According to a market report by Lucintel, the future of the magnetic material market looks promising with opportunities in the automotive, electronics, industrial, and power generation industries. The magnetic material market is expected to grow with a CAGR of 10% from 2019 to 2024. The major growth drivers for this market are growing demand from end use industries, environmental concern, and government support & initiatives.
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In this market, semi-hard magnet, soft magnet, and hard/permanent magnet are the major materials used in the manufacture of magnets. Semi-hard magnetic materials are the largest product type of the magnetic material market.
Within the magnetic material market, automotive, electronics, industrial, power generation, and others are the major applications. Automotive is the largest application segment for magnetic materials.
The Asia Pacific region will remain the largest market over the forecast period due to increasing industrial activities and growing automotive industry.
Hitachi Metals, Ltd., Daido Steel Co., Ltd., Molycorp, Magnequench, Shin-Etsu Chemical Co., Ltd., TDK Corporation, Lynas Corporation Ltd., Arnold Magnetic Technologies Corporation, Electron Energy Corporation, Tengam Engineering, Inc., and Adams Magnetic Products Co., Inc. are among the major manufacturers of magnetic materials.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the magnetic material market by material type, application, and region. Lucintel has prepared a comprehensive research report entitled "Magnetic Material Market 2019-2024: Trends, Forecast, and Opportunity Analysis". This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the magnetic materials market by material type, application, and region as follows:
By Material Type [$M shipment analysis for 2013 – 2024]:
Semi-Hard Magnetic Material
Soft Magnetic Material
Hard/Permanent Magnet Material
By Application [$M shipment analysis for 2013 – 2024]:
Automotive
Electronics
Industrial
Power Generation
Others
By Region [$M shipment analysis for 2013 – 2024]:
North America
United States
Canada
Mexico
Europe
Asia Pacific
Rest of the World
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/magnetic-material-market.aspx or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.