Global Magnetic Materials Market to Grow at 8.9% CAGR due to Growing Demand from Automotive and Wind Energy Sectors
Leading market intelligence firm Transparency Market Research (TMR) has released a new market research report. The report, titled ‘Magnetic Materials Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019’, details the market in terms of its historical development to 2012 figures. Based on these figures, the future trajectory of the global magnetic materials market is predicted.The report states TMR’s estimations that the magnetic materials market is expected to grow at a robust 8.9% CAGR from 2013 to 2019 to reach an end value of US$87.18 billion. This represents a significant rise from the global market’s 2012 valuation of US$48 billion.
Of the three types of magnetic materials on the global market, semi-hard magnetic materials have historically been the dominant product segment of the market. Semi-hard magnetic materials took up a 55% share in the global market in 2012. They are expected to remain the dominant category over the forecast period, though in large part thanks to the headstart they have accumulated over the years. Easier availability of soft and permanent magnetic materials is expected to propel demand for these two segments at high rates over the forecast period. The high performance of permanent magnets such as NdFeB is a boon to the modern industrial sector and is expected to result in high demand for the permanent magnetic materials segment.
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The report also provides detailed quantitative and qualitative information regarding the various applications of magnetic materials. The growing automotive industry is one of the two major end users of magnetic materials in the current scenario. Diverse applications of various magnetic materials in automotive design have resulted in high demand from the global magnetic materials market. The strong rise of the Asia Pacific automotive sector will help keep demand for magnetic materials high in the forecast period, allied to steady demand from the historical automotive powerhouses in Europe and North America.
“A good opportunity for major magnetic materials manufacturers catering to automotive giants is the growing interest in hybrid electric cars. Because magnetic materials are important components in electric powertrains, this sector will generate steady demand for magnetic materials in the coming years,” said a TMR analyst about a promising opportunity in the global magnetic materials market.
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The energy sector, though, is a rapidly developing application segment of magnetic materials and is expected to grow in terms of demand for magnetic materials at a CAGR of 8.8% in the forecast period. Wind energy claims the largest demand for magnetic materials among all energy generation mechanisms. Growing support for wind energy from various governments around the world will result in an escalating demand for magnetic materials from the wind energy sector in the forecast period.The report also details the competitive landscape of the global magnetic materials market by profiling major players in the market, such as Molycorp Inc., Tengam Engineering inc., Hitachi Metals, Ltd., OM Group, and TDK Corporation.
Segmentation of Global Magnetic Materials Market
Magnetic Materials Market – Product Segment Analysis
- Soft magnetic materials
- Soft ferrite
- Electrical steel
- Permanent magnetic materials
- Hard ferrite
- Semi-hard magnetic materials
Magnetic Materials Market – Application Analysis
- Energy generation
- Others (Including household applications, etc.)