Magnetic materials possess magnetic properties and have ability to produce the magnetization. They can be magnetized or naturally possess magnetic properties. According to ease of magnetization, magnetic materials are classified as hard, semi-hard, and soft magnets. Hard magnetic materials are suitable for permanent magnets while soft for temporary. Hard magnetic materials have wide range of applications from toys and refrigerator magnets to electromotors, loudspeakers, windshield wipers, locks, and microphones-and high-tech devices such as hard disk drives.
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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.
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.
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According to magnetic materials analysis, Asia Pacific held the dominant position in the market in 2017. The Asia Pacific is projected to maintain its dominance throughout the forecast period, owing to the expansion of the automobile industry in the region. Automobile production in economies such as China, India, Japan, and South Korea is continuously increasing. According to European Automobile Manufacturers Association 2014 report, Asia Pacific accounted for the largest share of 60% in passenger car production in 2013, with a major share of China.
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