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Magnetic Material Market Growth, COVID Impact, Trends Analysis Report Forecast to 2032
The global magnetic material market stands at US$ 114.69 Billion as of now and is expected to reach US$ 297.07 Billion by the year 2032 at a CAGR of 9.3% between 2022 and 2032. Magnetic materials find their presence in transformer cores, motors, generators, electromagnets, magnetic separators, speakers, and microphones.
They do help in converting power from electrical to mechanical along with signal transfer, magnetic field screening, power adaptation, data storage (****og and digital), quantum devices, and permanent magnets (amongst others).
The government of the US has decided to take carbon emissions to ‘net zero’ by the year 2050. This is a factor driving the magnetic material market, as clean energy makes use of magnets as key components of wind turbine generators, transaction motors, and hybrid electric vehicles.
Soft magnetic materials are expected to stay the quickest-growing sector in the next one year. This could be reasoned with the fact that they have a high anisotropy field, high coercivity, a big hysteresis loop area, and a huge magnetic field.
Get a Sample Copy of the Report @
https://www.futuremarketinsigh....ts.com/reports/sampl
Magnetic Material Market: Competitive Evaluation
Arnold Magnetic Technologies
Hitachi Metals Ltd.
Molycorp Inc.
Electron Energy Corporation
Lynas Corporation Ltd.
Tengam Engineering Inc.
Adams Magnetic Products Co.
Hangzhou Permanent Magnet Group.
Shin-Etsu
Competitive Materials
Quadrant, in January 2022, did announce a plan to build a permanent magnets production plant in the US.
Electron Energy Corporation produces neodymium iron boron magnets that are known for having the highest magnetic energy. Also, the company is one of the preferred suppliers of ‘precision rotor ****emblies’ for medical, defense, aerospace, and industrial markets. They extend support to customers regarding initial considerations of design, qualifications, rapid prototyping, and production.
Tengam Engineering is a prominent leader when it comes to injection molded magnet vertical. It has been in operation for the last 40 years.
Magnetic Material Market: Key Segmentation
By Metal Used
Neodymium
Aluminium Nickel Cobalt
Samarium Cobalt
By Magnet Type
Permanent
Electromagnet
By Application
Automotive
Medical Equipment
Energy & Power Generation
Consumer Goods & Electronics
Defence & Military Communication
Satellites & Space Missions
Industrial
How does the Report materialize?
The research study is based on the metal used (neodymium, aluminum nickel cobalt, and samarium cobalt), by a magnet, type (permanent and electromagnet), by application (automotive, medical equipment, energy & power generation, consumer goods & electronics, defense & military communication, satellites & space missions, and industrial).
With the realization of the fact that magnets are cost-effective and environmentally-friendly ****ets, the global magnetic material market is bound to grow on an astounding note in the upcoming period.
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