LONDON--(BUSINESS WIRE)--The global magnetic materials market is expected to post a CAGR of over 10% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of this market is the increased applicability in the computer application industry. An increased emphasis on energy-efficient memory storage in the computer applications sector drives the use of magnetic materials. Traditionally, semiconductors were used for short-term memory and processing, which consumed most of the energy. Thus, scientists across various universities are researching on energy-efficient magnetic materials for data storage.
This market research report on the global magnetic materials market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing use of nanocrystalline magnetic particles in the biomedical industry as one of the key emerging trends in the global magnetic materials market:
Global magnetic materials market: Increasing use of nanocrystalline magnetic particles in the biomedical industry
In the past few years, magnetic materials have found greater applicability in the medical devices industry. The use of magnetic materials in the biomedical industry, especially in medical devices such as MRI scanners and X-ray machines, will drive their adoption. Additionally, there is a heavy emphasis on the use of magnetic particles in the biomedical industry. Magnetic particles can be used for a number of processes and treatment from magnetic separation used in cellular therapy and immunoassay to the treatment of hyperthermia as well as drug delivery.
“Magnetic nanocrystalline particles can be used for effective drug delivery, wherein only the disease-affected part is targeted, which prevents the distribution of the drugs in unwanted areas of the body. This reduces the number of side effects. Such advantages of magnetic nanocrystalline particles have increased their adoption in gene delivery and hyperthermia,” says a senior analyst at Technavio for research on specialty chemicals.
Global magnetic materials market: Segmentation analysis
This market research report segments the global magnetic materials market by application (automotive and transportation, electronics and instrumentation, industrial and energy, etc.) and geographical regions (APAC, EMEA, and the Americas).
The automotive and transportation segment held the largest market share in 2017, accounting for nearly 36% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 47%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by nearly 2%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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