How Has The Magnetic Materials Market Size Evolved In Recent Years?
The magnetic materials market has seen considerable growth due to a variety of factors.
•In the past few years, the size of the magnetic materials market has seen robust growth. It is projected to expand from $35.17 billion in 2024 to $37.11 billion in 2025, representing a compound annual growth rate (CAGR) of 5.5%.
This growth during the historic period can be linked to the boom in electronics, use in the automotive industry, development of telecommunications infrastructure, the increase in renewable energy, and advances in medical imaging.
What Is The Projected Growth Of The Magnetic Materials Market?
The magnetic materials market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the magnetic materials market is projected to witness robust growth, reaching a value of $49.54 billion by 2029, escalating at a compound annual growth rate (CAGR) of 7.5%.
The expected expansion in the estimated period can be related to the surge in the electric vehicle industry, downsizing trends, energy storage remedies, the advent of magnetocaloric cooling, automation, and robotics. The forecast period will also witness significant trends such as the application of 5g technology, magnetic levitation techniques, magnetic recording technology, magnetic 3d printing, IoT amalgamation, and the use of magnetic materials in aerospace.
What Are The Primary Growth Drivers In The Magnetic Materials Market?
The surge in the requirement for the automotive sector is anticipated to boost the development of the magnetic material market in the future. The automotive industry encompasses the field concerned with the conceptualization, building, manufacturing, advertising, and selling of vehicular transportation, which includes cars, trucks, motorcycles, and other types of vehicles. The intensifying demand in the automotive domain has profound effects on magnetic materials usage. These magnetic materials are integral to various aspects and systems within the automobile, enhancing their operation, efficacy, and security. For example, in 2023, the global automotive industry witnessed a significant growth as confirmed by the France-based international vehicle manufacturers association, Organisation Internationale des Constructeurs d'Automobiles (OICA). It stated that there was an increase in the total vehicle production, reaching 93546599 units, which was considerably more than the 85016728 units produced in the previous year, 2022. Hence, the increasing demand from the automotive sector is propelling the magnetic material market growth.
What Is The Segmentation Of The Global Magnetic Materials Market?
The magnetic materials market covered in this report is segmented –
1) By Type: Hard Magnetic Materials, Soft Magnetic Materials, Semi-Hard Magnetic Materials
2) By Raw Materials: Neodymium, Ferrite, Alnico, Samarium Cobalt, Bonded NdFeB
3) By Orientation: Diamagnetic, Paramagnetic, Ferromagnetic, Anti-Ferromagnetic
4) By Application: Transformers, Motors, Inductors, Generators, Other Applications
Subsegments:
1) By Hard Magnetic Materials: Neodymium Iron Boron (NdFeB), Samarium Cobalt (SmCo), Ferrite Magnets
2) By Soft Magnetic Materials: Silicon Steel, Iron Powder, Amorphous Steel
3) By Semi-Hard Magnetic Materials: Cobalt Alloys, Permalloy
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What Emerging Trends Are Shaping The Magnetic Materials Market Landscape?
Technological advancements are an emerging key trend in the magnetic materials market. Businesses in the market are embracing innovative technologies to maintain their competitive advantage. Take, for example, the activity in November 2022 as reported by the Critical Materials Institute (CMI), a US-based energy innovation hub led by Ames National Laboratory. Their research represents a significant advancement in the field of permanent magnet materials. They managed to improve the properties of a rare-earth-free magnet material known as manganese bismuth (MnBi) and demonstrated its feasibility for mass production. By meticulously manipulating the microstructure of the MnBi magnets, they succeeded in enhancing their magnetic properties and performance. The importance of this progress lies in its potential to pave the way for building compact, energy-efficient motors that do not depend on scarce earth components.
Who Are the Key Players in the Magnetic Materials Market?
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
What are the Regional Insights into the Magnetic Materials Market?
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.
