[FURL=https://www.industryarc.com/Research/Ferrite-Magnetostrictive-Material-Market-Research-501663?utm_source=Emailwire&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Ferrite magnetostrictive material market[/FURL] size is forecast to reach US$8.7 billion by 2026, after growing at a CAGR of 9.1% during 2021-2026. Ferrites are ceramic materials that have many applications in electronics, including ultrasonic radiators, magnetic stress sensors, and more. The global ferrite magnetostrictive material market has witnessed tremendous growth in the past few years as it possesses properties such as high reliability, high longevity, high accuracy, and long working life which make it feasible for end-users such as wastewater treatment facilities, pharmaceutical producers, manufacturers of consumer products, and more. Moreover, increasing demand for efficient healthcare facilities is expected to bring impetus opportunities for the ferrite magnetostrictive industry. However, the availability of other magnetostrictive materials such as iron, cobalt, nickel, rare earth materials, and more are projected the restrain the ferrite magnetostrictive materials market during the forecast period.Key Takeaways
Asia-Pacific dominates the ferrite magnetostrictive material market, owing to the increasing demand for magnetic stress sensors, ultrasonic radiators, magnetoelastic transducers, and more from the medical and electronics industry in the region.
Moreover, the market is expected to grow due to technological advancements, a rise in the number of applications, and the availability of advanced healthcare facilities in developing countries.
In addition, another main factor expected to drive demand growth is a rise in global economic growth, as well as government investments for successful wastewater treatment systems around the world.
However, market growth is hampered by factors such as raw material price fluctuations and the emergence of cheaper alternatives.
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Ferrite Magnetostrictive Material Market Segment Analysis – Geography
Asia Pacific region held the largest share in the ferrite magnetostrictive material market in 2020 up to 38%, due to increasing demand for consumer electronics and the healthcare sector in the region, for which ferrite magnetostrictive material is extensively required. The consumer electronics and the healthcare sector are flourishing in the region owing to the increasing population and increasing per-capita income.
Ferrite Magnetostrictive Material Market Drivers
Growing R&D Activities for Ferrite Magnetostrictive Material
Government Incentives Accelerating the Growth of Medical Device Industry
Ferrite magnetostrictive material market top companies are Morgan Advanced Materials plc, Kyocera Corporation, Hexcel Corporation, Nanophase Technologies Corporation, Kuraray Co., Ltd, Murata Manufacturing Co., Ltd., and Henkel AG & Co. KGaA.
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