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.
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.

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In Medicine, they are used in body scanners and in a range of applications where they are attached to or implanted into the body. The home entertainment market depends on magnetic materials in applications such as CD players, PCs, televisions, games consoles, and loudspeakers. Large magnets are used in industry for moving heavy loads. Magnetic strips are used for labeling foods and medicines on shelving. In airports, docks and, construction sites, magnetic sweepers are used to picking up any scrap or waste that could potentially puncture tires or endanger traffic.

Market Dynamics

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.
However, volatile raw material price is a major factor restraining growth of the magnetic material market. Rare earth metals such as neodymium, samarium, and dysprosium have variation in prices. Products dependent on rare earth elements include wind turbines, batteries for hybrid vehicles, lasers and optical fibers, polishing compounds for lenses, and many other military and clean-energy applications. Due to volatility in prices suppliers of these products began working with customers to develop alternate processes to avoid rare earth elements and producers set about redesigning products to reduce the use of these elements. For example, testing ways to substitute zirconium-based compounds for cerium oxide.

Market Outlook

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.

Among applications, the automotive segment is projected to gain major traction over the forecast period, owing to increasing demand from automobile industry for motors, sensors, actuators, and instrumentation.

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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.

Players are focused on developing magnetic materials for innovative applications. For instance, new ferrite material was introduced by Dexter Magnetic Technologies in June 2018, to support applications in harsh environments, where high ambient temperatures and wide temperature fluctuations are expected.

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