The global magnetic materials market demand is expected to augment on account of rising need for miniaturization and power generation devices such as generators in wind and hydro-powered turbines over the forecast period. In addition, the market is likely to be driven by the growing automotive industry which utilizes magnets in a variety of components such as the gearbox, pollution control, and alternators. However, volatile prices of rare earth metals such as neodymium, samarium, and dysprosium used in manufacture of magnetic materials are anticipated to act as a key restraining factor for the market. Increase in application range owing to development of new technologies is likely to open new market avenues for magnetic materials market over the next six years.
Magnetic materials are segmented into two product categories which include permanent magnets and electromagnets. Permanent magnets accounted for the major market volume share in 2013 owing to widespread usage in power generation devices and automotives. On the basis of applications, major markets for magnetic materials include industrial, automotive, electronics, and power generation. Demand for permanent magnets is expected to exhibit above average growth owing to the wide range of applications in the automotive and power generation industries. Government expenditure for development of high speed locomotive systems employing electromagnets is expected to aid the magnetic materials market.
Asia Pacific accounted for the major market share of magnetic materials owing to high industrial activities and automotive industry in the region. The trend is expected to continue over the forecast period on account of rapid industrialization in the emerging economies such as China and India. European markets are expected to witness steady growth in light of slow recovery from recession. China is likely to be a more lucrative market owing to abundant rare earth metal deposits and large end-use industry base along with lower investments in land and labor.
Global market is fragmented in nature due to the existence of numerous players. Key players in the magnetic materials market include Dexter Magnetic Technologies, Dura Magnetics, Kaiven Magnet Co., Arnold Magnetic Technologies, Molycorp Inc., Hitachi Metals Ltd., Vacuumschmelze GmbH, Lynas Corporation Ltd., Shin-Etsu Chemical Co. Ltd, Daido Steel Co. Ltd., and All Magnetics Inc.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.