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The report "Advanced Magnetic Materials Market by Type (Permanent Magnet Materials, Semi-Hard Magnetic Materials, Soft Magnetic Materials), End-Use Industry (Automotive, Electronics, Industrial, Power Generation, Medical), And Region - Global Forecast to 2028", is estimated at USD 24.2 billion in 2023 and is projected to reach USD 38.2 billion by 2028, at a CAGR of 9.5% from 2023 to 2028. The increasing use of advanced magnetic materials in the automotive industry is one of the most significant factors projected to drive the growth of the advanced magnetic materials market. The prices of advanced magnets depend on the composition of magnets and raw materials used in their manufacturing. Raw ingredients required in the production of advanced magnets are aluminium, iron, cobalt, nickel, and other rare earth elements such as neodymium, dysprosium, and samarium. The composition of advanced magnets varies depending upon the requirements of the end-use industry. The fixed costs of producing advanced magnets are on the higher side. The only way to reduce the fixed cost is to increase their production volume.

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