Asia Pacific leads global magnetic materials market

The global market for magnetic materials is forecast to reach US$33 billion by the year 2018, buoyed by strong global demand for magnetic materials that is largely driven by Asia, particularly China, estimates Global Industry Analysts, Inc. The resurgence of global economy, rapid technological advancements and continued strong demand from existing applications are also driving growth in the global magnetic materials market.

Soft magnetic materials comprising soft ferrites and electrical steel represents the largest product segment in the global magnetic materials market. Powder-based soft magnetic products such as soft ferrites and other iron-based powder components are expected to witness growth in the near future mainly driven by the growing demand from end-use industries such as high frequency power electronics and information technology. Another important category is permanent magnetic materials, which includes alnico magnets, hard ferrite, samarium cobalt magnets and NdFeB magnets.

Asia Pacific leads the global market for magnetic materials. China’s magnetic materials industry has witnessed a rapid growth and leads the world in terms of production, yield, and output of magnetic materials. Based on the favourable investment climate, ferrite magnet enterprises in developed nations such as Europe and America have relocated manufacturing operations to China and surrounding countries in the Asia Pacific region.