“It is predicted that Asia-Pacific would be the fastest-growing region in the magnetic materials market”
Magnetic materials are materials having a property of producing a magnetic field around it and attracting or repelling when it’s placed in an external magnetic field. A rising demand for efficiency and growing need for technological advancements in many applications are likely to drive the magnetic materials market between 2015 and 2020.
Asia-Pacific is predicted to be the fastest-growing region for magnetic materials market. Development in this region is led by the increasing demand from industrial, electronics and automotive applications because of rapid industrialization and stimulating automotive sector in the region. This region is even projected to be the fastest-growing market for the magnetic materials due to constructive prospects. Many other companies are growing their production capacity in the Asian countries to profit from the low-cost structures, availability of raw materials and growing local demand for magnetic materials in various applications. By 2020, the global magnetic materials market is projected to reach $45 billion.
Developing economic countries like China and India are estimated to be the key growth drivers for applications such as automotive, industrial, electronics and energy generation.
The vast potential of the magnetic materials market is anticipated to attract numerous small as well as big level industry players. Between 2015 and 2020, the Magnetic Materials Market is estimated to grow at a good pace worldwide.
Though the market size of the magnetic materials is quite large in the Asia-Pacific region, it is expected to register highest growth rate owing to expanding demand from several applications, mainly in countries like Japan and China. In Europe, the magnetic materials market is anticipated to register a slow growth rate, whereas in the North America, it is estimated to grow at a considerable rate between 2015 and 2020. The magnetic materials market is still in its infancy stage in Rest of the World regions including the Middle East, Africa and South America.