Magnetic Materials Market Size, Share, Outlook, and Opportunity Analy Magnetic Materials Market | Page 2

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According to U.S. Geological Survey report, in 2017, China led the
rare earth materials from 2007, accounted for more than 90 percent
and supply. The magnetic materials are used in the production
electricity and used as the chief component of many electronics and
world production of
of global production
and distribution of
electrical devices.
In Medicine, they are used in body scanners and in a range of applications where they
are attached to or implanted into the body. The home entertainment market depends on
magnetic materials in applications such as CD players, PCs, televisions, games consoles,
and loudspeakers. Large magnets are used in industry for moving heavy loads. Magnetic
strips are used for labeling foods and medicines on shelving. In airports, docks and,
construction sites, magnetic sweepers are used to picking up any scrap or waste that
could potentially puncture tires or endanger traffic.
Market Dynamics
A major driver for growth of the global magnetic materials market is the growing
automobile industry. The shift from the conventional fuel vehicles towards electric
vehicles is a major factor fueling market growth. According to International Energy, over
750 thousand sales were registered for electric cars in 2016. Automotive manufacturers
are shifting towards the magnetic motors system. For instance, Tesla uses the magnetic
motor in its Model 3 Long Range car, which uses rare earth element neodymium.
However, volatile raw material price is a major factor restraining growth of the
magnetic material market. Rare earth metals such as neodymium, samarium, and
dysprosium have variation in prices. Products dependent on rare earth elements include
wind turbines, batteries for hybrid vehicles, lasers and optical fibers, polishing
compounds for lenses, and many other military and clean-energy applications. Due to
volatility in prices suppliers of these products began working with customers to develop
alternate processes to avoid rare earth elements and producers set about redesigning
products to reduce the use of these elements. For example, testing ways to substitute
zirconium-based compounds for cerium oxide.