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What fueled the previous growth in the magnetic materials market?

In the past few years, there has been robust growth in the magnetic materials market. The market’s size is projected to increase from $35.17 billion in 2024 to $37.11 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%. This notable growth in the historic period is due to factors such as the surge in electronics, automotive applications, telecommunications infrastructure, development in renewable energy, and advancements in medical imaging.

What will be the magnetic materials market size in the future?

The market for magnetic materials is projected to experience substantial growth in the upcoming years, expanding to a value of $49.54 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%. This projected growth in the anticipated period can be attributed to various factors such as the rise in electric vehicles, trends in miniaturization, solutions for energy storage, the emergence of magnetocaloric cooling, and the surge in automation and robotics. Key trends to watch in the forecasted period include the rollout of 5G technology, magnetic levitation technologies, magnetic recording technology, 3D magnetic printing, the incorporation of IoT, and the use of magnetic materials in aerospace.

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What main drivers are fueling expansion in the magnetic materials market?

The anticipated expansion of the magnetic material market is predicted to be significantly driven by the rising demand within the automobile sector. This industry, which encompasses elements such as the creation, design, marketing, and sale of motor vehicles, has played a significant role in stimulating the use of magnetic materials. These materials are integral to numerous systems and components of vehicles, enhancing their performance, safety, and efficiency. For instance, the global vehicle manufacturing industry, according to data from the France-based international association of car producers, the Organisation Internationale des Constructeurs d’Automobiles (OICA), saw remarkable growth in 2023. The worldwide production of vehicles was at a staggering 93546599 units – a considerable elevation from the 85016728 units manufactured in 2022. Consequently, the persistent demand in the automotive sector is deemed responsible for fuelling growth in the magnetic material market.

What key areas define the segmentation of the global magnetic materials market?

The magnetic materials market covered in this report is segmented –

1) By Type: Hard Magnetic Materials, Soft Magnetic Materials, Semi-Hard Magnetic Materials

2) By Raw Materials: Neodymium, Ferrite, Alnico, Samarium Cobalt, Bonded NdFeB

3) By Orientation: Diamagnetic, Paramagnetic, Ferromagnetic, Anti-Ferromagnetic

4) By Application: Transformers, Motors, Inductors, Generators, Other Applications

Subsegments:

1) By Hard Magnetic Materials: Neodymium Iron Boron (NdFeB), Samarium Cobalt (SmCo), Ferrite Magnets

2) By Soft Magnetic Materials: Silicon Steel, Iron Powder, Amorphous Steel

3) By Semi-Hard Magnetic Materials: Cobalt Alloys, Permalloy

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Who are the dominant players expanding their reach in the magnetic materials market?

Major companies operating in the magnetic materials market include TDK Corporation, Daido Steel Co. Ltd., Hitachi Metals Ltd., Magnequench Inc., Eriez Magnetics, Chengdu Galaxy Magnets Co. Ltd., Arnold Magnetic Technologies Corporation, Bunting Magnetics Co., Voestalpine High Performance Metals GmbH, Integrated Magnetics, Industrial Magnetics Inc., Eclipse Magnetics Ltd., Electron Energy Corporation, SG Technologies Ltd., Shin-Etsu Chemical Co. Ltd., Adams Magnetic Products Co. Inc., Tengam Engineering Inc., Steward Advanced Materials LLC, Magnetic Component Engineering LLC, Ningbo Zhaobao Magnet Co. Ltd., Dura Magnetics Inc., Sonal Magnetics, Alpha Magnetics Inc., Greenwood Magnetics Limited, Polarity Magnets, Quantum Magnetics Inc., Toshiba Materials Co. Ltd., Monroe Engineering, MSA Magnetics

How are evolving market trends shaping magnetic materials Strategies?

Advancements in technology are becoming a major trend in the magnetic materials market. Firms in this market are embracing new technologies in order to maintain their stature. In November 2022, the Critical Materials Institute (CMI), a US-based energy innovation center led by the Ames National Laboratory, reported significant progress in the permanent magnet materials domain, according to the Department of Energy. The researchers managed to improve the attributes of a rare-earth-free magnet material known as manganese bismuth (MnBi), proving its viability for mass production. They enhanced the magnetic properties and performance of these MnBi magnets by meticulously adjusting their microstructure. This progression is crucial as it paves the way for the development of compact and energy-friendly motors that don’t depend on rare earth elements.

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Which regions are emerging as leaders in the magnetic materials market?

Asia-Pacific was the largest region in the magnetic materials market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the magnetic materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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