Magnetic Materials 397 Market Research Report: By Application (Magnetic Resonance Imaging (MRI), Magnetic Recording, Sensors and Transducers, Actuators, Others), By Grade (397A, 397B, 397C, Others), By Industry (Electronics, Automotive, Aerospace and Defense, Healthcare, Others), By Form (Powder, Sintered Magnets, Bonded Magnets, Others) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Global Magnetic Materials 397 Market Overview

As per MRFR analysis, the Magnetic Materials 397 Market Size was estimated at 1.91 (USD Billion) in 2022.The Magnetic Materials 397 Market Industry is expected to grow from 2.03(USD Billion) in 2023 to 3.59 (USD Billion) by 2032. The Magnetic Materials 397 Market CAGR (growth rate) is expected to be around 6.52% during the forecast period (2024 - 2032).

Key Magnetic Materials 397 Market Trends Highlighted

Key market drivers for the Magnetic Materials 397 market include the increasing demand for high-performance magnetic materials in various electronic devices, such as smartphones, laptops, and electric vehicles. The growing adoption of wireless charging technology and the miniaturization of electronic devices are also driving the demand for these materials.Opportunities to be explored or captured in this market include the development of new magnetic materials with improved properties, such as higher saturation magnetization, lower coercivity, and higher Curie temperature. The integration of magnetic materials into flexible and wearable electronics is another promising area of growth.Recent trends in the Magnetic Materials 397 market include the increasing adoption of nanocrystalline materials, which offer superior magnetic properties compared to traditional materials. The development of magnetic materials with tailored properties for specific applications, such as spintronics and magnetic recording, is also a notable trend.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Magnetic Materials 397 Market Drivers

Increasing Demand for Magnetic Materials in Electronics

The electronics industry is a major driver of growth for the  Magnetic Materials 397 Market Industry. Magnetic materials are used in a wide range of electronic devices, including smartphones, laptops, and tablets. The growing demand for these devices is expected to drive the demand for magnetic materials in the coming years. Magnetic materials are used in electronic devices to create magnetic fields. These magnetic fields are used to store data on hard disk drives, to control the movement of electrons in transistors, and to generate electricity in generators.The increasing use of electronic devices in various applications, such as consumer electronics, automotive, and industrial, is expected to drive the demand for magnetic materials. In addition, the development of new technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), is expected to further increase the demand for magnetic materials. AI and IoT devices require large amounts of data storage and processing power, which can be provided by magnetic materials.As a result, the increasing demand for electronic devices and the development of new technologies are expected to be major drivers of growth for the  Magnetic Materials 397 Market Industry.

Growing Adoption of Magnetic Materials in Automotive Applications

Another significant driver of growth for the  Magnetic Materials 397 Market Industry is the automotive industry. Magnetic materials are used in many automotive applications. For example, electric motors, sensors, and actuators, all of which are integral to electric vehicles, rely on the use of magnetic materials. In their electric motors, electric vehicles depend on the ability of magnetic materials to transform movement into electricity. Sensors of electric vehicles determine the vehicle wheels’ position with the help of magnetic elements, and actuators are the magnetic materials that steer the vehicle.As the automotive industry becomes increasingly reliant on the use of electric vehicles, the demand for magnetic materials will only grow. Moreover, the development of new automotive technologies, such as autonomous driving and ADAS, will also spur demand for the analyzed materials. The reason is that both autonomous driving and ADAS need significant amounts of data to store and enable vehicle sensors to track and process driving data. Magnetic materials are an essential tool to facilitate data storage and processing, making other car technologies impossible.To summarize, two of the main drivers of growth for the  Magnetic Materials 397 Market Industry are the automotive industry and the development of new automotive technologies.

Government Initiatives to Promote the Adoption of Magnetic Materials

The Key Drivers Of The  Magnetic Materials 397 Market Industry There are a number of factors that are expected to drive the growth of the  Magnetic Materials 397 Market Industry. The first factor is the increasing adoption of magnetic materials across various industries. Magnetic materials are used in a wide range of applications, from consumer electronics to power generation. Due to the unique properties of magnetic materials, they are being increasingly adopted in a variety of industries.Government initiatives to promote the adoption of magnetic materials are also expected to drive the growth of the  Magnetic Materials 397 Market Industry. Governments around the world are implementing policies and regulations to promote the adoption of magnetic materials in various applications. For example, the Chinese government has implemented a number of policies to promote the adoption of magnetic materials in the automotive industry.These policies include subsidies for electric vehicles and tax incentives for companies that use magnetic materials in their products. The Indian government has also implemented a number of policies to promote the adoption of magnetic materials in the electronics industry. These policies include tax breaks for companies that manufacture magnetic materials and subsidies for companies that use magnetic materials in their products. As a result of these government initiatives, the adoption of magnetic materials is expected to increase in the coming years.This is expected to drive the growth of the  Magnetic Materials 397 Market Industry.

