The new Magnetic Materials Market Research from Technavio indicates Positive and Superior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Magnetic Materials Market 2020-2024 (Graphic: Business Wire)
“One of the primary growth drivers for this market is the high applicability in the computer application industry,” says a senior analyst for Materials industry at Technavio. Scientists across various universities are researching on energy-efficient magnetic materials for data storage. For instance, a professor of Carnegie Mellon University is currently working on a project that focuses on finding ways to use topological protection to improve magnetic materials that are used for computer memory storage. Additionally, a team from the University of Washington has developed a technology that encodes information using magnets that are just a few layers thick. The materials used include sheets of chromium tri-iodide and other cutting edge elements. Such innovations have opened up a huge potential for computer technology applications, which will increase the adoption of magnetic materials and drive the magnetic materials market. As the markets recover Technavio expects the magnetic materials market size to grow by USD 23.29 billion during the period 2020-2024.
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Magnetic Materials Segment Highlights for 2020
- The magnetic materials market is expected to post a year-over-year growth rate of 4.50%.
- Hard magnetic materials dominated the market in 2019.
- The growing applications of hard magnetic materials in various industries, the low cost of ferrite magnets, because of their easy production, and the low cost of raw materials involved in their manufacturing are propelling the segment’s growth.
- 45% of the growth will originate from the APAC region.
- Factors such as rapid industrialization and significant expansions in the automotive, industrial, energy, and consumer electronics sectors will significantly drive magnetic materials market growth in this region over the forecast period.
- China and Japan are the key markets for magnetic materials in APAC. Market growth in this region will be slower than the growth of the market in North America and Europe.
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- The magnetic materials market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The magnetic materials market is segmented by product (hard magnetic materials and soft magnetic materials), application (automotive and transportation applications, electronics and instrumentation applications, industrial applications, and other applications), and geography (APAC, North America, Europe, South America, and MEA).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Arnold Magnetic Technologies Corp., Carpenter Technology Corp., Daido Steel Co. Ltd., DEXTER MAGNETIC TECHNOLOGIES, Dura Magnetics Inc., Electron Energy Corp., Hitachi Metals Ltd., Lynas Corp. Ltd., TDK Corp., and Toshiba Corp.
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