The demand for magnetic materials has increased across the world due to miniaturization of power generation devices such as hydro-powered turbines and the wind generators.
Sarasota, FL -- (SBWIRE) -- 09/04/2017 -- Global Magnetic Materials Market: Overview
Magnetic materials produce a magnetic field around it, which is invisible in nature. It attracts iron and repels other magnets. Cobalt, iron, nickel, some minerals that are obtained naturally such as lodestone, and a few alloys of rare earth metals can be magnetized and get powerfully attracted to a magnet known as ferromagnetic materials. In production and distribution of electricity, the magnetic materials are used. These material are used in numerous applications, it is the chief component of many electronics and electrical devices. Permanent magnets are able to magnetize as it creates its own continual magnetic field which is used to hold notes on a refrigerator door.
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Global Magnetic Materials Market: Growth Factors
The demand for magnetic materials has increased across the world due to miniaturization of power generation devices such as hydro-powered turbines and the wind generators. Developing automotive industry is the key driver of the market growth as they largely use magnetic materials in the various components such as alternators, gearbox, and pollution control. Unstable prices of the rare earth metals such as dysprosium, samarium, and neodymium which are used in the manufacturing of magnetic materials may restrain the market growth. Due to up gradation of the new technologies the application range has increased this has opened up new avenues for the magnetic materials market growth.
Global Magnetic Materials Market: Segmentation
The magnetic materials market is globally segmented on the basis of application, product, and geography. The application segment is classified into power generation, industrial, electronics, and automotive. The automotive application segment is leading globally and power generation is the second largest application segment. Permanent magnets are widely used in these applications thus increasing the demand. The product segment is bifurcated into an electromagnet and permanent magnet. The permanent magnet has contributed for the largest market share owing to its widespread usage in automotive and power generation devices. The electromagnet is employed in the development of high-speed locomotive systems, which is expected to fuel the magnetic materials market.
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Global Magnetic Materials Market: Regional Analysis
Industrial expansion of the automotive industry which has taken place in the Asia-Pacific region has accounted for the largest market share for the magnetic materials. The use of magnetic materials has become very much popular in the emerging economies such as China and India due to rapid industrialization. European market shows a steady growth rate because of the slow recovery from recession. The presence of abundant rare earth metal deposits, lower investments in land & labor, and a large number of end-use industry base in China is influencing the magnetic materials market in a positive way.
Global Magnetic Materials Market: Competitive Players
Major market players dominating the magnetic materials market are Zhejiang Kaiven Magnet Company, Ningbo Vastsky Magnet, Dexter Magnetic Technologies, Tengam Engineering, A.K. Steel Holding Corporation, Shin-Etsu Chemical, and Electron Energy Corporation. Other players included in the market are Steward Advanced Materials, BGRIMM Magnetic Materials & Technology, Toshiba Materials, Hengdian Group DMEGC Magnetics, Adams Magnetic Products, GKN Sinter Metals, Sintex, Dura Magnetics, and Neo.
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Global Magnetic Materials Market: Regional Segment Analysis
The Middle East and Africa