Magnetic Materials Market Size, Share, Analysis, Trends, Growth Report, 2032

Magnetic Materials Industry Prospective:

The global magnetic materials market size was worth around USD 18.67 Billion in 2023 and is predicted to grow to around USD 33.53 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.72% between 2024 and 2032.

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The report analyzes the global magnetic materials market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the magnetic materials industry. 

The report covers a forecast and an analysis of the magnetic materials market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 o 2032 based on revenue (USD Billion) and volume (Tons). The study includes drivers and restraints of the magnetic materials market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the magnetic materials market on a global level.

In order to give the users of this report a comprehensive view of the magnetic materials market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product type portfolio of various companies according to regions.

Magnetic Materials Market: Growth Factors

The magnetic properties of materials cause them to generate a magnetic field around themselves. In general, the magnetic field that is produced by magnetic materials is not visible to the naked eye. In spite of the fact that they have been withdrawn from the particular magnetic field, these materials continue to exhibit their magnetic properties. Ferrous metals are drawn to the magnetic materials, while non-ferrous metals are repelled by such materials. Some of the magnetic materials that are widely discovered include nickel, cobalt, iron, and other elements that are derived naturally from the surface of the earth.

A magnet can be used to magnetize alloys that are produced from rare earth elements or metals, causing them to become strongly attracted to the magnet. The term "ferromagnetic materials" refers to the elements that fall under this category. The automotive and electronics industries both make extensive use of magnetic materials for a wide variety of applications. The primary components that go into the production of magnets are magnetic materials.

As a result of the growing need for permanent magnets across a variety of industry verticals, the global market for magnetic materials is projected to enjoy significant expansion in the years to come. Permanent magnets are utilized extensively in wind turbines for the purpose of producing various forms of renewable energy. A further factor that is contributing to the expansion of this market is the increasing utilization of magnets in a variety of computer applications. Storage systems that are efficient in terms of energy consumption have been introduced to the market as a result of developments in technology.

In recent years, there have been significant advancements achieved in the research and development of energy storage materials. The application and utilization of magnetic materials led to the achievement of significant energy efficiency. As a result, it is anticipated that this will further encourage market expansion. Additionally, the global market for magnetic materials is being driven by the increasing utilization of nano-crystalline magnetic materials by the biomedical industry. On the other hand, the fluctuating pricing of raw materials can make it difficult for the market to expand in the future.

Magnetic Materials Market: Report Scope

Magnetic Materials Market: Segmentation

Based on product type, the magnetic materials market is segmented into soft magnetic materials, semi-hard magnetic materials, and hard magnetic materials. On the basis of application, the market is categorized into industrial, power generation, automotive, and electronics.

Magnetic Materials Market: Competitive Space

Some key industry players operating in the global magnetic materials market include

• Zhejiang Kaiven Magnet Company
• Ningbo Vastsky Magnet
• Dexter Magnetic Technologies
• Tengam Engineering
• A.K. Steel Holding Corporation
• Shin-Etsu Chemical
• Electron Energy Corporation
• Steward Advanced Materials
• BGRIMM Magnetic Materials & Technology
• Toshiba Materials
• Hengdian Group DMEGC Magnetics
• Adams Magnetic Products
• GKN Sinter Metals
• Sintex
• Dura Magnetics, and Neo.
• And Others

This report segments the global magnetic materials market as follows:

Global Magnetic Materials Market: Product Type Analysis

• Soft Magnetic Materials
• Semi-hard Magnetic Materials
• Hard Magnetic Materials

Global Magnetic Materials Market: Application Analysis

• Industrial
• Electronics
• Power Generation
• Automotive

Global Magnetic Materials Market: Regional Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa