Magnet development prospects
The magnetic material industry is an important branch of metal functional materials, which has the functions of converting, transmitting, processing, and storing information and energy, and is widely used in electroacoustics, mineral processing, energy, household appliances, medical and health, automobiles, automatic control, information technology and other fields. In recent years, the global magnetic material market size has continued to grow, reaching $35.076 billion in 2022, and is expected to reach 922.83 billion yuan by 2027. China is one of the main production countries and consumer markets of magnetic materials in the world. In 2023, the market size of China's magnetic materials reached 277.24 billion yuan, showing strong market growth potential. In terms of technology, the magnetic material industry has made significant progress. In the coming years, the magnetic material industry is expected to continue to maintain a steady growth trend. With the rapid development of new energy vehicles, wind power generation, smart electronic devices and other emerging industries. Magnetic materials have a wide range of applications in many fields, including soft magnetic materials and permanent magnetic materials. Soft magnetic materials such as ferrites and metal soft magnetic materials have important applications in transformers, inductors and other magnetic devices, while permanent magnetic materials are used in motors, sensors and other fields. With the progress of technology and the expansion of application fields, the market prospects of magnetic materials are very broad.
