Spintronics Market Report by Type, Application, End User, and Region 2024-2032

The global spintronics market size reached US$ 728.3 Million in 2023. Looking forward, the market is expected to reach US$ 1.06 billion by 2032, exhibiting a (CAGR) of 4.3% during 2023-2032. The rising advancements in memory technologies, growing data storage and processing needs, escalating focus on low power consumption, and emergence of wearable technology are primarily driving the market's growth.

Spintronics Market Analysis:

• Major Market Drivers: The increasing demand for hybrid and EVs across the globe is one of the key factors driving the growth of the market. Moreover, the widespread adoption of advanced consumer electronics is providing a thrust to the market growth.
• Key Market Trends: The rising demand for non-volatile memory technologies installed in Magneto-resistive random-access memory MRAM (systems) to use electron spinning for reversing the magnetization of layers and storing data through electric current is driving the market's growth. Additionally, the increasing deployment of 5G technology, especially in developing economies, along with extensive research and development (R&D) activities, are anticipated to drive the market toward growth.
• Competitive Landscape: Some of the prominent spintronics market companies include Avalanche Technology, Crocus Technology, Everspin Technologies Inc., FUTEK Advanced Sensor Technology Inc., Intel Corporation, International Business Machines Corporation, Merck KGaA, NVE Corporation, Spin Memory Inc., and Synopsys Inc., among many others.
• Geographical Trends: According to the spintronics market dynamics, North America exhibits a clear dominance in the market. Companies and research institutions in the region are leveraging spintronics to gain a competitive edge in technology innovation. This drive for leadership in cutting-edge technologies contributes to market growth.
• Challenges and Opportunities: High costs associated with the development of spintronic technologies are hampering the market's growth. However, spintronics offers significant improvements in memory technologies, such as MRAM, which can provide faster, more reliable, and energy-efficient alternatives to traditional memory solutions. This opens up opportunities in various applications, from consumer electronics to data centers.

Spintronics Market Trends:

Growing Adoption of MRAM

The demand for faster, non-volatile memory solutions like Magnetoresistive Random Access Memory (MRAM) is a major driver. MRAM offers advantages over traditional memory technologies, including higher speed, durability, and lower power consumption. For instance, in January 2024, the Industrial Technology Research Institute (ITRI) partnered with Taiwan Semiconductor Manufacturing Company (TSMC) to perform pioneering research on the development of a spin-orbit-torque magnetic random-access memory (SOT-MRAM) array chip. This SOT-MRAM array chip demonstrates revolutionary computing in memory architecture and consumes only one percent of the power of a spin-transfer torque magnetic random-access memory (STT-MRAM) device. These factors are expected to propel the spintronics market in the coming years.

Rising Data Storage Needs

The exponential increase in data generation across industries, driven by big data, cloud computing, and AI, requires more efficient and scalable storage solutions. For instance, according to Statista, global data production, capture, copying, and consumption were expected to rise quickly, with a projected total of 64.2 zettabytes in 2020. It is anticipated that the amount of data created globally will surpass 180 zettabytes in 2025, after five more years of growth. Spintronic technologies can provide high-density, high-speed storage options that meet these growing demands. These factors further positively influence the spintronics industry market.

Increasing Demand for Wearable Technologies

The rise of wearable technologies and the Internet of Things (IoT) requires components that are both energy-efficient and high-performing. For instance, according to the publisher, the global spintronics market size reached US$ 728.3 Million in 2023. Looking forward, the market is expected to reach US$ 1.06 billion by 2032, exhibiting a (CAGR) of 4.2% during 2024-2032. Spintronic devices fit well with these needs due to their low power requirements and fast performance, thereby boosting the spintronics market revenue.

Global Spintronics Industry Segmentation:

This report provides an analysis of the key trends in each segment of the global spintronics market report, along with forecasts at the global, regional, and country levels from 2024-2032. The report has categorized the market based on type, application, and end user.

Breakup by Type:

• Metal-Based Devices
• Giant Magneto Resistance-Based Device (GMRs)
• Tunnel Magneto Resistance-Based Device (TMRs)
• Spin-Transfer Torque Device
• Spin-Wave Logic Device
• Semiconductor-Based Devices
• Spin Diode
• Spin Filter
• Spin Field Effect Transistor (FETs)

Metal-based devices hold the majority of the total market share

The report has provided a detailed breakup and analysis of the spintronics market based on the type. This includes metal-based devices (giant magneto resistance-based device (GMRs), tunnel magneto resistance-based device (TMRs), spin-transfer torque device, and spin-wave logic device), and semiconductor-based devices (spin diode, spin filter, and spin field effect transistor (FETs). According to the report, metal-based devices hold the majority of the total market share.
According to the spintronics market outlook, metal-based spintronics devices are gaining significant attention and demand due to their unique properties and potential applications. Metals such as iron, cobalt, and nickel exhibit high spin polarization, which is crucial for efficient spintronic devices. High spin polarization improves the efficiency of spintronic components like Magnetic Tunnel Junctions (MTJs) and spin valves. Moreover, these devices, particularly those utilizing Magnetic Tunnel Junctions (MTJs), are central to the development of Magnetoresistive Random Access Memory (MRAM). MRAM offers fast, non-volatile memory solutions with low power consumption, driving the demand for metal-based spintronics.

