LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global magnetic materials market is projected to grow to USD 105.49 billion by 2021, at a CAGR of more than 9% over the forecast period.
This research report titled ‘Global Magnetic Materials Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Magnetic materials are those materials that either inherently possesses magnetic properties or can be magnetized using an external magnetic field. Rapid expansion in APAC and the surge in the application in industries such as medical, electronics, and energy generation are the key drivers fostering the market growth.
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Based on the applications, the report categorizes the global magnetic materials market into the following segments:
- Automotive and transportation
- Electronics and instrumentation
- Energy generation
The top three revenue-generating application segments in the global magnetic materials market are discussed below:
Automotive and transportation
“The magnetic materials market by the automotive and transportation segment occupied a majority 35% of the total shares, and is expected to maintain its lead over the forecast period,” says Mahitha Mallishetty, a lead analyst at Technavio for metals and minerals research.
In the automotive and transportation industries, motor applications, sensing applications, instrumentation, actuators, and loudspeakers create a high demand for magnetic materials. Magnetic materials are also used in the aerospace sector for sensing actuator position, detecting fluid flow rates, miniaturization, generators, and air compressors.
Electronics and instrumentation
In terms of revenue, the global magnetic materials market in the electronics and instrumentation application is expected to reach USD 28.03 billion by 2021. Magnetic materials are used for manufacturing consumer electronics and have applications in DC motors. Appliances such as washing machines and drills; low-voltage DC drives for electronics appliances; loudspeakers for television and other audio devices; and disk drives, personal computers, video recorders, TV beam correction, focusing device, clocks, and printers use magnetic materials.
The industrial application segment accounted for a share of 18.35% in the global magnetic materials market in 2016. Magnetic materials are used in sweepers, sorters, separation, metal lifting, magnetic bearings, meters and measuring, MRI, and other industrial devices.
“Ceramic and AlNiCo magnetic materials are the most widely used materials for industrial applications such as physical lifting and separation. APAC followed by North America is the leading consumer of magnetic materials in industrial applications,” says Mahitha.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Arnold Magnetic Technologies
- Daido Steel
- Hitachi Metals
- Lynas Corporation
- TDK Corporation
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