Magnetic Materials

Global Magnetic Materials Market to Reach US$270.7 Billion by 2030

The global market for Magnetic Materials estimated at US$146.0 Billion in the year 2023, is expected to reach US$270.7 Billion by 2030, growing at a CAGR of 9.2% over the analysis period 2023-2030. Semi-Hard Magnet, one of the segments analyzed in the report, is expected to record a 9.8% CAGR and reach US$120.9 Billion by the end of the analysis period. Growth in the Soft Magnet segment is estimated at 8.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$38.1 Billion While China is Forecast to Grow at 13.5% CAGR

The Magnetic Materials market in the U.S. is estimated at US$38.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$69.8 Billion by the year 2030 trailing a CAGR of 13.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.8% and 8.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.7% CAGR.

Global Magnetic Materials Market - Key Trends and Drivers Summarized

How Are Magnetic Materials Shaping Modern Technology?

Magnetic materials are critical components in a wide range of modern technologies, from consumer electronics and power generation to medical devices and transportation. These materials, which include soft magnetic materials (used in transformers and inductors) and hard magnetic materials (used in permanent magnets), are essential for generating, storing, and transmitting electrical energy. In the automotive industry, magnetic materials are integral to the operation of electric motors and sensors in electric vehicles. In the electronics sector, they are used in data storage devices and sensors. As demand for efficient energy solutions and advanced technologies grows, magnetic materials are becoming increasingly important for both traditional and emerging industries.

What Innovations Are Shaping the Magnetic Materials Market?

The magnetic materials market is being shaped by innovations in nanotechnology, materials science, and manufacturing processes. The development of rare-earth-free magnetic materials is gaining momentum as manufacturers seek to reduce dependency on rare-earth elements, which are expensive and difficult to source. Additionally, advancements in high-performance ferrite magnets and bonded magnets are enhancing the efficiency and power density of devices that rely on magnetic materials, such as electric motors and wind turbines. The integration of magnetic materials in emerging technologies, including wireless charging systems and magnetic resonance imaging (MRI) machines, is also driving research and development in the field.

How Do Market Segments Define the Growth of Magnetic Materials?

Types of magnetic materials include soft magnetic materials, hard magnetic materials, and semi-hard magnetic materials, with hard magnetic materials (such as neodymium magnets) dominating the market due to their use in permanent magnets for motors and generators. Applications range from energy generation and storage to consumer electronics and medical devices, with energy generation being a major growth segment due to the increasing adoption of wind turbines and electric vehicles. End-use industries include automotive, electronics, energy, healthcare, and industrial manufacturing, with the automotive sector leading the market as electric vehicle production rises.

What Factors Are Driving the Growth in the Magnetic Materials Market?

The growth in the magnetic materials market is driven by several factors, including the rising demand for electric vehicles, the expansion of renewable energy infrastructure, and the growing use of advanced electronics. As the shift toward clean energy and electric mobility accelerates, the need for high-performance magnetic materials in electric motors, generators, and energy storage systems is increasing. Additionally, the proliferation of consumer electronics and medical devices that rely on magnetic materials for data storage, imaging, and sensing is contributing to market growth. The continued development of rare-earth-free magnets and other sustainable solutions is also expected to play a key role in driving future growth in this market.

Select Competitors (Total 13 Featured) -

• Arnold Magnetic Technologies Corporation
• Daido Steel Co. Ltd.
• Dexter Magnetic Technologies
• Electron Energy Corporation
• Hitachi Metals Ltd.
• Lynas Corporation Ltd.
• Molycorp Inc.
• Shin-ETSU Chemical Co., Ltd.
• TDK Corporation
• Tengam Engineering Inc.

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