Magnetic Materials Global Market Report 2024

The magnetic materials market size has grown strongly in recent years. It will grow from $33.66 billion in 2023 to $35.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historic period can be attributed to various factors, including the boom in the electronics industry, applications in the automotive sector, the development of telecommunications infrastructure, the growth of renewable energy, and advancements in medical imaging. These elements collectively contributed to positive trends and advancements experienced during this historical timeframe in the context of magnetic materials.

The magnetic materials market size is expected to see strong growth in the next few years. It will grow to $45.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to various factors, including the electric vehicle revolution, miniaturization trends in technology, the demand for energy storage solutions, the emergence of magnetocaloric cooling technology, and the increased adoption of automation and robotics. Major trends expected in the forecast period include the deployment of 5G technology, advancements in magnetic levitation technologies, developments in magnetic recording technology, the application of magnetic 3D printing, integration of magnetic materials in the Internet of Things (IoT), and the utilization of magnetic materials in aerospace applications. These trends collectively contribute to the positive trajectory expected in the magnetic materials industry during the forecast period.

The projected growth in the magnetic material market is expected to be propelled by the increasing demand for the automotive industry. The automotive industry encompasses the design, development, production, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and other vehicles. The rising demand for automobiles has significant implications for the utilization of magnetic materials, as they play a crucial role in various components and systems within vehicles, contributing to their overall performance, efficiency, and safety. For example, according to a report by the European Automobile Manufacturers' Association (ACEA) in March 2022, global passenger car sales showed an increase of 5.5% in the US from 2020 to 11.9 million units in 2021. In the same year, Chinese automakers produced 20.7 million cars, marking a 7.1% increase. The global production of automobiles also rose by 2.7% to reach 63.2 million units in 2021. This growth in the automotive sector is a key driver behind the expanding demand for magnetic materials.

The rapid process of industrialization is expected to contribute significantly to the growth of the magnetic material market. Industrialization involves the transformation of an economy or society from primarily agrarian and craft-based activities to a more industrial and manufacturing-based structure. Magnetic materials find diverse applications in industrial processes, including the manufacturing of electric motors, transformers, sensors, and data storage devices, owing to their inherent magnetic properties. Eurostat reported in August 2023 that industrial production in the euro area and the European Union increased by 0.5% and 0.4%, respectively, in June 2023 compared to May 2023. This data underscores the role of magnetic materials in supporting industrial activities, driving the growth of the magnetic material market in the context of rapid industrialization.

Technological developments stand out as a key trend gaining popularity in the magnetic materials market, with companies actively adopting new technologies to maintain their positions. For example, in November 2022, research conducted by the Critical Materials Institute (CMI), a US-based energy innovation hub led by Ames National Laboratory, represents a significant development in the field of permanent magnet materials. The researchers enhanced the properties of a rare-earth-free magnet material called manganese bismuth (MnBi) and demonstrated its potential for large-scale manufacturing. By carefully controlling the microstructure of MnBi magnets, they improved their magnetic properties and performance. This advancement is notable as it provides a pathway to creating compact and energy-efficient motors without relying on rare earth elements.

Major companies in the magnetic materials market are adopting a strategic partnership approach for the extraction of rare earth magnets. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. For instance, in September 2023, the University of Birmingham, a UK-based public research university, partnered with HyProMag Ltd., Offshore Renewable Energy (ORE) Catapult, and Magnomatics, all UK-based companies. This partnership aims to extract rare earth magnets from end-of-life wind turbines and use them in new wind turbines, both onshore and offshore.

In February 2021, Industrial Magnetics Inc., a US-based industrial magnet manufacturing company, acquired Walker Magnetics Group Inc. for an undisclosed amount. This acquisition strengthens Industrial Magnetics' position in the industrial magnetic technology and systems market while expanding its capabilities in lift magnets and work holding segments. With a broader range of lift magnets, Industrial Magnetics can offer customers a diverse selection of high-quality lifting solutions to meet specific needs. Walker Magnetics Group Inc. is a US-based manufacturer of engineered industrial magnetic products.

Major companies operating in the magnetic materials market report are TDK Corporation, Daido Steel Co. Ltd., Hitachi Metals Ltd., Magnequench Inc., Lynas Corporation Ltd., 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.

Asia-Pacific was the largest region in the magnetic materials market in 2023. 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. The countries covered in the magnetic materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of magnetic materials can be categorized into hard magnetic materials, soft magnetic materials, and semi-hard magnetic materials. Hard magnetic materials, commonly known as permanent magnets, are characterized by their high magnetic permanence or remanence. The magnetic energy product, denoted as (BH)max, serves as a measure of the maximum magnetic energy that a material can store. Hard magnetic materials typically have a high (BH)max value, signifying their capability to store a significant amount of magnetic energy. Raw materials used in hard magnetic materials include neodymium, ferrite, alnico, samarium cobalt, and bonded NdFeB. These materials exhibit different magnetic orientations such as diamagnetic, paramagnetic, ferromagnetic, and anti-ferromagnetic. Hard magnetic materials find applications in various devices such as transformers, motors, inductors, generators, and other magnetic components.

The magnetic materials market research report is one of a series of new reports that provides magnetic materials market statistics, including the magnetic materials industry's global market size, regional shares, competitors with an magnetic materials market share, detailed magnetic materials market segments, market trends, and opportunities, and any further data you may need to thrive in the magnetic materials industry. This magnetic materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The magnetic materials market consists of sales of permanent magnets, magnetic storage media, magnetic sensors and devices, electromagnets and magnetic assemblies, magnetic separation, and sorting systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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