Global FeCrCo Permanent Magnetic Material Market Set to Cross USD 5 Billion by 2031

Published | 15 January 2025

Global FeCrCo Permanent Magnetic Material Market is flourishing because of an increasing demand for high-performance magnets in aerospace and defense sector and growth in renewable energy sectors, particularly wind turbines requiring strong magnetic materials.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global FeCrCo Permanent Magnetic Material Market size at USD 3,342.70 million in 2024. During the forecast period between 2025 and 2031, BlueWeave expects Global FeCrCo Permanent Magnetic Material Market size to expand at a CAGR of 7.40% reaching a value of USD 5,078.4 million by 2031. The growing demand for FeCrCo permanent magnetic materials across a range of industries, including consumer electronics, aerospace, and defense, is one of the key drivers for the global market growth.

Opportunity - Advancements in Renewable Energy Sector

Rising investments in the renewable energy sector, such as wind and solar power, are projected to drive Global FeCrCo Permanent Magnetic Material Market over the forecast period. High-performance magnets, including FeCrCo-based alloys, are used in wind turbines for efficient generator operations. The rising development and installation of wind farms and the shift towards the renewable energy sector to mitigate climate change are anticipated to boost the demand for magnetic materials. For instance, Windey, a Chinese wind turbine maker, recently launched a 16 MW floating wind turbine. Such launches may proliferate the need for high efficiency, durability, and performance magnets.

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Impact of Escalating Geopolitical Tensions on Global FeCrCo Permanent Magnetic Material Market

The shift in global market dynamics due to escalating geopolitical tensions may pose significant growth challenger for Global FeCrCo Permanent Magnetic Material Market. The production of high-performance permanent magnet may be directly impacted by supply chain interruptions caused by geopolitical conflicts. The operations of important end-user sectors, such as electronics, electricity, and automobiles, are hampered by such disturbances. Due of geopolitical conflicts in countries that have major suppliers, there is a scarcity of cobalt, chromium, and iron—essential raw materials needed to create FeCrCo—which lowers availability and raises prices. Furthermore, growing geopolitical tensions and conflicts cause changes in market dynamics as industry participants aim to diversify their supply chains in order to lessen their reliance on politically problematic areas.

Automotive Segment Accounts for Largest Market Share

The automotive segment has the highest market share, followed by the energy sector. FeCrCo magnets are used in the automotive industry for a variety of purposes, most notably in electric vehicles (EVs), for components like electric motors and various drive systems. As EV production operations increase due to environmental concerns and rising carbon emission reduction, the demand for FeCrCo permanent magnetic materials is expected to rise.

North America Leads Global FeCrCo Permanent Magnetic Material Market

North America dominates Global FeCrCo Permanent Magnetic Material Market. An increasing demand for permanent magnets across the region is being driven by the rapid growth of the electric vehicle and sustainable energy sectors as well as the expansion of consumer electronics production.

Competitive Landscape

The major industry players of Global FeCrCo Permanent Magnetic Material Market include Ningbo SSD Magnetics Co. Ltd, AEMagnets, Kede Magnetics, TDK, Eclipse Magnetics, SDM Magnetics Co. Ltd, Arnold Magnetic Technologies, Hitachi Metals, Daido Steel Co. Ltd, and Cosmo Ferrites. The presence of high number of companies intensify the market competition as they compete to gain a significant market share. These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to further enhance their market share.

Don’t miss the business opportunity in Global FeCrCo Permanent Magnetic Material Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Global FeCrCo Permanent Magnetic Material Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global FeCrCo Permanent Magnetic Material Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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