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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Growth Factors in the Magnetic Materials Market
Materials generate a magnetic field around themselves due to their magnetic properties. Magnetic materials generate magnetic fields that are generally imperceptible to the human eye. Despite their withdrawal from the specific magnetic field, these materials continue to demonstrate their magnetic properties. Magnetic materials attract ferrous metals, while they repel non-ferrous metals. Nickel, cobalt, iron, and other elements that are naturally derived from the earth’s surface are among the magnetic materials that have been extensively discovered.
A magnet can be employed to magnetize alloys that are composed of rare earth elements or metals, resulting in their intense attraction to the magnet. The elements that are classified as “ferromagnetic materials” are referred to as such. Magnetic materials are employed in a diverse array of applications in both the automotive and electronics industries. Magnetic materials are the primary components that are used in the production of magnets.
The global market for magnetic materials is expected to experience substantial growth in the years ahead due to the increasing demand for permanent magnets in a diverse array of industry verticals. Permanent magnets are extensively employed in wind turbines to generate a variety of renewable energy sources. Another factor that is contributing to the growth of this market is the increasing use of magnets in a variety of computer applications. Advancements in technology have resulted in the introduction of storage systems that are energy-efficient.
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The Global Magnetic Materials Market is segmented based on product, application and region
Global Magnetic Materials Market: Product Segment Analysis
● Soft Magnetic Materials
● Semi-hard Magnetic Materials
● Hard Magnetic Materials
Global Magnetic Materials Market: Application Segment Analysis
● Industrial
● Electronics
● Power Generation
● Automotive
The Global Magnetic Materials market profiles key players such as:
● 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
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