Breakup by Application:

• Magnetic Sensors
• Hard Disks and MRAMs
• Electric Vehicle and Industrial Motor
• Quantum Computing
• RF and Microwave Devices
• Others

Hard disks and MRAMs account for the largest market share
The report has provided a detailed breakup and analysis of the spintronics market based on the application. This includes magnetic sensors, hard disks and MRAMs, electric vehicle and industrial motor, quantum computing, RF and microwave devices, and others. According to the report, hard disks and MRAMs account for the largest market share.

According to the spintronics market overview, hard disks and Magnetoresistive Random Access Memory (MRAM) are two important applications of spintronics technology. Hard disk drives (HDDs) use spintronics in the form of Giant Magnetoresistance (GMR) heads. GMR technology relies on the change in electrical resistance of a thin film when exposed to a magnetic field, which is crucial for reading data from the magnetic disks. Moreover, MRAM utilizes the Magnetoresistive (MR) effect, where the resistance of a magnetic material changes in response to an external magnetic field. This effect is harnessed to store data in MRAM cells.

Breakup by End User:

• Automotive
• Consumer Electronics
• Healthcare
• IT and Telecom
• Others

The IT and telecom sector exhibits a clear dominance in the market

A detailed breakup and analysis of the spintronics market based on the end user has also been provided in the report. This includes automotive, consumer electronics, healthcare, IT and telecom, and others. According to the report, IT and telecom exhibits a clear dominance in the market.
IT infrastructure, including data centers, increasingly demands high-speed, high-capacity, and reliable storage solutions. MRAM's non-volatility, fast read/write speeds, and durability make it an ideal candidate for replacing or complementing traditional memory technologies in these environments. Moreover, spintronic devices can offer substantial improvements in data access and storage efficiency, addressing the growing need for performance and capacity in IT applications. Apart from this, the demand for more powerful and efficient computing solutions in IT drives interest in spintronics. Technologies such as spintronic logic devices and memory can contribute to faster and more energy-efficient processors.

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

North America currently dominates the global market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America currently dominates the global market.

According to the spintronics market statistics, North America is home to several top-tier research institutions and universities, such as MIT, Stanford, and the University of California system, which are actively engaged in spintronics research. For instance, in September 2023, the National Science Foundation of the United States announced 24 research and education projects totaling $45.6 million, including funding from the "CHIPS and Science Act of 2022" - to enable rapid progress in new semiconductor technologies and manufacturing, as well as workforce development. This strong academic and research base fosters innovation and development in spintronic technologies. Moreover, major technology companies like Intel, IBM, and Texas Instruments have substantial R&D investments in spintronics. These corporations drive technological advancements and commercial applications.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include:

• Avalanche Technology
• Crocus Technology
• Everspin Technologies Inc.
• FUTEK Advanced Sensor Technology Inc.
• Intel Corporation
• International Business Machines Corporation
• Merck KGaA
• NVE Corporation
• Spin Memory Inc.
• Synopsys Inc.

Spintronics Market Recent Developments:

• January 2024: The Industrial Technology Research Institute (ITRI) partnered with Taiwan Semiconductor Manufacturing Company (TSMC) to perform pioneering research on the development of a spin-orbit-torque magnetic random-access memory (SOT-MRAM) array chip.
• October 2023: Everspin Technologies extended its flagship industrial, high-density STT-MRAM product line, the EMxxLX. This product series features a new 4Mb capacity point, a reduced footprint container, and an industrial temperature range of 105⁰C.
• September 2023: The National Science Foundation of the United States announced 24 research and education projects totaling $45.6 million, including funding from the "CHIPS and Science Act of 2022" - to enable rapid progress in new semiconductor technologies and manufacturing, as well as workforce development.

Key Questions Answered in This Report

1. How big is the global spintronics market?
2. What is the expected growth rate of the global spintronics market during 2024-2032?
3. What are the key factors driving the global spintronics market?
4. What has been the impact of COVID-19 on the global spintronics market?
5. What is the breakup of the global spintronics market based on the type?
6. What is the breakup of the global spintronics market based on the application?
7. What is the breakup of the global spintronics market based on the end user?
8. What are the key regions in the global spintronics market?
9. Who are the key players/companies in the global spintronics market?