According to Stratistics MRC, the Global Advanced Magnetic Materials Market is accounted for $24.2 billion in 2023 and is expected to reach $51.85 billion by 2030 growing at a CAGR of 11.5% during the forecast period.
Advanced magnetic materials encompass a diverse range of substances engineered to exhibit exceptional magnetic properties, surpassing conventional magnetic materials like iron and steel. These materials, often incorporating rare earth elements and transition metals, are tailored to possess high magnetic strength, stability, and unique functionalities. Their utilization enables the development of advanced technologies such as high-performance motors, sensors, magnetic data storage devices, and magnetic resonance imaging systems, driving innovation and efficiency across numerous sectors.
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Asia Pacific is expected to witness profitable growth over the projection period, owing to rapid industrialization, technological advancements, and burgeoning demand across various industries. In Asia Pacific, the demand for advanced magnetic materials is driven by a wide range of applications, including electronics, automotive, healthcare, and renewable energy. Furthermore, with the region’s expanding consumer electronics market and the rise of electric vehicles, there is a growing need for high-performance magnetic materials in motors, sensors, and power generation systems.
Some of the key players in the Advanced Magnetic Materials Market include Bunting Magnetics Co., Guangdong Lingyi Co. Ltd., Bogen Magnetics GmbH, Anhui Sinomag Technology Co. Ltd., Hitachi Metals LTD., Daido Steel Ltd., Arnold Magnetic Technologies, Electron Energy Corporation, Proterial Ltd., Dexter Magnetic Technologies, Master Magnetics Inc., Shin-Etsu Chemical Co. Ltd., Viona Magnetics, Vacuumschmelze GmbH & Co. KG and Yantai Dongxing Magnetic Materials Inc.
Key Developments:
In December 2021, Hitachi Metals and A*STAR’s Singapore Institute of Manufacturing Technology have extended by three years their existing joint lab collaboration to develop metal powders for additive manufacturing (AM) to enable players in the local AM ecosystem to reap more benefits from 3D printing.
What our report offers:
– Market share assessments for the regional and country-level segments
– Strategic recommendations for the new entrants
– Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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