Market Trends
Growing Demand from Power Generation Sector
Magnetic Materials have been increasingly used in the power generation sector. These materials are used in motors to generate power and transmission of electricity. Magnetic materials majorly finds their application in equipment such as motors, generators, transformers, actuators, amongst others.
Electric machines are made of hard magnetic materials and are used for one basic function, which is to provide magnetic flux. Hard magnetic materials have high coercivity in order to resist demagnetization from the electric circuit and thermal demagnetization under high operating temperatures.
Generators are majorly used in power generation plants to produce electricity. Magnetic materials in generators use electromagnetism mechanism and convert energy from mechanical to electrical energy.
According to the International Energy Agency (IEA), Asia-Pacific has become the largest producer and consumer of electricity in recent years due to increase in population and industries in this region.
Rising usage of electricity, growing population, and technological advancements in developing regions are driving the demand for power generators, which in turn is expected to drive the market for magnetic materials through the years to come.
Asia Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the global market owing to the highly developed power generation sector in China and India, coupled with the continuous investments done in the region to advance the electronics and automotive sector through the years.
Moreover, the growing environmental issues in the Asia-Pacific region have increased government regulations on combustion engine vehicles. This has increased the need for electric vehicles in the region, in turn supporting the consumption of magnetic materials in various applications.
According to the EV volumes, even though China witnessed a steep decline in sales of electric vehicles, China has the largest consumption share globally in electric vehicles currently.
According to the International Renewable Energy Agency (IRENA), governments are majorly investing in solar energy sources and it has the largest share compared to other renewable sources in Asia-Pacific.
Conversion technologies for wind and solar also require magnetic converters to convert solar or wind energy into electrical energy. Continuous growth in renewable energy sectors in Asia-Pacific is expected to drive the market for magnetic materials through the years to come.
The global magnetic materials market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Hitachi Metals Co. Ltd, Daido Steel, Arnold Magnetic Technologies, Lynas Corporation, and Shin-Etsu Chemical, amongst others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Need for Power Generation and Conversion
4.1.2 Increasing Applications in Electronics
4.2.1 High Cost in Extracting Rare Earth Materials
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Hard Magnetic Materials
5.1.2 Soft Magnetic Materials
5.1.3 Semi-Hard Magnetic Materials
5.2 End-user Industry
5.2.3 Power Generation
5.2.5 Other End-user Industries
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Adams Magnetic Products
6.4.2 Arnold Magnetic Technologies
6.4.3 BGRIMM Magnetic Materials & Technology
6.4.4 Daido Steel
6.4.5 Dexter Magnetic Technologies
6.4.6 Electron Energy
6.4.7 GKN Sinter Metals
6.4.8 Hitachi Metals Co. Ltd.
6.4.9 Lynas Corporation
6.4.10 Shin-Etsu Chemical
6.4.11 Steward Advanced Materials
6.4.12 Toshiba Materials Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand from Automotive Industry
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/i0e4vn
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