Magnetic Materials Market Size (2024 - 2029)

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).