Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Magnetic Materials Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The Magnetic Materials Market is poised for significant expansion, with an expected growth of USD 12,910.29 million during the period 2022-2027. The market's growth is projected to accelerate at a CAGR of 6.56% over the forecast period. The comprehensive report on the magnetic materials market provides a thorough analysis, including market size, trends, growth drivers, challenges, and vendor analysis.
Driving Factors and Market Segmentation
The magnetic materials market's growth is propelled by various factors, including the increased applicability of magnetic materials in the computer application industry, rising investment in magnetic materials, and a surge in iron ore production volume. The market is segmented by application (automotive and transportation, electronics and instrumentation, industrial, and others), by product (hard magnetic materials and soft magnetic materials), and by geographical landscape (APAC, North America, Europe, South America, Middle East, and Africa).
Advancements in AI Simulations and Nanocrystalline Magnetic Particles
The market's growth is also being driven by advancements in AI simulations for magnetic material geometry designs. This trend aligns with the growing demand for sophisticated design techniques. Additionally, the increasing use of nanocrystalline magnetic particles in the biomedical industry and the emphasis on semi-hard magnets are contributing to the market's growth.
Leading Players and Industry Insights
The report offers a robust vendor analysis to help companies enhance their market positioning. Key magnetic materials market vendors include Alliance LLC, Arnold Magnetic Technologies Corp., Carpenter Technology Corp., Daido Steel Co. Ltd., DEXTER MAGNETIC TECHNOLOGIES, Dura Magnetics Inc., Electron Energy Corp., Grundfos Holding AS, Hengdian Group Holdings Ltd., Lynas Rare Earths Ltd., Magna Tronix Pvt. Ltd., Magnaworks Technology Inc., Magnet Expert Ltd., Merck KGaA, Nippon Steel Corp., TDK Corp., The InterTech Group Inc., Toshiba Corp., TyTek Group, and Hitachi Ltd.
Trends and Analyst Commentary
An analyst from the research team highlighted the trend of AI simulations for magnetic material geometry designs as a key driver. This trend signifies the growing integration of advanced technologies in the market.
Conclusion and Future Growth
The magnetic materials market is on track for substantial growth, driven by factors such as increased applicability in various industries, technological advancements, and growing investments. The comprehensive report offers insights into market dynamics, vendor analysis, and growth projections, aiming to assist companies in strategic decision-making.
For more information about this report visit https://www.researchandmarkets.com/r/adyra8
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