Magnetic Materials Market Poised to Reach $45 Billion by 2020 - New Report by MarketsandMarkets
(PRWEB) April 09, 2015 -- The report Magnetic Materials Market defines and segments the market with an analysis and forecast for types & applications by volume as well as value.
Browse 76 market data tables and 47 figures spread through 210 pages and in-depth TOC on "Magnetic Materials Market".
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The global magnetic materials market is projected to reach $45 billion by 2020 and register a CAGR of 8.9% between 2015 and 2020 in terms of value.
Magnetic materials are those objects that are surrounded by a magnetic field and have the property, either natural or induced of attracting other metals. Based on type, the magnetic materials market has been classified into two key segments, namely, soft (electrical steel and soft ferrite) and permanent (alnico, hard ferrite, samarium cobalt, and neodymium iron boron) magnetic materials. Permanent magnets occupied the largest market share in 2014 and are projected to dominate the global magnetic materials market between 2015 and 2020.
The industrial, electronics, and automotive segments are estimated to be the three-largest applications of the magnetic materials market together accounting for more than 70% of the global market in 2014 in terms of value. This dominance is projected to continue be the same by 2020 due to the increasing demand of electricity coupled with rapid industrialization and need for advanced technological developments in these applications. Automotive segment is anticipated to grow at a highest rate between 2015 and 2020. Owing to wide range of applications such as gearbox, alternators, and pollution control and growing demand from Asia-Pacific region are pushing the global demand for magnetic materials in automotive application.
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The Asia-Pacific region is projected to dominate the magnetic materials market by 2020 and account for a major share of the total market in terms of value. The developed regions, such as North America and Europe are estimated to have relatively slow growth rates as compared to the Asia-Pacific and RoW. Moreover, Asia-Pacific is anticipated to register a high growth rate between 2015 and 2020. The magnetic materials market in this region is experiencing growth due to the increasing demand for permanent magnets from industrial, electronics, and automotive applications.
In general, important factors those expected to drive the growth in the magnetic materials market include the growing demand of permanent magnets from automotive and energy generation application, rising need for efficiency and miniaturization, increasing initiatives of associations and regulatory bodies, and rapid industrialization in the Asia-Pacific region. Some factors, such as fluctuating raw materials cost, the high barriers of entry for new entrants, and slow economic growth in some regions are expected to restrain the growth of the magnetic materials market.
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