The global magnetic materials market to grow at a CAGR of 9.10% during the period 2017-2021.
The report, Global Magnetic Materials Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is innovations and improved technologies. Cost-effective manufacturing techniques such as hydrogen decrepitation and magnetic powder method will drive the demand for advanced magnetic products. The expenditure on R&D to obtain innovative and high-strength magnets is increasing. The market vendors are focusing on novel technologies for reducing the production cost significantly.
According to the report, one driver in market is growth of applications in end-user industries. Automotive, aerospace, defense, electronics and electrical, power sector, industrial, medical, art, and information technology are some of the major application areas of magnetic materials. There has been a decent growth in all the aforementioned industries, which has increased the demand for magnetic materials. The consumption of advanced electronic devices has increased due to factors such as rising population, entry of innovative products, decrease in product price, and higher disposable income of individuals. The consumption of magnetic materials has increased in the aerospace and defense sector due to the growing number of aircraft and defense equipment.