Magnetic Materials Market to Witness Stunted Growth amid global COVID-19 outbreak- Exclusive Report by MarketsandMarkets™

The report "Magnetic Materials Market by Type (Semi-Hard Magnet, Soft Magnet, Hard/Permanent Magnet) & by Application (Automotive, Electronics, Industrial, Power Generation, and Others) - Global Forecasts to 2020", The market size of magnetic materials is projected to reach USD 96.00 Billion by 2020, at a CAGR of 9.6% between 2015 and 2020. The market is driven by the growing automotive industry in Asia-Pacific. The increasing demand for automobiles in emerging economies such as China, India, and Japan is fueling the growth of magnetic materials in the region. Another major factor contributing to the growth is modernization of infrastructure coupled with innovative technologies.


The automotive application segment leads the magnetic materials market. Magnetic materials are used in various parts of automobile, such as motors, sensors, actuators, and switches. Growing concerns for enhancing fuel economy of vehicles force manufacturers to extensively reduce vehicle weight and increasing combustion efficiency.

The magnetic materials market is broadly segmented into four regions, namely, Asia-Pacific, North America, Europe, and RoW. Asia-Pacific is the largest and fastest-growing market for magnetic materials. Growing industrialization, backed by technical demand from OEMs in the region, has offered enormous opportunity for the use of magnetic materials in Asia-Pacific.

Currently, the global magnetic materials market is dominated by various market players, such as Hitachi Metals Ltd. (Japan), Daido Steel Co. Ltd. (Japan), Molycorp Magnequench (Canada), Shin-Etsu Chemical Co. Ltd. (Japan), TDK Corp. (Japan), and others.
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