The report "Magnetic Materials Market by Type (Semi-Hard Magnet, Soft Magnet, Hard/Permanent Magnet) & by Application (Automotive, Electronics, Industrial, Power Generation, and Others) - Global Forecasts to 2020", The market size of magnetic materials is projected to reach USD 96.00 Billion by 2020, at a CAGR of 9.6% between 2015 and 2020. The market is driven by the growing automotive industry in Asia-Pacific. The increasing demand for automobiles in emerging economies such as China, India, and Japan is fueling the growth of magnetic materials in the region. Another major factor contributing to the growth is modernization of infrastructure coupled with innovative technologies.
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Semi-hard magnet to account for the major share of the magnetic materials market till 2020
The magnetic materials market is segmented by types, namely, semi-hard magnet, soft magnet, and permanent/hard magnet. Semi-hard magnet range between soft and permanent/hard magnetic materials. Semi-hard is the most extensively used magnetic material owing to global demand for technological systems and devices used to develop innovative products. Some of the related products are antitheft articles, electronic systems, automotive devices, and smart electronic bank cards.
Growing industrialization drives the automotive application segment
The automotive application segment leads the magnetic materials market. Magnetic materials are used in various parts of automobile, such as motors, sensors, actuators, and switches. Growing concerns for enhancing fuel economy of vehicles force manufacturers to extensively reduce vehicle weight and increasing combustion efficiency.
Asia-Pacific to be the fastest-growing market during forecast period
The magnetic materials market is broadly segmented into four regions, namely, Asia-Pacific, North America, Europe, and RoW. Asia-Pacific is the largest and fastest-growing market for magnetic materials. Growing industrialization, backed by technical demand from OEMs in the region, has offered enormous opportunity for the use of magnetic materials in Asia-Pacific.
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Currently, the global magnetic materials market is dominated by various market players, such as Hitachi Metals Ltd. (Japan), Daido Steel Co. Ltd. (Japan), Molycorp Magnequench (Canada), Shin-Etsu Chemical Co. Ltd. (Japan), TDK Corp. (Japan), and others.
The research study is aimed at identifying emerging trends and opportunities in the global magnetic materials market along with a detailed classification of the market, in terms of revenue and volume. It provides a comprehensive competitive landscape and identifies the key players in the global market. The research study also includes a detailed segmentation of the market on the basis of application, type, and region.
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