Magnetic Materials Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Hard/Permanent Magnets, Semi-Hard Magnets, Soft Magnets), By Application (Automotive & Transportation, Electronics, Energy & Others), and Region Forecast 2019-2030

The global magnetic materials market size was valued at US$ 24,309.7 million in 2023 and is projected to reach a value of US$ 36,072.8 million by 2030, at a CAGR of 5.8% from 2024-2030. Magnetic materials are substances that exhibit magnetic properties, meaning they can produce a magnetic field or be attracted to a magnet. These materials are categorized as ferromagnetic, paramagnetic, diamagnetic based on their magnetic behaviour.

The market is driven by increased demand from the automotive, electronics, and power generation industries. However, high production costs and supply chain disruptions pose significant restraints of market. Opportunities lie in the growing electric vehicle sector and industrial automation, while trends of magnetic materials indicate a shift towards renewable energy sources and advancements in consumer electronics

Key Players

The leading companies highlighted in the magnetic materials market report include such as Hitachi Metals, Ltd has products like NdFeB magnets, SmCo magnets, ferrite magnets ; Daido Steel Co., Ltd offers products like soft magnetic materials, amorphous metals, and magnetic alloys and other key players are TDK Corporation, Shin-Etsu Chemical Co., Ltd, Arnold Magnetic Technologies, Lynas Corporation Ltd, Metglas, Inc. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

Key Takeaways

• Asia Pacific market is the dominant market in 2023.
• The Europe market is expected to expand at highest CAGR from 2024 to 2030.
• Based on type, the hard/permanent segment dominated the market in 2023.
• Based on application, the automotive & transportation segment is expected to dominate in the coming forecast years.

Facts & Figures

• In November 2020, Zhong Ke San Huan announced that it had completed construction of a new production line for its rare-earth-free magnets. It would have an annual production capacity of 1,000 tons. The new production line uses advanced manufacturing technologies. These include vacuum melting and directional solidification to produce high-quality magnets with superior magnetic properties.
• In March 2023, the Japan-based Suzuki Motor Company announced that it would invest US$ 1.3 billion in an Indian factory that will make electric vehicles and electric vehicle batteries.

Key Developments

In October 2020, Hitachi Metals announced that it had developed a new type of magnet made from rare-earth-free materials. It is called the RE-free magnet. The company claimed that RE-free magnet has high magnetic properties that are comparable to those of conventional magnets made with rare earth metals.

Magnetic Materials Market Segmentation:

By Type: Among all the types, hard/permanent magnets are the dominant type. This dominance is primarily due to their extensive use in a wide range of applications that require materials to retain their magnetism over time. These magnets are crucial in the automotive industry for electric vehicle motors, in consumer electronics for devices like speakers and hard drives, and in renewable energy applications such as wind turbine generators. Their high magnetic strength and stability make them indispensable in modern technologies, driving their dominance in the market.

By Application: Among all the applications, the automotive & transportation sector is the most dominant in the market. This dominance is driven by the rapidly growing demand for electric vehicles (EVs) and hybrid vehicles, which rely heavily on high-performance magnetic materials for electric motors, battery systems, and other components. The push towards sustainable transportation solutions has further amplified the need for advanced magnets that enhance the efficiency and performance of EVs. Additionally, magnetic materials are essential in various automotive applications, including sensors, actuators, and various electronic systems, making this sector a significant driver of growth in the market.