Magnetic alloys find a wide range of applications in the electrical industry. Thus, the growth of the electrical industry is expected to be a key driving factor for the magnetic alloy market. Magnetic alloys are also extensively used in the steel industry and thus, the growth of the latter is expected to drive the sales of Magnetic Alloys Market. Some iron or neodymium magnetic alloys possess low coercivity, which in turn limits their applications to specific fields. The low cost of magnetic alloys is also expected to boost their sales in the market while their low coercivity is expected to hamper the market growth to some extent. Also, the demagnetization of magnetic alloys at higher temperatures is expected to limit the use of magnetic alloys for applications in the desired temperature range.
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Magnetic alloys are materials capable of producing magnetic fields for long periods of time. Limited elements present in the earth’s crust are capable of producing magnetic alloys with permanent magnetic properties at ambient temperatures. Elements such as iron, cobalt, nickel and rare earth metals are the major chemical elements used in the production of magnetic alloys. Magnetic alloys possess various useful properties, which enables their usage in a number of industries. They offer good resistance to corrosion and can be used in high temperature applications (up to 500oC). Magnetic alloys can be categorized into various types, depending on the type of element used in the magnetic alloy. Alnico magnetic alloys comprise elements such as iron, nickel, cobalt and aluminum and find applications in the aerospace industry, military and proprietary designs. Rare earth magnetic alloys comprise two of the most rare earth metals, i.e. samarium and neodymium. They consist of samarium cobalt and neodymium iron boron magnets. Neodymium magnetic alloys offer a wide operating temperature range of 80 – 200oC, depending on the application. Neodymium magnetic alloys are generally used in audio devices, motors for novelties and hard disc drives. Other magnetic alloys such as ceramic and bonded type are used in industries such as automotive and steel.
China and India have shown appreciable growth in steel, automotive and electrical industries in the recent years. The growth of these industries is expected to aid the market growth of magnetic alloys in these countries. North America has also registered strong growth in steel and automotive industries in the recent years along with the growth of exports from the aerospace industry, which in turn is expected to drive the market for magnetic alloys. The electrical industry in Europe has reached a mature phase while the steel industry is exhibiting moderate growth. On the other hand, the automotive industry is still registering strong growth. These industries are expected to drive the market growth of magnetic alloys in Europe in their respective capacities.
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The moderately growing steel and automotive industries in the Middle East and Africa region are expected fuel the market growth of magnetic alloys in the region to a certain extent. The market in Latin America, with the region’s moderately growing automotive and steel industry, is expected to witness significant growth in the near future. Japan has a well-established electronic industry, which is expected to create a platform for the sales of magnetic alloys. The South East Asia region has moderately growing steel and automotive industries, which are aiding the the market growth of magnetic alloys.
Examples of some of the participants involved in the magnetic alloys market include, IUP Jindal Metals and Alloys Ltd, Arnold Magnetic Technologies, VDM Metals, Aperam S.A. Hitachi Metals Ltd. Santoku Corporation. Electron Energy Corporation, PSM Industries, Inc. Advance Metallurgical Group
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