The development of material for improving the performance of devices adds to the comforts of common man which leads to the developments of society. In order to make these devices most energy efficient and economical, one needs to find magnetic materials, which have the highest possible, saturation magnetization and permeability and that too should be at the lowest possible price. So there is a clear chance for improving the properties of the existing magnetic material and developing new ones. Therefore, new materials and technologies provide solutions for emerging out applications.