NEW YORK, June 24, 2020 /PRNewswire/ -- The global magnetic materials market is forecast to reach USD 143.87 Billion by 2027, according to a new report by Reports and Data. The global magnetic materials market demand is anticipated to augment on account of the increasing need for power generation and miniaturization devices like generators in the wind and hydro-powered turbines over the forecasted period. In addition, the industry is expected to be driven by the growing automotive industry, which uses magnets in various components such as pollution control, alternators, and gearbox. However, volatile prices of rare-earth metals, including samarium, dysprosium, and neodymium used in the production of magnetic materials, are expected to act as a key market restraint. The rise in application range owing to the development of new technologies is anticipated to open new avenues for the global magnetic materials sector over the forecasted period.
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The growing trend of electrification and modernization to reduce the cost of production and improve efficiencies enhances the use of permanent magnets in a variety of end-use industries. The building technologies provide advanced solutions that ensure the highest levels of energy efficiency, safety, and sustainability. These not only offer industry-specific solutions for hospitals, life science companies, airports, hotels, utility companies, and but also provide solutions for commercial buildings of cities as well as international companies and their infrastructures. Permanent magnets are extensively used in the motors of lift doors and train doors. NdFeB magnets are also used to dewax oil pipelines in China.
The COVID-19 impact:
COVID-19 outbreak has adverse effects on most of the businesses across the globe, including the magnetic materials market. Closed foundries and canceled events in the magnetic materials industry are not spared by the rising Coronavirus infection from China. With international trade fairs being canceled, the infectious disease also has a global impact. The lockdown in several regions has severely impacted the industry around the world. Moreover, major players like the TDK Corporation sending its workers to quarantine (those who require) and working with reduced workforce strength will negatively impact the flourishing magnetic materials market.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the magnetic materials market on the basis of type, application, end-user, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-User Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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