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The Global Ceramic Magnets Market: Growth of end-use industries is estimated to stimulate market demand, during the forecast period
NEW YORK CITY, NEW YORK, UNITED STATES, August 16, 2022 /EINPresswire.com/ -- The global Ceramic Magnets Market is expected to reach USD 14.46 Billion by 2028, according to a new report by Reports and Data. Ceramic magnets are a low cost substitute for metallic magnets. These magnets owing to their corrosion and demagnetization resistance property and low-cost of production are used in various applications. Ceramic magnets contribute to around 75%, by weight, of the global demand for permanent magnets.
The low cost of production and abundant availability is anticipated to propel the market demand in the forecast period. The Ceramic magnets are the least expensive as compared to alnico and rare earth magnets and thus, find applications in a variety of products. These type of magnets have lower service temperature than alnico but higher as compared to rare earth metals, and lower energy product than both alnico and rare earth magnets.
Ceramic magnets have a high intrinsic coercive force and are available in simple shapes like block, ring, and rod, among other shapes. This type of magnet provides substantial coercivity in applications such as electric motors, generators, alternators, hard disks, and servomotors. They have brought revolution in areas of energy storage and power generation. Ceramic magnets aid to increase the efficiency of generator motors, drive motors, and servomotors, and thus result in notable power savings.
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Major companies Arnold Magnetic Technologies, Neo Magnequench, Alliance LLC, Hitachi Metals Ltd., Samwha Electronics, DMEGC, TDK Corporation, Ferroxcube, JPMF Guangdong Co. Ltd., and Hangzhou Permanent Magnet Group.
Further key findings from the report suggest
Anisotropic grade magnets are expected to grow at a significant rate in the forecast period. Magnetic anisotropy is the characteristic that gives a specified direction on the spin of a system, which may not be aligned with the application of an external magnetic field. During the production of such magnets, the material is pressed into an electromagnetic field as a result of which, the material adjusts ideally. The anisotropic ceramic magnets are stronger than isotropic ones, with their magnetization in the preferred direction as well as being more expensive than isotropic ones. Hard Ferrite magnets held the largest market share in 2020 and are likely to maintain its market leadership with a growth rate of 6.5% in the forecast period. Electrical and electronics industry held a significant market share in 2020 and is expected to grow at a CAGR of 7.2% in the forecast period attributed to extensive use of ceramic magnets in ABS, actuators (airbag inflators), and fuel cut-off devices. The market in the Asia Pacific region held the largest market share in 2020 and is expected to have a CAGR of 6.9% in the forecast period attributed to increasing demand for ceramic magnets by the automotive and electronics industry. Countries like China and Japan are projected to observe high growth in market demand in the forecast period. China is both the largest producer and consumer in the market.
To know more about the report@ https://www.reportsanddata.com/report-detail/ceramic-magnets-market
Segments covered in the report:
Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Soft Ferrite Magnet Hard Ferrite Magnet
Grade Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Shape Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Block Disc Ring Arc Others
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Automotive Electrical & Electronics Industrial Energy Aerospace Medical Others
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Regional Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
North America U.S. Europe Germany UK Asia Pacific China India South-east Asia Latin America Brazil MEA
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About Us: Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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