Magnets And Magnetic Materials Market Growth | 2028

Market Insights

The magnets and magnetic materials market is estimated to grow from USD 40 billion in 2022 and is likely to grow at a CAGR of 8.10% during 2023-2028 to reach USD 64.02 million by 2028.

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What are magnets and magnetic materials?

A magnet is a material that generates a continuous magnetic field, and a form of current flows inside the material. Whereas, a magnetic material is referred to as an object which produces a magnetic field. The magnetic response of such material is heavily dependent on its spin of electron and dipole movement. Magnetic material can be classified as permanent, soft, semi-hard, or hard, each of which possesses specific properties and uses.

Key Players

The following are some of the key players operating in the global magnets and magnetic materials market are -

• Hitachi Metals, Ltd. (Japan)
• Daido Steel Co., Ltd. (Japan)
• Molycorp Magnequench (Canada)
• Shin-ETSU Chemical Co., Ltd. (Japan)
• TDK Corporation (Japan)
• Lynas Corporation Ltd. (Malaysia)
• Arnold Magnetic Technologies Corporation (US)
• Electron Energy Corporation (US)
• Tengam Engineering, Inc. (US)
• Adams Magnetic Products Co., Inc. (US)

Market Dynamics

The magnets and magnetic materials market is driven by a host of factors, some of which are noted below:

• Surging product demand owing to its cost-effectiveness and high throughput in electronic products. Magnets are now used in every field.
• The microphone used in electric motors in cars, all consists of magnets.
• Moreover, it finds widespread usage in the medical industry, in magnetic resonance imaging, where powerful magnets in combination with radio waves help in diagnosing different conditions inside the body.
• In addition, it is considered a suitable substitute for electronic components.

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Trends:

• Increased demand for permanent magnets: Permanent magnets are used in a variety of applications where a strong and stable magnetic field is required. The increasing demand for permanent magnets is being driven by the growing demand for electric vehicles, wind turbines, and machine tools.
• Development of new magnetic materials: Researchers are developing new magnetic materials with improved properties, such as higher coercivity and remanence. These new materials are expected to find applications in a variety of new technologies, such as high-speed motors, medical devices, and aerospace applications.
• Growing demand for recycled magnetic materials: The demand for recycled magnetic materials is increasing due to environmental concerns and the rising cost of virgin materials. Recycled magnetic materials can be used to produce new magnets with similar properties to virgin materials.

Segment Analysis

Type

The market has been classified into semi-hard magnets, soft magnets & permanent/hard magnets. The soft magnets segment dominated the market with the highest share in 2022 & is anticipated to remain dominant during the forecast period. These materials have smaller regions contained by their hysteric loop. These materials have low coercivity and remnant magnetization, as well as high initial permeability. Eddy current and hysteresis losses are also negligible in these materials.

Hard or permanent magnetic materials are anticipated to remain the fastest-growing segment during the forecast period. These materials have a huge magnetic field, a high anisotropy field, and a big hysteresis loop area. These materials are not easily magnetized and can be created by heating and rapidly cooling. NdFeB is one of these materials. Among these are SmCo 2:17, SmCo 1.:5, Ferrite, Alnico 8, and Alnico 5-7.

End Use Trends

The market has been classified into automotive, electronics, industrial, power generation, and others. The automotive segment accounted for the largest market in 2022 & is expected to remain the largest segment during the forecast period. 

Owing to a strong need for high-quality magnetic materials used in the production of automotive parts & components with the use of advanced technologies.

Regional Insight

North America accounted for a significant share in 2022 and is expected to grow at a robust CAGR during the review period. The market growth is mainly attributed to the strong presence of product manufacturers, robust end-use sectors such as medical and automotive, and ongoing technological developments, which further augments the market growth.

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On the other hand, Asia Pacific is expected to grow at a healthy CAGR during the review period. This is mainly ascribed to the presence of various electronic and semiconductor manufacturing companies in China, Taiwan, Japan, and South Korea. China and India are key contributors to automobile production, which further bolsters regional market growth.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The magnets and magnetic materials market is segmented into the following categories:

By Type

• Semi-hard Magnet
• Soft Magnet
• Permanent/hard Magnet

By End Use

• Automotive
• Electronics
• Industrial
• Power Generation
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico),
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe),
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific),
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others).

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 
What Deliverables Will You Get in this Report?

Target Audience

The target audience of global magnets and magnetic materials market includes-

• Vendors
• Manufacturers
• Distributors
• Organizations
• Government Bodies.

Covid-19 Impact Analysis

The COVID-19 pandemic has moderately affected the magnets and magnetic materials industry. Rising coronavirus cases across the globe created a burden on the medical and research community to speed up testing capabilities, thus augmenting the usage of MRI scans. However, the automotive and electronics sectors experiences a downfall due to shutdown of operations, which affected product demand, amid the pandemic.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.