Magnetic Materials Market Is Expected To Witness Massive Growth with Toshiba Corporation Developing a New Magnetic Material with the Potential of Achieving Low Power Consumption

 

Magnetic Materials Market

Magnetic materials are commonly used and studied mainly for their magnetic properties. The overall magnetic response of materials is primarily affected by the inherent magnetic field of their electrons, which is greatly influenced by the polarity of their relative orientation. The most common of all the metals that exhibit this property is iron, but other substances can also be used as the main components of magnetic materials. Some of the known magnetic materials include aluminum, boron, copper, cobalt, nickel, titanium, tin, zinc, lead, titanium, mercury, phosphorus, barium, etc.

Rapidly growing automotive industry is expected to drive growth of the global magnetic materials market. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), total vehicle sales reached 96 million units in 2017, increasing from 86 million units in 2013 globally. According to the India Brand Equity Foundation (IBEF), India’s domestic automobile sales reached 21.55 million units in FY20, registering a CAGR of 1.29%. The automotive industry lays significant emphasis on fuel-efficiency and efficiency of the production line, where it uses magnetic materials. They are typically used in motors, sensors, suspension systems, and actuators. Automakers use different types of high-performance magnets such as aluminum-nickel-cobalt magnets, samarium magnets, and neodymium magnets in vehicles. Hence, such factors are expected to drive growth of the global magnet materials market. Furthermore, the development and modernization of infrastructure are expected to propel the global magnetic materials market growth in the near future.

Volatile raw material prices and a major investment for R&D activities is expected to hinder the global magnetic materials market growth in the near future. However, the development of novel technologies can provide major business opportunities for market players in the near future. Among regions, Asia Pacific is expected to witness significant growth in the global magnetic materials market. This is owing to high industrial activities and growth of the automotive sector. Furthermore, Europe is expected to register a lucrative growth rate, owing to the abundance of rare earth metal deposits in the region.

Key companies involved in the global magnetic materials market are Dexter Magnetic Technologies, All Magnetics Inc., Dura Magnetics, Daido Steel Co. Ltd., Kaiven Magnet Co., Shin-Etsu Chemical Co. Ltd, Kaiven Magnet Co., Lynas Corporation Ltd., Arnold Magnetic Technologies, Vacuumschmelze GmbH, Toshiba Corporation, Molycorp Inc., and Hitachi Metals Ltd.

For instance, in December 2020, Toshiba Corporation developed a new, magnetic material with the potential of achieving reductions in power consumption.

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