Advanced Magnetic Materials Market Share, Size, Trends, Industry Analysis Report, By Type (Soft Magnetic Materials, Permanent Magnetic Materials, Semi-hard Magnetic Materials); By End Use Industry; By Region; Segment Forecast, 2024- 2032
- Published Date:Apr-2024
- Pages: 117
- Format: PDF
- Report ID: PM4839
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Advanced Magnetic Materials Market size was valued at USD 22.38 billion in 2023.
The market is anticipated to grow from USD 24.02 billion in 2024 to USD 48.91 billion by 2032, exhibiting the CAGR of 9.3% during the forecast period.
Market Introduction
The advanced magnetic materials market is growing due to rapid industrialization and infrastructure development globally. Emerging economies are experiencing rapid industrial expansion and urbanization, driving demand for these materials across sectors. They are crucial components in industrial machinery, transportation systems, and infrastructure projects, enhancing energy efficiency and performance. Furthermore, the development of smart cities, transportation networks, and renewable energy infrastructure further boosts demand for advanced magnetic materials. These materials enable the production of high-performance magnets used in various applications, contributing to the modernization and efficiency of industrial processes and infrastructure.
In addition, companies operating in the market are acquiring other players to enhance their offerings in the market and expand market reach.
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For instance, in May 2023, Neo Performance Materials acquired a 90% stake in SG Technologies Group Ltd with the goal of broadening Neo's presence in Europe through rare earth processing and magnet manufacturing expansion.
Technological advancements are pivotal in advancing the advanced magnetic materials market. Innovations in material science, manufacturing, and magnet design have led to enhanced properties and functionalities. Nanotechnology has facilitated the creation of magnetic nanoparticles with unique traits for applications like biomedical devices. Improved magnetization techniques and magnetic field manipulation have yielded more efficient devices such as motors and sensors. Furthermore, computational modeling aids in designing custom magnetic materials for specific uses. As technology drives demand for smaller, lighter, and energy-efficient devices, ongoing innovation and research efforts continue to propel the growth of the advanced magnetic materials market.
Industry Growth Drivers
Growing Demand for Renewable Energy is Projected to Spur the Product Demand
The advanced magnetic materials market is propelled by the increasing demand for renewable energy solutions. As the world shifts towards sustainable energy sources, there's a heightened need for efficient energy storage and power generation systems. Advanced magnetic materials play a vital role in renewable energy technologies like wind turbines, electric vehicles, and solar panels, enabling high-performance magnets for electric motors and generators. These materials contribute to improved energy efficiency and reliability while driving innovation in renewable energy systems. With governments globally promoting renewable energy adoption and carbon emission reduction, the demand for advanced magnetic materials is expected to surge during the forecast period.
Rising Adoption of Electric Vehicles is Expected to Drive Advanced Magnetic Materials Market Growth
The surge in electric vehicle (EV) adoption is a significant driver for the advanced magnetic materials market. Permanent magnets, particularly rare earth magnets like neodymium and samarium-cobalt, are crucial in EV electric motors for their high magnetic strength, ensuring efficient power conversion. Ongoing advancements in magnetic materials, including novel compositions and manufacturing techniques, are enhancing electric motor efficiency and reliability. With increasing emphasis on reducing carbon emissions and promoting sustainable transportation solutions, the demand for EVs is rapidly growing worldwide. Consequently, the demand for advanced magnetic materials is expected to continue rising, driven by the expanding EV market and the push towards environmentally friendly transportation options.
Industry Challenges
High Production Costs are Likely to Impede the Market Growth
The advanced magnetic materials market faces a hurdle in the form of high production costs. Manufacturing processes for materials like rare earth magnets and magnetic nanomaterials are intricate and demand specialized equipment and expertise, leading to increased expenses. Additionally, sourcing raw materials, particularly rare earth elements, can be costly and susceptible to supply chain disruptions. These factors render advanced magnetic materials economically challenging for certain applications. Moreover, stringent environmental regulations necessitate eco-friendly manufacturing practices, further driving up production costs.
Report Segmentation
The advanced magnetic materials market analysis is primarily segmented based on type, end use industry, and region.
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By Type |
By End Use Industry |
By Region |
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By Type Analysis
Permanent Magnetic Materials Segment Held Significant Revenue Share in 2023
The permanent magnetic materials segment held significant revenue share in 2023 owing to its widespread applications across industries like automotive, electronics, and renewable energy. These materials offer durability and long-lasting magnetic properties, making them ideal for various applications requiring stability. Their efficiency in energy conversion, particularly in electric motors and power transmission systems, further drives demand. Continuous advancements in permanent magnetic materials, including rare earth magnets and magnetic nanomaterials, have expanded their application scope and improved performance. Moreover, the rising demand for energy-efficient technologies, coupled with investments in automotive electrification and renewable energy sectors, has propelled the demand for permanent magnetic materials.
