Steel Bar Magnet Market Study Provides Latest Intelligence on Growth in 2024 and Beyond
Global Steel Bar Magnet supply-demand continues to be impacted by broader developments in the chemicals sector. The new steel Bar Magnet market research report outlines the key factors that will impact production, supply, and demand during the assessment period (2020-2030).
The study tracks Steel Bar Magnet demand and sales in over 20 countries, highlighting the variance and unique set of conditions that are unique to every market. The study also analyzes the impact of COVID-19 on chemicals industry in general and Steel Bar Magnet in particular.
How will Steel Bar Magnet Sales Grow in 2024 and Beyond
The Steel Bar Magnet industry report tracks short-term and long-term growth, offering readers analysis they can use immediately to formulate their strategies.
Overall, demand for Steel Bar Magnet will be heavily influenced by broader developments in the chemicals sector. The Chemical Activity Barometer has shown a stable streak, which is indicative of an ascendancy in US chemicals sector. However, the US chemicals sector growth will depend to a large extent on how end-use industries fare.
Traditionally, demand from automotive sector has been key to chemical demand. The US automotive sector is set to recover in 2024 with sales expected to be in the range of 15.5 million to 16 million.
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Housing is another key demand generator for chemicals sector. The record low mortgage rates have led to momentum in the US housing sector, but it will remain to be seen whether an increase subdues the enthusiasm.
The European chemical sector is also set to recover in 2024, after contracting by 2% in 2024. Recovery is likely to be sustained with a growth of 2% also expected in 2024.
Growth of chemicals sector in Asia Pacific will also contribute to overall recovery. The resurgence of a virulent variant in India has taken the sheen away from the recovery made in 2024, but other economies in the region continue to be on the path to recovery.
The chemical sector in Japan and South Korea is also shifting toward use of green chemicals. Regulation, combined with evolving demand of end-users, is creating a market scenario that is conducive to green chemicals.
Segmentation analysis of Steel Bar Magnet Market:
The global Steel Bar Magnet market is bifurcated into three major segments: material, application and region.
On the basis of material, Steel Bar Magnet market has been segmented as follows:
- Aluminum, Nickel & Cobalt
- Samarium
- Neodymium
- Ferrite
- Others
On the basis of Application, Steel Bar Magnet market has been segmented as follows:
- Automotive
- Mining
- Laboratories
- Others
On the basis of geographic regions, Steel Bar Magnet market is segmented as
- North America
- Europe
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Competitive Landscape
The Fact.MR study profiles the business, product and other key strategies of the leading Steel Bar Magnet companies in detail. The competitive landscape section of the study tracks market leaders, incumbents, and aspirants, laying out a layered information model that readers can use.
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The Steel Bar Magnet Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Russia, Poland & CIS)
- East Asia (China, Japan, South Korea)
- South Asia (India, Malaysia, Indonesia, Australia, New Zealand & Thailand)
- Middle East & Africa (GCC Countries, South Africa, Turkey)
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