Global Magnets and Magnetic Materials Market should reach $51.7 billion by 2022

The global market for magnets and magnetic materials reached $32.2 billion in 2016. The market should reach $34.9 billion in 2017 and $51.7 billion by 2022, increasing at a compound annual growth rate (CAGR) of 8.2% from 2017 through 2022.

Report Includes

-An overview of the global market for magnets and their materials, along with emerging technologies and potential business opportunities in the future.

-Analyses of global market trends, with data from 2016, estimates for 2017, and projections of CAGRs through 2022.

-An overview of the chemistry and physics of magnets, and the processes to produce magnet products, and specific applications for magnet materials.

-Insight into the major end-use markets, such as instrumentation and other electronics, appliances and consumer electronics, industrial, and automotive.

-Information pertaining to the market’s dynamics, including drivers, restraints, and potential opportunities.

-Profiles of major players in the field.

The global market for magnets and magnetic materials has been increasing at an average rate of 7.8%, due to the demands from the intermediate as well as end-user industries. To assess the market, magnets and permanent magnets have been divided into four major types: alnico, neodymium, Samarium-cobalt and ferrite/ceramic. Soft magnets have been divided into three types: electrical steel, soft ferrite and other alloys.

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Alnico magnets are alloys, with aluminum (Al), nickel (Ni) and cobalt (Co) present in large amounts. These magnets primarily find their applications in instruments and meters, generators and ignition systems.

Neodymium or neodymium-iron-boron magnets belong to the rare earth family of magnets (due to the presence of rare earth elements in these magnets such as neodymium and dysprosium). These magnets are considered the strongest magnets available in the world. Neodymium magnets primarily find their applications in electronic motors; generators; medical devices; sonic equipment, magnetic sensors, transducers, meters and instruments; consumer electronics (cell phones, disk drives, and home appliances); and others.

Samarium-cobalt magnets also belong to the rare earth family of magnets in which samarium and cobalt are the main elements. These magnets possess high magnetic properties, and the ability to operate under very high temperatures. These magnets primarily find their applications in industries such as automobile, marine, medical, and aerospace and defense.

Ferrite magnets are also known as ceramic magnets. These magnets consist of iron oxide in addition to either barium carbonate or strontium as raw materials. These magnets primarily find their applications in sonic equipment, motors, magnetic separators and couplings, and other industrial purposes.

The steel segment, which consists of electrical steel, cold-rolled lamination steel, and amorphous steel, has the largest market shares.

For any application at high frequency, soft ferrites are used since they are ceramic insulators with a minimal loss of eddy current. These materials are ferrimagnetic, with a cubic crystal structure and the general composition would be MO.Fe2O3, where M is a transition metal such as nickel, manganese or zinc.

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