Magnetic Materials Market Set to Witness Unprecedented Growth of USD 219.96 Billion by 2029

March 24, 2023

The increasing global population, growing manufacturing activities and rapid infrastructural developments increase the demand of magnetic materials in the power and energy sector globally. The “semi-hard magnet “is the highest growing type segment due to global demand for technological devices and systems that provide innovative products. Also, growing investments in medical equipment production are propelling the manufacturing of motors, transformers, electric vehicles manufacturing, power transmission sector, and generators are expected to boosting the demand for magnetic materials globally during the forecast period of 2022-2029.

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Data Bridge Market Research analyses that the magnetic materials market is expected to undergo a CAGR of 9.65% during the forecast period. This indicates that the market value, which was USD 105.26 billion in 2021, would rocket up to USD 219.96 billion by 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

The magnetic materials market is analyzed and market size insights and trends are provided by country, type and application as referenced above.

The countries covered in the magnetic materials market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the magnetic materials market in the forecast period due to rising electronics, automotive and telecommunications industries in this region on a wide range.

North America and Europe are expected to be the fastest developing region during the forecast period of 2022-2029 due to the availability of cheap labour force coupled with a goal to target untapped market areas of this region.

The magnetic materials market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to magnetic materials market.

Some of the major players operating in the magnetic materials market are: