Magnetic Materials Global Market Report 2024

Magnetic materials refer to substances that possess the ability to generate a magnetic field or be attracted to a magnetic field. These materials exhibit various magnetic properties such as ferromagnetism, paramagnetism, or diamagnetism.

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 from The Business Research Company 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 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 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.

Magnetic Materials Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on magnetic materials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for magnetic materials ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The magnetic materials market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: TDK Corporation; Daido Steel Co. Ltd.; Hitachi Metals Ltd.; Magnequench Inc.; Lynas Corporation Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.