Sales of magnetic materials are expected to see a significant increase, driven by the growing demand from industries such as electronics and petroleum. Businesses stand to benefit by utilizing this technology to reduce waste and improve energy efficiency. By the year 2033, the magnetic materials industry is projected to surpass a value of US$ 40,286 Million, with an absolute dollar potential of US$ 20,441 Million between 2023 and 2033. In 2023, the market for magnetic materials is estimated to be around US$ 19,845.2 Million, with a forecasted CAGR of 7.3% from 2023 to 2033.
Magnetic materials have a wide range of applications, especially in transformers, motors, generators, data storage devices, speakers, and MRI equipment. The demand for these materials is expected to rise due to their crucial role in consumer electronics like cell phones, computers, and tablets. Additionally, as the use of renewable energy sources such as solar and wind power expands globally, the demand for magnetic materials in generators, wind turbines, and other energy systems is also set to increase.
The market for electric vehicles (EVs) is on the rise, leading to a greater reliance on magnetic materials, particularly rare-earth magnets, for their electric motors and powertrains. Furthermore, the trend towards industrial automation is driving the need for magnetic materials in robotics, manufacturing automation, actuators, sensors, and motors. As infrastructure development progresses, including transportation networks, communication systems, and power grids, the demand for magnetic materials in transformers, motors, and machinery is also expected to grow.
Key insights in the magnetic materials market indicate a global expansion at a CAGR of 7.9% from 2018 to 2022, with China’s industry projected to grow at a CAGR of 14.4% and Germany’s at 5.8% in the forecast period. The United States market is anticipated to surpass US$ 6,447.5 Million by 2033, with the permanent magnetic materials segment expected to account for over 70% of the global market share.
In recent years, manufacturers have been focusing on acquisitions to broaden their product offerings in the global magnetic materials market. They are also adopting advanced automation and robotics technology to enhance production efficiency and reduce costs. Some new players are investing in research to develop innovative magnetic materials that are more efficient, durable, and cost-effective. For example, Hitachi Metals introduced a rare-earth metal-free magnet in October 2020, known as RE-free, which boasts high magnetic qualities similar to traditional magnets.
Overall, the demand for magnetic materials is poised to increase as industries evolve, technological advancements continue, and the global market for electronic devices expands.