By End Use Industry Analysis
Automotive Segment Held Significant Revenue Share in 2023
The automotive segment held significant revenue share in 2023. The increasing adoption of electric vehicles drives substantial demand for advanced magnetic materials used in electric motors and power electronics. These materials contribute to improved energy efficiency and lightweighting initiatives in automotive components, attracting investments. The growing focus on safety and connectivity in vehicles fuels demand for advanced driver-assistance systems (ADAS), which rely on magnetic materials for sensors and actuators. Stringent regulatory standards for emissions and fuel efficiency incentivize automotive manufacturers to adopt advanced technologies, further driving revenue growth in the segment.
Regional Insights
Asia-Pacific Region Accounted for a Significant Market Share in 2023
In 2023, Asia-Pacific region accounted for a significant market. It serves as a major manufacturing hub for industries like electronics, automotive, and healthcare, driving demand for these materials. The region's burgeoning automotive sector, particularly the rise of electric and hybrid vehicles, increases the need for advanced magnetic materials in vehicle components. Rapid growth in the healthcare and biotechnology industries spurs demand for magnetic materials used in medical devices and imaging technologies. Additionally, technological advancements, government initiatives, and a booming consumer electronics market further contribute to the region's significant presence in the advanced magnetic materials market.
The market in North America is expected to grow due to its status as a technological innovation hub, supported by substantial investments in research and development. The region's robust industrial infrastructure facilitates the production and utilization of these materials across various sectors. With a strong presence of key players and a high inclination for adopting advanced technologies, North America witnesses significant demand for advanced magnetic materials in applications such as automotive, electronics, and healthcare. Government initiatives, policies, and funding for research further stimulate market growth.
Key Market Players & Competitive Insights
The advanced magnetic materials market comprises a variety of participants, with the anticipated entry of new competitors set to escalate competition. Established frontrunners consistently refine their technologies to uphold a competitive edge, focusing on efficacy, dependability, and safety. These companies prioritize strategic initiatives like forming partnerships, enhancing product offerings, and engaging in collaborative ventures. Their goal is to surpass rivals within the sector, securing a notable advanced magnetic materials market share.
Some of the major players operating in the global advanced magnetic materials market include:
- Adams Magnetic Products Co.
- Advanced Technology & Materials Co., Ltd.
- Anhui Sinomag Technology Co., Ltd.
- Arnold Magnetic Technologies
- Daido Steel Co., Ltd.
- Dexter Magnetic Technologies
- Electron Energy Corporation
- Hitachi Metals, Ltd.
- Master Magnetics
- Neo
- Ningbo Yunsheng Co., Ltd. Is
- Shin-Etsu Chemical Co., Ltd.
- TDK Corporation
- VACUUMSCHMELZE GmbH & Co. KG (VAC)
- Yantai Shougang Magnetic Materials Inc.
Recent Developments
- In October 2023, Ara Partners, a private equity company specializing in investments aimed at industrial decarbonization, has disclosed its acquisition of Vacuumschmelze (VAC), a prominent worldwide manufacturer of advanced magnetic materials.
- In December 2023, Advanced Magnet Lab, Inc. revealed its strategy for U.S.-based production of permanent magnets. This initiative aims to facilitate high-volume commercial manufacturing, with a particular emphasis on non-sintered permanent magnets customized to meet the needs of distinct commercial and defense customers.
Report Coverage
The advanced magnetic materials market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, types, end use industries, and their futuristic growth opportunities.
Advanced Magnetic Materials Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 24.02 billion |
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Revenue forecast in 2032 |
USD 48.91 billion |
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CAGR |
9.3% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
key companies in Advanced Magnetic Materials Market are Advanced Technology & Materials Co., Ltd., Anhui Sinomag Technology Co., Ltd., Arnold Magnetic Technologies
Advanced Magnetic Materials Market exhibiting the CAGR of 9.3% during the forecast period.
The Advanced Magnetic Materials Market report covering key segments are type, end use industry, and region.
key driving factors in Advanced Magnetic Materials Market are Rising adoption of electric vehicles
The global Advanced Magnetic Materials market size is expected to reach USD 48.91 billion by 2032
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