PUBLISHER: The Business Research Company | PRODUCT CODE: 1670284
PUBLISHER: The Business Research Company | PRODUCT CODE: 1670284
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 $35.17 billion in 2024 to $37.11 billion in 2025 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to the electronics boom, automotive applications, telecommunications infrastructure, renewable energy growth, and medical imaging
The magnetic materials market size is expected to see strong growth in the next few years. It will grow to $49.54 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to the electric vehicle revolution, miniaturization trends, energy storage solutions, emerging magnetocaloric cooling, automation and robotics. Major trends in the forecast period include 5g technology deployment, magnetic levitation technologies, magnetic recording technology, magnetic 3d printing, IoT integration, and magnetic materials for aerospace.
The increasing demand in the automotive industry is projected to drive the growth of the magnetic material market in the future. The automotive industry encompasses the design, development, production, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and more. This rising demand has considerable implications for the utilization of magnetic materials, which are essential for various components and systems in vehicles, enhancing their performance, efficiency, and safety. For example, in 2023, the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-based international association of automobile manufacturers, reported substantial growth in the global automotive sector, with total vehicle production reaching 93,546,599 units, a significant increase from 85,016,728 units in 2022. Thus, the growing demand in the automotive industry is propelling the magnetic material market forward.
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 April 2024, Master Magnetics Inc., a US-based manufacturer and distributor of magnetic products, acquired Factor89 for an undisclosed amount. This acquisition is expected to bolster Master Magnetics' market position and broaden its product offerings. Factor89, also a US-based company, specializes in the manufacturing of a diverse array of magnetic products and devices, complementing Master Magnetics' existing portfolio and enhancing its capabilities in the magnetic materials sector.
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
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.
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 2025 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.
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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.