New Magnetic Materials Market Research Highlights Recovery Path for Businesses from Covid-19 based on Products - Hard Magnetic Materials and Soft Magnetic Materials | Technavio
The new Magnetic Materials Market Research from Technavio indicates Positive and Superior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Magnetic Materials Market 2020-2024 (Graphic: Business Wire)
"One of the primary growth drivers for this market is the high applicability in the computer application industry," says a senior analyst for Materials industry at Technavio. Scientists across various universities are researching on energy-efficient magnetic materials for data storage. For instance, a professor of Carnegie Mellon University is currently working on a project that focuses on finding ways to use topological protection to improve magnetic materials that are used for computer memory storage. Additionally, a team from the University of Washington has developed a technology that encodes information using magnets that are just a few layers thick. The materials used include sheets of chromium tri-iodide and other cutting edge elements. Such innovations have opened up a huge potential for computer technology applications, which will increase the adoption of magnetic materials and drive the magnetic materials market. As the markets recover Technavio expects the magnetic materials market size to grow by USD 23.29 billion during the period 2020-2024.
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Magnetic Materials Segment Highlights for 2020
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