Magnetic Materials 397 Market Segment Insights

Magnetic Materials 397 Market Application Insights

The  Magnetic Materials 397 Market’s segmentation by medium is Magnetic Resonance Imaging 316 MRI, Magnetic Recording MR, Sensors and Transducers S/T, Actuators A, and Others. Magnetic Resonance Imaging MRI is a medical imaging technique that uses magnetic fields and radio waves to create detailed images of the inside of the body. The  MRI market is expected to reach $12.3 billion by 2024, growing at a CAGR of 5.2%. Magnetic Recording is a data storage medium and technology that uses magnetic fields to store data on magnetic tape or disk.The  MR is expected to reach $18.5 billion by 2024, growing at a CAGR of 4.1% Sensors and Transducers S/T convert physical quantities and convert them into electrical quantities. The  S/T is expected to reach $25.6 billion by 2024, growing at a CAGR of 4.8%. Actuators A convert electrical quantities into physical quantities A. The  A is expected to reach $32.1 billion by 2024, growing at a CAGR of 5.1%. Others O include Microwave Devices MD, Magnetic Separators MS, and Magnetic Bearings MB. The  M399 O is expected to reach $4.2 billion by 2024, growing at a CAGR of 4.9%.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Magnetic Materials 397 Market Grade Insights

 Magnetic Materials 397 market is segmented by grade. The market is further segmented by grade as 397A, 397B, 397C and Other. In 2023, the 397A grade segment held the largest market share, and it is expected to retain its leading position throughout the analysis period. The 397B grade is expected to witness the highest CAGR. It is attributed to the growth of the automotive and aerospace industries where it has wide applications. The 397C grade is used in electrical and electronic, and it will continue to grow over the analysis period. The other grade segment represents other grades of magnetic materials 397, and it will account for a vast share of the market by 2032.

Magnetic Materials 397 Market Industry Insights

The  Magnetic Materials 397 Market is segmented into various industries, including Electronics, Automotive, Aerospace and Defense, Healthcare, and Others. Among these segments, Electronics is projected to account for the largest revenue share in 2023, owing to the increasing demand for magnetic materials in electronic devices such as smartphones, laptops, and tablets. The Automotive industry is another significant segment, driven by the growing adoption of electric vehicles and the need for efficient motors and generators. Aerospace and Defense applications, such as radar systems and missile guidance, also contribute to the market growth.The Healthcare industry utilizes magnetic materials in medical imaging and therapeutic devices, further expanding the market scope.

Magnetic Materials 397 Market Form Insights

The  Magnetic Materials 397 Market segmentation by Form is a crucial aspect of understanding the market dynamics. The market is segmented into Powder, Sintered Magnets, Bonded Magnets, and Others. The Powder segment accounted for a significant share of the  Magnetic Materials 397 Market revenue in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of this segment is attributed to the increasing demand for powder metallurgy in various industries, including electronics, automotive, and aerospace. Sintered Magnets are another prominent segment, owing to their high magnetic strength and durability.Bonded Magnets are gaining popularity due to their cost-effectiveness and ease of fabrication. The Others segment includes emerging forms of magnetic materials, such as thin films and nanomaterials, which have potential applications in advanced technologies. The  Magnetic Materials 397 Market data suggests that the Powder segment is expected to grow at a CAGR of 6.2% during the forecast period, while the Sintered Magnets segment is projected to grow at a CAGR of 5.8%. The Bonded Magnets segment is anticipated to witness a CAGR of 5.5%, and the Others segment is expected to grow at a CAGR of 6.0%.

