Global Magnetic Materials Market to experience hike in growth by 2024

Sarasota, FL -- (SBWire) -- 06/15/2017 --Zion Market Research, the market research group announced the analysis report titled 'Magnetic Materials Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024'

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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Magnetic Materials Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa

Our value reports provide full, in-depth analysis of the parent market including most significant changes in market dynamics; the report also presents the detailed overview on segmentation of this market. We managed to present as many important pieces of information in essential form – thanks to our report You will learn more about former, on-going, and projected market analysis in terms of volume and value, assessment of niche industry developments and Market share analysis. We have not forgotten to present key strategies for major players, emerging segments and regional markets and last but not least, testimonials to companies in order to fortify their foothold in the market.

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