Global Magnetic Materials Market Report 2024, Forecast To 2033
8 Mar, 2024
The magnetic materials market has experienced strong growth, rising from $33.66 billion in 2023 to $35.68 billion in 2024, representing a CAGR of 6.0%. This growth is driven by the electronics boom, automotive applications, and renewable energy growth. Forecasts indicate continued growth, reaching $45.64 billion by 2028, with a CAGR of 6.3%, propelled by the electric vehicle revolution and emerging magnetocaloric cooling technologies. Major trends include the deployment of 5G technology, magnetic levitation technologies, and magnetic 3D printing, alongside increased utilization in automation and robotics.
Global Magnetic Materials Market Key Driver
The magnetic material market is poised for growth due to the rising demand in the automotive industry, which relies on magnetic materials for various components and systems. Data from reputable sources such as the European Automobile Manufacturers' Association highlight the global increase in passenger car sales and production, underscoring the significant demand for magnetic materials within the automotive sector.
Get A Free Sample Of The Global Magnetic Materials Market ReportGlobal Magnetic Materials Market Segments
The magnetic materials market covered in this report is segmented –
1) Type:Hard Magnetic Materials, Soft Magnetic Materials, Semi-Hard Magnetic Materials
2) Raw Materials:Neodymium, Ferrite, Alnico, Samarium Cobalt, Bonded NdFeB
3) Orientation:Diamagnetic, Paramagnetic, Ferromagnetic, Anti-Ferromagnetic
4) Application:Transformers, Motors, Inductors, Generators, Other Applications
By Geography: 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.
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.
Major Magnetic Materials Industry Players
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
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Magnetic Materials Market Overview
Magnetic materials refer to substances that possess the ability to generate a magnetic field or be attracted to a magnetic field. They are characterized by their ability to exhibit ferromagnetism, Para magnetism, or diamagnetism.