Magnetic Materials Market Size (2024 - 2029)

The magnetic materials market is projected to experience significant growth over the forecast period, driven by increasing demand from the automotive, electronics, and power generation sectors. Despite the initial negative impact of the COVID-19 pandemic, the market has rebounded as industrial and automotive operations resumed. The Asia-Pacific region is anticipated to lead in market size, benefiting from the rising need for magnetic materials, particularly in hybrid electric vehicles. However, the high cost of extracting rare earth materials poses a challenge to market expansion.

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Market Size of Magnetic Materials Industry

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Magnetic Materials Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 6.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Magnetic Materials Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Magnetic Materials Market Analysis

The Magnetic Materials Market size is estimated at 30.18 Million tons in 2024, and is expected to reach 41.18 Million tons by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).

The magnetic materials market was negatively affected by the COVID-19 pandemic due to nationwide lockdowns in several countries and strict social distancing measures, which resulted in production halts of automotive vehicles and electronic components, thereby affecting the market for magnetic materials. However, post-COVID-19 pandemic, most of the industrial manufacturing facilities and automotive manufacturers resumed their operations, which helped to revive the market for magnetic materials. In recent years, the market registered a significant growth rate due to increasing demand from the automotive, electronics, and power generation industries.

The rising adoption of magnetic materials in the power generation industry and the increasing usage in the electronics end-user industry are expected to drive the current studied market.

On the flip side, the high cost of extracting rare earth materials is expected to hinder the growth of the market.

The rising demand for magnetic materials in hybrid electric vehicles is expected to create opportunities for the market during the forecast period.

The Asia-Pacific region is expected to dominate the market. It is also expected to register the highest CAGR during the forecast period due to the rising demand for magnetic materials in the automotive, electronics, and power generation industries.

Magnetic Materials Industry Segmentation

Magnetic materials are capable of attracting and repelling other materials, such as steel or iron. Magnetic materials are widely used in transformers, generators, and motors.

The magnetic materials market is segmented by type, end-user industry, and geography. Based on type, the market is segmented into hard magnetic materials, soft magnetic materials, and semi-hard magnetic materials. Based on the end-user industry, the market is segmented into automotive, electronics, power generation, industrial, and other end-user industries (consumer goods, communication and technology, etc.).

The report also covers the market size and forecasts for magnetic materials in 15 countries across major regions. Each segment's market sizing and forecasts are based on volume (tons).

Type
Hard Magnetic Materials
Soft Magnetic Materials
Semi-Hard Magnetic Materials
End-user Industry
Automotive
Electronics
Power Generation
Industrial
Other End-user Industries (Consumer Goods, Communication and Technology, etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Magnetic Materials Market Size Summary

The magnetic materials market is poised for significant growth, driven by increasing demand from the automotive, electronics, and power generation industries. The market experienced setbacks due to the COVID-19 pandemic, which disrupted production in key sectors. However, the resumption of operations in industrial manufacturing and automotive sectors has spurred recovery. The market is expected to benefit from the rising adoption of magnetic materials in hybrid electric vehicles, although the high cost of extracting rare earth materials may pose challenges. The Asia-Pacific region is anticipated to lead the market, supported by its robust automotive and electronics industries and growing power generation sector.

In the power generation sector, magnetic materials are integral to the functioning of motors, generators, transformers, and actuators, contributing to electricity generation and transmission. The increasing capacity for electricity generation, particularly in China and the United States, is expected to drive market demand. The Asia-Pacific region's dominance is further bolstered by the shift towards electric vehicles in China and India, driven by environmental regulations and government initiatives. This shift is expected to sustain the demand for magnetic materials, with major players like Arnold Magnetic Technologies and PROTERIAL, Ltd. actively expanding their global presence.

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Magnetic Materials Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 The Rising Adaption of Magnetic Materials in Power Generation Industry

      2. 1.1.2 Increasing Applications in Electronics

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 High Cost in Extracting Rare Earth Materials

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Type

      1. 2.1.1 Hard Magnetic Materials

      2. 2.1.2 Soft Magnetic Materials

      3. 2.1.3 Semi-Hard Magnetic Materials

    2. 2.2 End-user Industry

      1. 2.2.1 Automotive

      2. 2.2.2 Electronics

      3. 2.2.3 Power Generation

      4. 2.2.4 Industrial

      5. 2.2.5 Other End-user Industries (Consumer Goods, Communication and Technology, etc.)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle East and Africa

Magnetic Materials Market Size FAQs

The Magnetic Materials Market size is expected to reach 30.18 million tons in 2024 and grow at a CAGR of greater than 6% to reach 41.18 million tons by 2029.

In 2024, the Magnetic Materials Market size is expected to reach 30.18 million tons.

Magnetic Materials Market Report Snapshots

Magnetic Materials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)