Magnetostrictive Material Market
The market for Magnetostrictive Material was estimated at $21.9 billion in 2023; it is anticipated to increase to $35.7 billion by 2030, with projections indicating growth to around $50.5 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Magnetostrictive Material Market Outlook
Revenue, 2023
$21.9B
Forecast, 2033
$44.0B
CAGR, 2024 - 2033
7.2%
The Magnetostrictive Material industry revenue is expected to be around $25.2 billion in 2024 and expected to showcase growth with 7.2% CAGR between 2024 and 2033. Changing the game across sectors from industrial sensors to cutting edge medical equipment; magnetostrictive material is playing a vital role in the realm of high tech industries today and beyond. Back in 2023, when the market size hit $21.9 billion; forecasts are pointing towards reaching $35.7 billion by 2030 and $50.5 billion by 2035 with a CAGR of 7.2%. Renowned for its magneto mechanical properties as a functional material; magnetostrictive material offers unmatched precision versatility
Belong to the materials group; this substance is highly appreciated for its strong durability and quick reaction to magnetic fields. It stands out in applications, like sensors and medical devices.
Market Key Insights
- The Magnetostrictive Material market is projected to grow from $21.9 billion in 2023 to $44.0 billion in 2033. This represents a CAGR of 7.2%, reflecting rising demand across Sensors and Actuators.
- Etrema Products, Sensitec, Sonion are among the leading players in this market, shaping its competitive landscape.
- U.S. and Germany are the top markets within the Magnetostrictive Material market and are expected to observe the growth CAGR of 4.7% to 6.9% between 2023 and 2030.
- Emerging markets including Brazil, India and Mexico are expected to observe highest growth with CAGR ranging between 8.3% to 9.9%.
- Transition like Digitalization has greater influence in United States and Germany market's value chain; and is expected to add $1 billion of additional value to Magnetostrictive Material industry revenue by 2030.
- The Magnetostrictive Material market is set to add $22.0 billion between 2023 and 2033, with manufacturer targeting Actuators & Motion Controls & Energy Harvesting Systems Applications projected to gain a larger market share.
- With Precision engineering demand, and Robotics expansion, Magnetostrictive Material market to expand 100% between 2023 and 2033.
Opportunities in the Magnetostrictive Material
The need, for magnetostrictive materials is also increasing in IoT driven predictive maintenance systems.
Growth Opportunities in North America and Asia-Pacific
In North Americas market, key players such as Etrema Products focus on specialized sensor technology while local manufacturers prioritize robust materials, for challenging conditions.
In the Asia Pacific region, Dexter Magnetics stands out for its cost effective manufacturing process making it a popular choice, for mid range products.
Market Dynamics and Supply Chain
01
Driver: Precision Engineering Demand, and Medical Device Advancements
Accurate materials such as ones play a vital role in ensuring precision in measurements for industries, like automotive and aerospace. The use of material is also improving the functionality of medical actuators and sensors, in the advancement of healthcare technology.
With the advancement & expansion of robotics technology in various industries, the need for dependable materials to facilitate movement control is also on the rise - leading to increased interest, in magnetostrictive technology adoption.
02
Restraint: Cost Challenges
Smaller companies may face restricted access and usage of materials due, to their high production costs.
03
Opportunity: Miniaturization and Green Technologies
The use of magnetostrictive sensors is becoming popular in the realm of wearable technology and opening up fresh opportunities for new applications.
Magnetostrictive materials are favored for eco-friendly applications because of their energy efficient performance, in motor applications.
04
Challenge: Complex Manufacturing
Delays in manufacturing processes can affect the delivery of goods to important industries.
Supply Chain Landscape
1
Raw Material Suppliers
EAMDexter Magnetics
2
Manufacturers
Etrema ProductsSensitec
3
Distributors
RS ComponentsDigi-Key
4
End-User Industry
AutomotiveAerospaceIndustrial Automation
1
Raw Material Suppliers
EAMDexter Magnetics
2
Manufacturers
Etrema ProductsSensitec
3
Distributors
RS ComponentsDigi-Key
4
End-User Industry
AutomotiveAerospaceIndustrial Automation
Use Cases of Magnetostrictive Material in Sensors & Actuators
Sensors : In industries such as automotive and robotics, processes use magnetostrictive sensors to accurately measure positional changes in challenging environments with high precision levels; notable companies like Etrema Products and Soniona are,at the forefront of these advancements.
Actuators : Magnetostrictive actuators convert energy into precise mechanical motions which are essential for medical equipment and industrial robots in industries where companies, like Sensitecd and Allied Motion thrive in this field.
Recent Developments
In times there have been notable progress in resilience and tailored solutions. Sensitecs’ launch in February indicates a keen interest in expanding into the healthcare sector.
October 2023 : Etrema Products unveiled a range of sensors tailored for tough & complex industrial conditions.
June 2023 : Dexter Magnetics introduced a state of the art device designed specifically for use in robotics.
February 2023 : Sensitec launched a line of medical actuators that utilize magnetostrictive technology.
Impact of Industry Transitions on the Magnetostrictive Material Market
As a core segment of the Specialty Materials industry,
the Magnetostrictive Material market develops in line with broader industry shifts.
Over recent years, transitions such as Digitalization and Electrification in Automotive have redefined priorities
across the Specialty Materials sector,
influencing how the Magnetostrictive Material market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Digitalization
Advancements of digital technologies are leading the industries towards integrated sensors & actuators with advanced data capabilities, in order to meet the demands of Industry 4.
02
Electrification in Automotive
The move towards electric vehicles requires precise and durable materials. Magnetostrictive materials play a role, in enabling high performance sensors and actuators in EVs.