Advanced Magnetic Materials Market Forecasts to 2030 – Global Analysis By Material Type (Ferrite Magnets, Samarium Cobalt Magnets, Rare Earth Magnets, Neodymium Iron Boron Magnets, Soft Magnetic Materials and Other Material Types), Application (Magnetic S

Advanced Magnetic Materials Market Forecasts to 2030 – Global Analysis By Material Type (Ferrite Magnets, Samarium Cobalt Magnets, Rare Earth Magnets, Neodymium Iron Boron Magnets, Soft Magnetic Materials and Other Material Types), Application (Magnetic Separation, Transformers, Magnetic Recording, Magnetic Resonance Imaging, Magnetic Couplings, Magnetic Bearings and Other Applications), End User and By Geography

According to Stratistics MRC, the Global Advanced Magnetic Materials Market is accounted for $24.2 billion in 2023 and is expected to reach $51.85 billion by 2030 growing at a CAGR of 11.5% during the forecast period. Advanced magnetic materials encompass a diverse range of substances engineered to exhibit exceptional magnetic properties, surpassing conventional magnetic materials like iron and steel. These materials, often incorporating rare earth elements and transition metals, are tailored to possess high magnetic strength, stability, and unique functionalities. Their utilization enables the development of advanced technologies such as high-performance motors, sensors, magnetic data storage devices, and magnetic resonance imaging systems, driving innovation and efficiency across numerous sectors.

Market Dynamics:

Driver:

Rising demand for consumer electronics

The widespread use of smartphones, tablets, laptops, and other consumer electronic devices has driven the demand for advanced magnetic materials. Magnetic materials play a crucial role in the production of high-quality speakers and headphones. Materials like neodymium magnets enable the creation of compact yet powerful audio devices that deliver superior sound reproduction. These materials are used in components like sensors, memory devices, and speakers, contributing to the growth of the market.

Restraint:

Environmental concerns

The production and use of advanced magnetic materials, particularly rare-earth magnets, can have adverse environmental impacts throughout their lifecycle. Rare-earth mining processes often result in pollution, habitat destruction, and the generation of hazardous waste. Moreover, the disposal of advanced magnetic materials at the end of their lifecycle can be challenging. Many advanced magnetic materials contain hazardous substances that require proper handling and disposal to prevent environmental contamination. As a result, environmental concerns are a significant factor hindering market growth.

Opportunity:

Technological advancements

Continuous advancements in material science and manufacturing processes have led to the development of advanced magnetic materials with improved properties such as higher magnetic strength, temperature resistance, and enhanced durability. A key technological advancement is the discovery and refinement of rare-earth magnets. These magnets offer high magnetic strength and superior performance compared to traditional magnets like ferrite magnets. As a result, these advancements have expanded the range of applications for advanced magnetic materials, driving market growth.

Threat:

High cost

The production of advanced magnetic materials, particularly rare-earth magnets, involves complex manufacturing processes and expensive raw materials, which contribute to their high cost. Moreover, the manufacturing processes for advanced magnetic materials require specialized techniques and equipment. Techniques like powder metallurgy and sintering, which are commonly used in the production of advanced magnetic materials, can be costly and resource-intensive.

Covid-19 Impact

The COVID-19 pandemic has significantly impacted the advanced magnetic materials market. Initially, the outbreak led to disruptions in global supply chains, causing delays in the production and distribution of magnetic materials. Lockdown measures and restrictions on movement further exacerbated these challenges, hindering manufacturing activities and impacting demand from industries such as automotive, electronics, and renewable energy, which are major consumers of advanced magnetic materials.

The samarium cobalt magnets segment is expected to be the largest during the forecast period

The samarium cobalt magnets segment is estimated to hold the largest share. Known for their high magnetic energy product and resistance to demagnetization, SmCo magnets find applications in various industries, including aerospace, defense, automotive, and electronics. of Key advantage of SmCo magnets is their ability to maintain their magnetic strength even at elevated temperatures, making them suitable for environments where other magnet materials may lose their effectiveness.

The magnetic separation segment is expected to have the highest CAGR during the forecast period

The magnetic separation segment is anticipated to have lucrative growth during the forecast period. It is widely used to remove unwanted magnetic impurities from raw materials, enhance product purity, and recover valuable metals or substances. Advanced magnetic materials, such as rare-earth magnets, enhance the efficiency and effectiveness of magnetic separation processes due to their superior magnetic properties. These materials allow for more precise separation, higher throughput, and improved recovery rates.

Region with largest share:

North America commanded the largest market share during the extrapolated period. The region's focus on sustainability and energy efficiency further boosts the adoption of advanced magnetic materials in renewable energy technologies such as wind turbines and electric vehicles. Additionally, the presence of prominent manufacturers, research institutions, and academic centers specializing in magnetic materials contributes to the continual advancement and commercialization of novel magnetic technologies.

Region with highest CAGR:

Asia Pacific is expected to witness profitable growth over the projection period, owing to rapid industrialization, technological advancements, and burgeoning demand across various industries. In Asia Pacific, the demand for advanced magnetic materials is driven by a wide range of applications, including electronics, automotive, healthcare, and renewable energy. Furthermore, with the region's expanding consumer electronics market and the rise of electric vehicles, there is a growing need for high-performance magnetic materials in motors, sensors, and power generation systems.

Key players in the market

Some of the key players in the Advanced Magnetic Materials Market include Bunting Magnetics Co., Guangdong Lingyi Co. Ltd., Bogen Magnetics GmbH, Anhui Sinomag Technology Co. Ltd., Hitachi Metals LTD., Daido Steel Ltd., Arnold Magnetic Technologies, Electron Energy Corporation, Proterial Ltd., Dexter Magnetic Technologies, Master Magnetics Inc., Shin-Etsu Chemical Co. Ltd., Viona Magnetics, Vacuumschmelze GmbH & Co. KG and Yantai Dongxing Magnetic Materials Inc.

Key Developments:

In December 2021, Hitachi Metals and A*STAR’s Singapore Institute of Manufacturing Technology have extended by three years their existing joint lab collaboration to develop metal powders for additive manufacturing (AM) to enable players in the local AM ecosystem to reap more benefits from 3D printing.

Material Types Covered:
• Ferrite Magnets
• Samarium Cobalt Magnets
• Rare Earth Magnets
• Neodymium Iron Boron Magnets
• Soft Magnetic Materials
• Other Material Types

Applications Covered:
• Magnetic Separation
• Transformers
• Magnetic Recording
• Magnetic Resonance Imaging
• Magnetic Couplings
• Magnetic Bearings
• Other Applications

End Users Covered:
• Healthcare
• Aerospace & Defense
• Automotive
• Electronics
• Industrial Machinery
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements