Growth in end-use industries, the growing automotive industry, combined with the development modernization of infrastructure, are some of the factors that drive the market growth.
Ferromagnetic Materials Market Size – USD 23,086.55 Million in 2021, Growth - CAGR of 9.15%, Trends –The development of new technologies will hugely impact the growth.
The global Ferromagnetic Materials Market is forecast to reach USD 181,888.61 Million by 2030, according to a new report by Reports and Data. The global Ferromagnetic Materials market demand is anticipated to augment on account of the increasing need for power generation and miniaturization devices like generators in the wind and hydro-powered turbines over the forecasted period. In addition, the industry is expected to be driven by the growing automotive industry, which uses magnets in various components such as pollution control, alternators, and gearbox. However, volatile prices of rare-earth metals, including samarium, dysprosium, and neodymium used in the production of Ferromagnetic Materials, are expected to act as a key market restraint. The rise in application range owing to the development of new technologies is anticipated to open new avenues for the global Ferromagnetic Materials sector over the forecasted period.
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Top Companies: Hitachi Metals, Ltd., Daido Steel Co., Ltd, Molycorp Magnequench, Shin-ETSU Chemical Co., Ltd., TDK Corporation, Lynas Corporation Ltd., Arnold Magnetic Technologies Corporation, Electron Energy Corporation, Tengam Engineering, Inc., and Adams Magnetic Products Co., Inc. among others.
Further Key Finding from the Report Suggestion:
- The Asia Pacific is expected to have an attractive growth for the magnetic material market as many multinational companies are shifting their manufacturing set-ups to this region.
- China has an excellent automobile production rate, according to OICA, which, in turn, is a factor behind the rising demand for the industry.
- Among the end-user segment, electronics telecommunication is presently leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 9.4% over the forecasted period.
- Among the type segment, a semi-hard magnet is presently leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 9.5% over the forecasted period.
- Demand for faster transmission of data, decreasing the size of technological devices, and effective utilization of electricity has provided an impetus to the magnetic material sector.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Ferromagnetic Materials Market is segmented into:
Type Outlook (Revenue, USD Billion; 2019-2030)
- Hard/Permanent Magnet
- Semi-Hard Magnet
- Soft Magnet
Application Outlook (Revenue, USD Billion; 2019-2030)
- Transformers
- Motors
- Inductors
- Generators
End-User Outlook (Revenue, USD Billion; 2019-2030)
- Automotive
- Electronics Telecommunications
- Industrial
- Power Generation
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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