Advanced Magnetic Materials Market Size, Share, By Type (Hard, Semi-hard, Soft), By End- User Industry (Automotive, Energy, Medical, Electronics, Aerospace, Transportation, Information Technology (IT)), and By Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis and Forecast till 2034

Growing number of electric vehicles:

The market for advanced magnetic materials is mostly driven by the rise in the popularity of electric vehicles (EVs). Permanent magnets are crucial parts of electric motors for electric vehicles because of their high magnetic fields and capacity to guarantee efficient power conversion, particularly for rare earth magnets like neodymium and samarium-cobalt.