The global Magnetic Materials Market is expected to reach USD 58.97 billion by 2030, at a CAGR of 7.7% during the forecast period 2021 to 2030.
Market Overview
According to Spherical Insights, the global magnetic materials market is projected to witness substantial growth, fueled by the rapid expansion of renewable energy technologies, increasing demand for electric vehicles (EVs), and technological innovations in electronics. Both soft and hard magnetic materials are in high demand, with applications extending across traditional and emerging industries.
Key Drivers of Growth
1. Electric Vehicle Revolution
The rising adoption of EVs globally is a major driver of demand for permanent magnets used in traction motors. Neodymium-iron-boron (NdFeB) magnets, known for their high performance, are especially critical for lightweight, efficient EV motor designs.
2. Renewable Energy Expansion
Wind turbines and other clean energy technologies increasingly utilize magnetic materials for generators and energy conversion systems. The global push toward decarbonization and energy transition further fuels this growth trajectory.
3. Electronics & Telecommunications
With the expansion of IoT and 5G infrastructure, the demand for miniature magnetic components like inductors, transformers, and filters is accelerating. Soft magnetic materials, such as ferrites and amorphous alloys, are widely used in electronic devices and power supplies.
4. Healthcare Applications
From MRI machines to medical sensors, magnetic materials play an integral role in modern diagnostic and therapeutic equipment. Increasing investment in healthcare infrastructure is propelling the market further.
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Emerging Trends
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Rare Earth Magnet Demand Surge: As technologies become more compact and efficient, the need for high-performance rare earth magnets is intensifying. However, concerns around supply chain and environmental impact are pushing research toward alternatives.
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Advancements in Soft Magnetic Composites (SMCs): These offer excellent magnetic performance and are gaining traction in automotive and power electronics for their design flexibility and low eddy current losses.
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Magnet Recycling & Sustainability: With environmental concerns on the rise, there is growing interest in recycling magnetic materials, especially rare earths, to create a circular supply chain.
Regional Insights
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Asia Pacific Dominates: Countries like China, Japan, and South Korea lead the global magnetic materials market due to their strong manufacturing bases, technological advancement, and government support for clean energy and EVs.
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North America & Europe Catching Up: With increasing investments in renewable energy, smart grids, and electric mobility, these regions are also seeing strong growth potential.
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- In January 2022- A magnet technology business called Quadrant recently announced plans to build a permanent magnet manufacturing facility in the United States. The business hopes to gain from the automotive industry's explosive growth in the manufacture of electric vehicles.
Competitive Landscape
Major players in the magnetic materials market include Hitachi Metals Ltd., Arnold Magnetic Technologies, TDK Corporation, Daido Steel Co., Ltd., and VACUUMSCHMELZE GmbH & Co. KG. Companies are investing in R&D, mergers, and strategic alliances to strengthen their market positions and reduce dependency on critical raw materials.
Conclusion
The magnetic materials market is set to experience robust growth in the coming years, driven by technological innovation and the global shift toward sustainability. As industries strive for more efficient, eco-friendly, and high-performing solutions, magnetic materials will remain at the core of transformative change.