Surged Demand for Magnetic Materials Driving Its Global Market
According to a recent report released by GIA (Global Industry Analysts, Inc.), the global magnetic market is to reach 34,000,000,000 US Dollars by the year 2018, supposed to be driven by the strong demand of Asian countries, especially China, and stimulated by the continued large consumption in existing applications, the global economy resurgence and rapid technological advancements.
Thanks to their excellent ability to provide energy-efficiency needed in multiple dynamic industries, magnet products and magnetic materials have become universal in daily life and are contributing greatly to modern lifestyles. From electric & electronic devices to communication facilities, automotive to consumer products, you could find magnet products and materials almost in every application. In addition, the continuing proliferation and update of PCs, smart phones, high-definition TV, digital video cameras, air conditioner, audio equipment, and digital electronic products are spurring much more production and consumption of magnet products and materials.
The recent global crisis has resulted in a short-term slump in the global magnetic materials market. However, with several countries showing signs of economic recovery, the future remains sanguine and promising for magnetic materials. Rapid industrialization especially in emerging nations and advanced technological developments in developed countries, evolution of new end-use applications and consistent demand from existing end-use markets are expected to fuel strong demand for highly advanced magnet products and magnetic materials.