Magnetostrictive Materials: Introduction and Overview
Magnetostrictive materials are used to transform electromagnetic energy into mechanical energy and vice versa. This effect can be used to construct sensors that measure a magnetic field or sense a force. Tension in the material will produce the magnetic field or force applied to the respective object. To produce vibrations, a shifting magnetic field may also be used in combination with magnetostrictive materials.
The magnetostrictive materials are extensively used in manufacturing medical devices, industrial vibrators, ultrasonic cleaning devices, underwater sonar systems, vibration or noise control systems, and a bundle of other applications. Diversification of the product across the industries is set to boost the market over the longer-run forecast period.
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To amplify the vibration amplitude of the equipment, the mechanical lever could be used. Therefore, the effect of complementary goods is also high over the magnetostrictive materials. Dependence over complementary goods is set to affect the dynamics of the market negatively. The magnetostrictive material is widely used in industrial, medical, underwater, control system, robotics and many more applications.
The need of magnetostrictive material in abundant areas is due to its ability to change its dimension and shape under the action of magnetic flux. This ability of the magnetostrictive material allows it to transform electromagnetic energy into mechanical energy indeed allows it to be used in building actuators, sensors and other technical components. Magnetostriction effect can be found in materials such as iron, cobalt, nickel, lanthanum and terbium.
Magnetostrictive Materials: Dynamics
Magnetostrictive material has wide-area applications having high sales accounting the same in terms of global level market. The increased use and advancements in technology made the market for magnetostrictive material see upsurge demand. The availability of raw material for magnetostrictive material in abundance also accounts for fueling the market for a longer run.
Moreover, the rise in demand from various end-users like automotive, defence, aerospace and consumer electronics are crucial factors driving the market growth of magnetostrictive materials. Furthermore, the increased investment by key players, initiatives by government and regulations to minimize cost and optimize the quality of magnetostrictive material are also expected to boost the market of magnetostrictive material. The only strings pulling back the market growth of magnetostrictive material are the regulations set by governments in the European region.
COVID-19 Impact Insights
Lockdowns, restrictions and regulations made by governments across the world to control the virus have impacted businesses around the globe. The shutdown of all the industries in the second quarter of the year 2020, created chaos in the global economic curve. Supply chain disruptions due to travel restriction and containment of the infected zone affected the availability of raw materials in the magnetostrictive material market.
COVID-19 had a greater level of influence in investors and investment decisions of the companies, most of the companies started hitting back with aggressive measures to sustain in the market as a result of less investment in research and development even in the magnetostrictive material market.
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Segmentation Analysis of Magnetostrictive Materials Market
The global magnetostrictive materials market is bifurcated into four major segments: material type, application, end-use, and region.
On the basis of material type, magnetostrictive materials market has been segmented as follows:
- Iron-Aluminum Alloy
On the basis of application, the magnetostrictive materials market has been segmented as follows:
- Medical Devices
- Industrial Vibrators
- Ultrasonic Cleaning Devices
- Underwater Sonar
- Vibration or Noise Control Systems
On the basis of end-use, Magnetostrictive materials market has been segmented as follows:
- Security systems
- Aerospace & Defense
On the basis of geographic regions, Magnetostrictive materials market is segmented as
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
Magnetostrictive Materials Market: Regional Outlook
The global magnetostrictive material market seems positive due to the applicability of the material in almost all industries and sector. Based on the regional split, the report “Magnetostrictive Materials” takes into account six prominent regions including North America, Europe, Latin America, East Asia, South Asia and Oceania and Middle East & Africa.
Most of the market share is bagged by the companies operating in the Asia Pacific. The raw material required for magnetostrictive material is available in adequate quantity in Asia-Pacific region making it to contribute a solid share in global magnetostrictive material market. Even the consumption of magnetostrictive material is accounted to be high in Asia-Pacific as the consumption of consumer electronics is high in this region.
Magnetostrictive Materials Market: Key Players
Being a fragmented market, we can find small players in magnetostrictive materials market, especially in the Asia Pacific. The increased cost of raw material to make magnetostrictive materials has impacted small and big players in this market. Some of the key players in the magnetostrictive materials market are TdVib, Grirem Advanced Materials, KENCO, Gansu Tianxing Rare Earth Functional Materials Inc, Emerson Electric, Advanced Cerametrics, Bayer Material Science, TDK Corporation, LLC, Metglas, LORD Corporation, and KYOCERA Corporation.
Companies operating in magnetostrictive materials market adopt strategies like merger, acquisition, collaboration and partnership to scale up the operation and to capture the market share. To sustain for a longer run, the key players follow a set of organic strategies by launching a series of new products. And few companies also observed to be following inorganic strategies like acquisition, mergers and joint ventures to hold their position in the market, to maintain stability and to defend opportunity being dragged by a new entrant. But the most common strategy being adopted by players is a mix of both organic and inorganic strategies on priority basis to defend and to prolong their existence in the market.
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