Ferromagnetic Materials Market: Overview
- Ferromagnetic materials are strongly attracted to a magnet or magnetic field. These materials comprise iron, steel, nickel, cobalt, and other alloys.
- The permeability of ferromagnetic materials is very high; it ranges up to several hundred or thousand units
- Ferromagnetic materials are primarily used in several electromagnetic and electromechanical devices such as electromagnets, generators, electric motors, transformers, and magnetic storage devices such as hard disks and tape recorders
- Increase in demand for electromagnetic and electromechanical devices in electronics and health care industries is anticipated to drive the global ferromagnetic materials market
High Demand for Ferromagnetic Materials in Electronics Industry
- In terms of application, the global ferromagnetic materials market can be segregated into electrical equipment, magnetic storage devices, electronic & electromechanical devices, and others. The electronic & electromechanical devices segment is estimated to account for major share of the global ferromagnetic materials market in the near future.
- Ferromagnetic materials such as iron, nickel, cobalt, tungsten, and aluminum and their alloys are primarily used in the electronics industry owing to their good electric and magnetic conductivity
- Increase in demand for ferromagnetic materials in electronic and electromechanical devices due to excellent properties such as high relative permeability, low coercive force, and negligible hysteresis is expected to boost the market during the forecast period
- Electronic and electromechanical devices such as electromagnets, transformers, electric motors, generators, inductors, relay, and telephone receivers operate under frequently varying magnetic flux
- Ease of magnetization and demagnetization of ferromagnetic materials make them highly suitable for applications involving changing magnetic flux. These include electromagnets, transformers, electric motors, generators, inductors, relays, and telephone receivers.
- Rise in adoption of ferromagnetic materials in electronic and electromechanical devices is expected to drive the global ferromagnetic materials market during the forecast period
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Increase in Research & Development of Ferromagnetic Materials for Health Care Industry
- Ferromagnetic metals such as iron, cobalt, or nickel filled with carbon nanotubes are new and innovative nanostructured materials possessing a number of exceptional characteristics
- Ferromagnetic materials filled with carbon nanotubes maintain consistent properties without mechanical or chemical degradation. This characteristic makes ferromagnetic materials an excellent material for manufacturing components for magneto-mechanical sensors.
- Ferromagnetic materials or nano-magnets are promising materials for several medical applications. Carbon nanotubes filled ferromagnetic materials are commercially suitable for high quality scanning force microscopy probes in the health care industry.
- Demand for ferromagnetic materials in the health care industry is anticipated to increase in the near future, as partially carbon nanotube-filled ferromagnetic materials can be employed as medical drug delivery systems. Furthermore, carbon nanotube-filled ferromagnetic materials are widely used as magneto-mechanical actuators in the NEMS (nano-electromechanical systems) and MEMS (micro-electromechanical systems) technology. NEMS and MEMS are functional technologies used to operate medical equipment.
- Rise in usage of nano-sized magnetic particles such as carbon nanotubes in ferromagnetic materials for biomedical applications is estimated to boost the demand for ferromagnetic materials across the globe
Asia Pacific Dominates Global Ferromagnetic Materials Market
- In terms of geography, the global ferromagnetic materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific accounted for major share of the global ferromagnetic materials market in 2018, led by the presence of large electrical and electronic consumer base in the region
- The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the increase in utilization rate of ferromagnetic materials in the electrical & electronics industry. Rise in demand for ferromagnetic materials in Asia Pacific has encouraged electric equipment and electronic component manufacturers in China and South Korea to establish new production lines. This is likely to boost the demand for ferromagnetic materials in the region in the next few years.
- Emergence of ferromagnetic material production techniques is likely to offer an impetus to the production of ferromagnetic materials in Asia Pacific
- Increase in adoption of ferromagnetic materials for electronic and electromechanical devices in Asia Pacific is anticipated to drive the ferromagnetic materials market in the region during the forecast period
- Production capacity expansions by manufacturers of ferromagnetic materials in China and India are likely to boost the demand for ferromagnetic materials in these countries in the next few years
- North America and Europe also held significant share of the global market in 2018, owing to the constant demand for ferromagnetic materials in the health care industry in these regions
- Rise in research and development activities for manufacture of ferromagnetic materials in the U.S. is projected to drive the global ferromagnetic materials market in the country during the forecast period
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Prominent Players in Market
Key players operating in the global ferromagnetic materials market focus on forward integration by acquiring and collaborating with distribution channels in order to strengthen their customer base. Furthermore, these players focus on strong research and development programs to support the evolving electronics and health care industries. Major players operating in the ferromagnetic materials market include:
- Adams Magnetic Products
- Armstrong Magnetics
- CMS Magnetics
- DEXTER MAGNETIC TECHNOLOGIES
- Digi-Key Electronics
- Dura Magnetics
- Electrodyne Company
- Goudsmit Magnetic Supplies BV
- International Magna Products
- Magnetfabrik Bonn GmbH
- RS Components, Ltd.
Global Ferromagnetic Materials Market: Research Scope
Global Ferromagnetic Materials Market, by Material
- Rare Earth Permanent Magnet Materials
- Metal Permanent Magnet Materials
- Ferrite Permanent Magnet Material
Global Ferromagnetic Materials Market, by Application
- Electrical Equipment
- Magnetic Storage Devices
- Electronic & Electromechanical Devices
Global Ferromagnetic Materials Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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