Magnetic Materials Market Worth $45 Billion by 2020

DALLAS, March 16, 2015 /PRNewswire/ --

The report "Magnetic Materials Market by Type (Soft and Permanent Magnetic Materials) and by Application (Industrial, Electronics, Automotive, Paints & Coatings, Industrial, Energy Generation, Aerospace & Defense, and Others) - Global Trends & Forecasts to 2020", The global Magnetic Materials Market is projected to reach $45 Billion by 2020 and register a CAGR of 8.9% between 2015 and 2020 in terms of value.

Browse 76MarketDataTables and 47Figures spread through 210Pages and in-depth TOC on"Magnetic Materials Market".

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"Asia-Pacific is anticipated to be the fastest-growing region in magnetic materials market"

The enormous potential of magnetic materials market is expected to attract various small and big level industry players. The Magnetic Materials Market is estimated to grow at a good pace globally between 2015 and 2020. Though the market size of magnetic materials is large in Asia-Pacific region, it is projected to register highest growth rate due to rising demand from several applications, especially in countries such as China and Japan. The magnetic materials market in Europe is anticipated to register a slow growth rate whereas it is estimated to grow at a significant rate in the North America between 2015 and 2020. The magnetic materials market is still in its infancy in RoW region including the Middle East, Africa, and South America.

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"Permanent magnets to dominate the magnetic materials market"

Permanent magnets are made of diverse materials that range from ferrite to rare earth elements. Permanent magnet had the largest market share in 2014 and is projected to dominate the global magnetic materials market by 2020. Factors such as increasing demand for miniaturization and growing use in applications such as industrial, automotive, and electrical will continue to drive the growth for this segment in the global magnetic materials market in the forecasted period.

"The automotive segment is the key application of the global magnetic materials market"

Industrial, automotive, and electronics segments dominated the magnetic materials market accounting for nearly 70% share of the global market in 2014 in terms of value. The increasing demand for electricity coupled with rapid industrialization and need for advanced technological developments in the field of energy generation and other critical applications is expected to sustain the growth for these segment of magnetic materials market between 2015 and 2020. The fastest growth rate till 2020 in the magnetic materials market is projected to come from automotive application. Magnetic materials are used for a wide range of applications in automotive segment such as gearbox, alternators, and pollution control. The Asia-Pacific region is anticipated to drive the global demand for magnetic materials in automotive application.

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