Magnetic materials possess magnetic properties and have ability to produce the magnetization. They can be magnetized or naturally possess magnetic properties. According to ease of magnetization, magnetic materials are classified as hard, semi-hard, and soft magnets. Hard magnetic materials are suitable for permanent magnets while soft for temporary. Hard magnetic materials have wide range of applications from toys and refrigerator magnets to electromotors, loudspeakers, windshield wipers, locks, and microphones-and high-tech devices such as hard disk drives. Soft magnetic materials are used in high and low-frequency applications such as transformer cores, microwave applications, and recording heads. Magnetic materials ranging from hard and soft are extensively used as recording media. Rapid industrialization, specifically in emerging economies such as India and China, demand for alternative power sources, such as windmill and water turbine are driving growth of the magnetic material market.
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According to U.S. Geological Survey report, in 2017, China led the world production of rare earth materials from 2007, accounted for more than 90 percent of global production and supply. The magnetic materials are used in the production and distribution of electricity and used as the chief component of many electronics and electrical devices.
A major driver for growth of the global magnetic materials market is the growing automobile industry. The shift from the conventional fuel vehicles towards electric vehicles is a major factor fueling market growth. According to International Energy, over 750 thousand sales were registered for electric cars in 2016. Automotive manufacturers are shifting towards the magnetic motors system. For instance, Tesla uses the magnetic motor in its Model 3 Long Range car, which uses rare earth element neodymium.
According to magnetic materials analysis, Asia Pacific held the dominant position in the market in 2017. The Asia Pacific is projected to maintain its dominance throughout the forecast period, owing to the expansion of the automobile industry in the region. Automobile production in economies such as China, India, Japan, and South Korea is continuously increasing. According to European Automobile Manufacturers Association 2014 report, Asia Pacific accounted for the largest share of 60% in passenger car production in 2013, with a major share of China.
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Key players in Global Magnetic Materials Market
Key players operating in the global magnetic materials market include Arnold Magnetic Technologies Corporation, Daido Steel Co. Ltd., Dexter Magnetic Technologies, Hitachi Metals Ltd., GKN Plc., Molycorp Inc., Shin-ETSU Chemical Co., Ltd., Electron Energy Corporation, Lynas Corporation Ltd., TDK Corporation, and Tengam Engineering Inc.
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