Abstract
It is not generally recognised that in terms of both value and volume, global production of magnetic materials far exceeds that of semiconductors. What is also not realised is that about a twentieth of all energy generated in industrialised societies is wasted as magnetic losses in electromagnetic cores. Such losses could be significantly reduced if full advantage were taken of recent developments in magnetic materials. This paper reviews major discoveries of new hard and soft magnetic materials, improved manufacturing processes, and ways in which more knowledgeable use can be made of materials to capitalise on enhanced magnetic properties. Better choice and application of commercially available materials in devices such as motors, transformers, actuators, and sensors can lead to tremendous energy savings. Development of new and traditional magnetic materials based on better understanding of magnetisation processes will lead to even more substantial energy savings, significantly improved product performance, and new applications which would benefit most sectors of industry.