Albany, NY, Dec. 2, 2014 (GLOBE NEWSWIRE) -- A recent report on the global magnetic materials market by Transparency Market Research states that the net worth of market will rise to US$87.18 billion by the end of 2019, growing at a CAGR of nearly 8.9% between 2013 and 2019, the report's forecast period. The global magnetic materials market valued US$48 billion in 2012.
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High demand for semi-hard magnetic materials on a global front is driving the growth of overall magnetic materials market. With nearly 55% revenue shares of the market in 2012, this segment held the leading market position. High demand of semi-hard magnetic materials is expected to continue in future as well, primarily due to applications of these substances in fields such as magnetic recording and sensor magnets. Semi-hard magnets are also widely used in applications such as sensor magnets, magnetic chucks, level sensors, and relay magnets.
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Other than semi-hard magnetic materials, the market for hard and soft magnets has also been notably high on account of factors such as low price of ferrites, easy availability, rapidly growing industrialization, and efficient performance of these substances.
The automotive application segment presented the highest demand for magnetic materials during the review period of the report. The report states that demand for magnetic materials has rapidly grown in the past few years as the use of magnetic materials has universally increased for applications such as pollution control, alternators, and gearbox. The market segment hybrid electric vehicles (HEVs) will serve as a new potential field for the global magnetic materials market in the future.
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While much of the growth seen in the magnetic materials market will account to the automotive industry in the near future, the power sector will also significantly contribute to added demands in the market. Factors such as population growth and rapid industrialization are raising the global demand for electricity, owing to which the demand for magnetic materials will also rise. The report states that the energy segment of the global magnetic materials market will grow at a CAGR of 8.8% during the forecast period.
However, the highly fluctuating prices of rare earth metals, especially those of dysprosium and neodymium will exert a downward pressure on the market.
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The regional magnetic markets of Asia Pacific acquired the major chunk of revenue shares of the global market in 2012, of nearly 79.0%, chiefly due to the presence of world's key automotive and electronics manufacturing industries in these regions. Europe emerged as the second largest consumer of magnetic materials in 2012 due to factors such as increased demands from infrastructure development projects, modernization, current and emerging applications.
The key players operating in the Global Magnetic Materials Market, and profiled in the report, include Arnold Magnetic Technologies, A.K. Steel Holding Corporation, Lynas Corporation Ltd., Molycorp Inc., Hitachi Metals Ltd., and Electron Energy Corporation, among others.
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