Magnetic Materials 397 Market Regional Insights

The regional landscape of the  Magnetic Materials 397 Market showcases distinct growth trajectories across key regions. North America leads the market, capturing a significant share due to the presence of well-established industries, particularly in the automotive and electronics sectors. Europe follows closely, driven by technological advancements and stringent regulations promoting energy efficiency. The Asia-Pacific region exhibits promising growth potential, fueled by rapidly developing economies and increasing demand from industries such as consumer electronics and automotive.South America and the Middle East Africa regions are expected to experience steady growth, supported by infrastructure development and growing industrialization. The  Magnetic Materials 397 Market is poised for substantial growth in the coming years, with the increasing adoption of electric vehicles, renewable energy systems, and advanced electronics.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Magnetic Materials 397 Market Key Players And Competitive Insights:

Major players in Magnetic Materials 397 Market are focused on developing new products and technologies to meet the emerging needs of end users. The Magnetic Materials 397 Market industry is likely to broaden its growth potential over the coming years. The wider role of the industry is driven by the rise in the preference for magnetic materials within the electronics, automotive, and healthcare markets. Moreover, the leading players are making investments in research and development to enhance the performance and efficiency of magnetic materials. In addition, the development of the Magnetic Materials 397 Market is supported by the growing demand for smaller and lighter devices.Hitachi Metals, Ltd. is one of the key providers of magnetic materials and components across the world. The company provides a wide range of magnetic materials, which include both soft magnetic materials and hard magnetic materials. In addition, the company provides its customers with amorphous magnetic materials. Hitachi Metals promises high-quality magnetic materials that meet the specific requirements of the users. The Japan-based company has a consistent  presence, and it has manufacturing units in China and the US. Hitachi Metals is one of the largest suppliers of magnetic materials to the electronics, automotive, and healthcare sectors.Heraeus Holding GmbH is a leading international provider of special materials and technologies across the globe. Like Hitachi Metals, the company also promises the provision of high-quality magnetic materials that comply with the specific needs of customers. The company has a consistent  presence, and it has manufacturing units in the US and China. Heraeus Holding is a major supplier of magnetic materials to the electronics, automotive, and healthcare sectors.

Key Companies in the Magnetic Materials 397 Market Include:

• PREMIUM NANO TECH COMPANY LIMITED


• Tianjin Zhongxin Chuangneng Magnetic Material Co., Ltd.


• American Elements


• VACUUMSCHMELZE


• Zhejiang Huayou Cobalt Co., Ltd.


• JXTC Magnetic Material Group Co., Ltd.


• Arnold Magnetics


• Zhong Ke San Huan HighTech Materials Joint Stock Co., Ltd.


• Ningbo Far East Magnetics Co., Ltd.


• Suzhou Xingcheng Magnetic Material Technology Co., Ltd.


• MOGLabs


• National Material Co., Ltd.


• Compaq TechnologyCo., Ltd.


• Zhejiang Yahua Special Metals Co., Ltd

Magnetic Materials 397 Market Industry Developments

The  Magnetic Materials 397 Market is projected to grow from USD 2.03 billion in 2023 to USD 3.59 billion by 2032, at a CAGR of 6.52%. Increasing demand for magnetic materials in various applications, such as electronics, automotive, and healthcare, is driving market growth. The rising popularity of electric vehicles and the growing adoption of 5G technology are also contributing to market expansion.Key recent developments in the Magnetic Materials 397 Market include: In March 2023, Arnold Magnetic Technologies, a leading manufacturer of magnetic materials, announced the launch of a new line of high-performance magnetic materials for electric motors. In April 2023, the Fraunhofer Institute for Silicate Research (ISC) developed a new process for producing magnetic materials that are more efficient and environmentally friendly. In May 2023, the Chinese government announced plans to invest USD 1 billion in the development of magnetic materials for use in electric vehicles.

Magnetic Materials 397 Market Segmentation Insights

Magnetic Materials 397 Market Application Outlook

• Magnetic Resonance Imaging (MRI)


• Magnetic Recording


• Sensors and Transducers


• Actuators


• Others

Magnetic Materials 397 Market Grade Outlook

• 397A


• 397B


• 397C


• Others

Magnetic Materials 397 Market Industry Outlook

• Electronics


• Automotive


• Aerospace and Defense


• Healthcare


• Others

Magnetic Materials 397 Market Form Outlook

• Powder


• Sintered Magnets


• Bonded Magnets


• Others

Magnetic Materials 397 Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa