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Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) — The “Global Magnetic Materials Market 2023-2027” report has been added to researchandmarkets.com gift.
The magnetic materials market is set for significant expansion, with an expected growth of US$12,910.29 million during the period 2022-2027. The market growth is projected to grow at a CAGR of 6.56% over the forecast period. The comprehensive report on Magnetic Materials market provides in-depth analysis including market size, trends, growth drivers, challenges, and vendor analysis.
Driving factors and market segmentation
The growth of the magnetic materials market is driven by various factors, including increasing applicability of magnetic materials in the computer applications industry, increasing investment in magnetic materials, and increasing iron ore production volumes. The market is segmented by application (automotive & transportation, electronics & appliances, industrial and others), product (hard magnetic materials and soft magnetic materials), and geographic landscape (APAC, North America, Europe, South America, Middle East) . , and Africa).
Advances in AI simulations and nanocrystalline magnetic particles
Market growth is also being driven by advancements in AI simulation for magnetic material geometry designs. This trend is in line with the increasing demand for sophisticated design techniques. Additionally, the increasing use of nanocrystalline magnetic particles in the biomedical industry and emphasis on semi-rigid magnets are contributing to the growth of the market.
Leading Players and Industry Insights
The report provides a robust vendor analysis to help companies enhance their market position. Major magnetic materials market vendors include Alliance LLC, Arnold Magnetic Technologies Corporation, Carpenter Technology Corporation, Dado Steel Company Limited, Dexter Magnetic Technologies, Dura Magnetics Inc., Electron Energy Corporation, Grundfos Holding AS, Hengdian Group Holdings Limited. , Lynas Rare Earths Limited, Magna Tronics Pvt. Ltd., Magnaworks Technology Inc., Magnet Expert Ltd., Merck KGaA, Nippon Steel Corporation, TDK Corporation, The Intertek Group Inc., Toshiba Corporation, Tytec Group and Hitachi Ltd.
Trends and Analyst Comment
An analyst from the research team highlighted the trend of AI simulations for magnetic material geometry design as the main driver. This trend symbolizes the increasing integration of advanced technologies in the market.
Conclusion and future development
The magnetic materials market is poised for substantial growth due to factors such as increasing applicability in various industries, technological advancements, and rising investments. The comprehensive report provides insights into market dynamics, vendor analysis and growth projections with the aim of assisting companies in making strategic decisions.
For more information on this report visit https://www.researchandmarkets.com/r/adyra8
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