The advanced magnetic materials market is projected to grow from USD 24.2 billion in 2023 to USD 38.2 billion by 2028, at a CAGR of 9.5% during the forecast period. The prices of advanced magnets depend on the composition of magnets and raw materials used in their manufacturing. Raw ingredients required in the production of advanced magnets are aluminum, iron, cobalt, nickel, and other rare earth elements such as neodymium, dysprosium, and samarium. The composition of advanced magnets varies depending upon the requirements of the end-use industry. The fixed costs of producing advanced magnets are on the higher side. The only way to reduce the fixed cost is to increase their production volume.

Advanced Magnetic Materials Companies

The advanced magnetic materials industry is highly fragmented. Major players in this market are. Hitachi Metals Ltd. (Japan), TDK Corporation (Japan), Daido Steel Ltd. (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Arnold magnetic Technologies (US), Electron Energy Corporation (US), Anhuui Sinomag Technology Co. Ltd. (China), Neo (Canada), Yantai Dongxing Magnetic Materials Inc. (China), Dexter Magnetic Technologies, DMEGC (China), Master Magnetics Inc. (), Adams Magnetic Products Co. Inc. (US), Viona Magnetics, Guangdong Lingyl Co. Ltd. (China), Tengam, Engineering, Bogen Magnetics GmbH, Bunting Magnetics Co., Ningbo Yunsheng Co. Ltd. (China), Vacuumschmelze GmbH & Co. KG,  provide advanced magnetic materials.

Magnetic materials are those that respond to an applied magnetic field by becoming magnetized or demagnetized. They are classified into three types: soft, semi-hard/permanent, and permanent magnetic materials. Advanced magnetic materials are those that can produce more energy than standard magnetic materials, depending on their composition. The alterations of the magnet's composition majorly influence its energy output. They are used in a variety of applications including automotive, electronics, power generation, industrial, and others.

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Hitachi Metals Ltd. (Japan)

Hitachi Metals, Ltd. now known as Proterial, Ltd. is engaged in manufacturing and sale of various metal products, components, and materials. The company operates through three segments namely, Advanced Metals, Advanced Components & Materials, and Others. The company provides high performance materials through nine business units: Specialty Steel, Rolls, Automotive Casting, Waupaca, Piping Components, Magnetic Materials, Power Electronics Materials, Electric Wire & Cable, and Automotive Components. The company specializes in the production of magnetic materials and serves various industries including automotive, consumer electronics, and industrial machinery.

Hitachi Metals, Ltd. has a geographic footprint in North America, Europe, Asia Pacific, and others. The company generates major parts of its revenue from Asia Pacific region. Some of the competitors of the company are TDK Corporation, Daido Steel, and others.

TDK Corporation (Japan)

TDK Corporation is one of the leading electronic components manufacturers. The company specializes in magnetic application products, including ferrite cores, magnets, and sensors. The company operates through five segments: passive components segment, sensor application products segment, magnetic application products segment, energy application products segment, and others. The company serves automotive, energy, telecommunications, power supplies, industrial, and electronics. The company has a global presence with subsidiaries, sales offices, and manufacturing facilities located in key regions across Asia, the Americas, Europe, and Middle East & Africa. This extensive network allows TDK to efficiently serve its customers worldwide and meet their specific requirements.

Daido Steel Co. Ltd. (Japan)

Daido Steel Co., Ltd. is a Japanese multinational corporation that operates in the fields of steel manufacturing, high-performance materials, and magnetic materials. The company operates through five segments: specialty steel, high-performance materials & magnetic materials, parts for automobile & industrial equipment, engineering, and trading & service. The company serves automotive, industrial, energy and infrastructure, aerospace & defense. The company has a presence in Europe, North America, and Europe.

Daido Steel Co., Ltd. places significant emphasis on research and development (R&D) to enhance its product offerings. The company has two research institutes (Corporate Research & Development Center, and Nakatsugawa Advanced Magnetic Materials Development Center) in Japan.

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Shin-Etsu Chemical Co. Ltd. (Japan)

Shin-Etsu Chemical Co., Ltd. is a Japanese multinational chemical company. The company has a diverse portfolio of chemical products and materials, catering to a wide range of applications. The company serves aerospace, automotive, construction, healthcare, agriculture, communications, and others. Shin-Etsu Chemical Co., Ltd. operates through four business segments: infrastructure materials, functional materials, electronics materials, and processing & specialized services. The company is involved in the production of rare earth magnets. In addition to the local production system, the group has 93 overseas production bases. The company has a geographic footprint in Asia, Europe, and the Americas.