Page 181 - CW E-Magazine (2-4-2024)

Special Report

magnetic materials market is expected materials used in motors, sensors, and consumer electronics is expected to
to grow at a CAGR of 14.4% between other automation equipment. further drive growth in the US.
2023 and 2033. The country currently
holds around 5.3% market share in the Lastly, Germany is home to a strong Competitive landscape
world. automotive industry. Increasing de- In recent years, manufacturers
mand for EVs is likely to push the need have started to focus on acquisitions
In recent years, China has been for magnetic materials such as neo- to strengthen their product portfolios
focusing on developing its domestic dymium magnets, which are frequently in the global magnetic materials mar-
magnetic materials industry. It is investing used in electric motors. ket. They are also adopting advanced
heavily in research & development and automation and robotics technologies
promoting innovation in the sector. US a signifi cant hub to improve production effi ciency and
Demand for magnetic materials is reduce costs.
The country has made signifi cant increasing in the US due to rising need
progress in developing new types of for energy effi ciency and growing con- A few new entrants are investing
magnetic materials with enhanced cerns about environmental pollution. heavily in R&D to come up with new
properties. A few of these properties The country’s market is anticipated to and improved magnetic materials that
include high magnetic strength and surpass a valuation of US$6,45-bn by are more effi cient, durable, and cost-
temperature resistance, among others. the end of 2033. effective. They are innovating by intro-
Such innovations are projected to boost ducing new shapes, sizes, and materi-
sales in China. The US is home to numerous manu- als to meet the changing needs of their
facturers and suppliers of magnetic customers.
German markets materials. These include neodymium
Germany magnetic materials and ferrite magnets. For instance, in October 2020, Hitachi
industry is anticipated to expand at a Metals announced that it had deve-
sizable CAGR of 5.8% over the forecast Some of the leading magnetic mate- loped a new type of magnet made from
period. The country has a strong focus rials suppliers in the US are Arnold rare-earth-free materials. The company
on R&D, and several Germany-based Magnetic Technologies, Dura Magne- claimed that RE-free magnet has high
companies are investing in creating tics, and Adams Magnetic Products. magnetic properties comparable to
new and improved magnetic materials Various universities and research those of conventional magnets made
for several applications. institutions in the country are working with rare earth metals.
on developing new & improved
Germany is considered a hub for magnetic materials, which is anticipated In November 2020, Zhong Ke San
medical technology. Magnetic mate- to bode well for the market in the next Huan announced that it had completed
rials are used extensively in medical ten years. construction of a new production line
devices such as MRI machines and for its rare-earth-free magnets. It would
magnetic therapy equipment. The country’s advanced manufac- have a production capacity of 1,000-tpa.
turing capabilities and large consumer The new production line uses advanced
The country is also known for its base also make it an attractive loca- manufacturing technologies, including
advanced manufacturing industry. The tion for magnetic materials suppliers. vacuum melting and directional solidifi -
trend toward industrial automation is Increasing demand in industries such cation to produce high-quality magnets
projected to boost demand for magnetic as automotive, renewable energy, and with superior magnetic properties.

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Chemical Weekly April 2, 2024 181

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