Sign in

Global Magnetic Materials Market Analysis 2024 – Estimated Market Size And Key Drivers

saikiran TBRC
Global Magnetic Materials Market Analysis 2024 – Estimated Market Size And Key Drivers

The Magnetic Materials Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Magnetic Materials Market:


According to The Business Research Company’s Magnetic Materials Global Market Report 2024, The magnetic materials market size has grown strongly in recent years. It will grow from $33.66 billion in 2023 to $35.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to electronics boom, automotive applications, telecommunications infrastructure, renewable energy growth, medical imaging.

The magnetic materials market size is expected to see strong growth in the next few years. It will grow to $45.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to electric vehicle revolution, miniaturization trends, energy storage solutions, emerging magnetocaloric cooling, automation and robotics. Major trends in the forecast period include 5g technology deployment, magnetic levitation technologies, magnetic recording technology, magnetic 3d printing, iot integration, magnetic materials for aerospace.

The growing demand for the automotive industry is expected to propel the growth of the magnetic material market going forward. The automotive industry refers to the sector involved in the design, development, production, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and other vehicles. The growing demand for the automotive industry has significant implications for the use of magnetic materials. Magnetic materials play a crucial role in various components and systems within automobiles, contributing to their performance, efficiency, and safety. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), according to the primary standards and advocacy organization for the EU's automotive industry, US passenger car sales climbed by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. In 2021, the number of automobiles produced by Chinese automakers increased by 7.1% to 20.7 million. The total number of automobiles produced globally increased by 2.7% to 63.2 million. Also, in 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the growing demand for the automotive industry is driving the growth of the magnetic material market.

Get A Free Sample Of The Report (Includes Graphs And Tables):


The magnetic materials market covered in this report is segmented –

1) By Type: Hard Magnetic Materials, Soft Magnetic Materials, Semi-Hard Magnetic Materials

2) By Raw Materials: Neodymium, Ferrite, Alnico, Samarium Cobalt, Bonded NdFeB

3) By Orientation: Diamagnetic, Paramagnetic, Ferromagnetic, Anti-Ferromagnetic

4) By Application: Transformers, Motors, Inductors, Generators, Other Applications

Technological developments are a key trend gaining popularity in the magnetic materials market. Companies operating in the magnetic materials market are adopting new technologies to sustain their position in the market. For instance, in November 2022, according to Critical Materials Institute (CMI), a US-based energy innovation hub led by Ames National Laboratory, the research conducted by the Department of Energy's Critical Materials Institute (CMI) and Ames National Laboratory represents a significant development in the field of permanent magnet materials. The researchers have enhanced the properties of a rare-earth-free magnet material called manganese bismuth (MnBi) and demonstrated its potential for large-scale manufacturing. By carefully controlling the microstructure of the MnBi magnets, the researchers were able to improve their magnetic properties and performance. This advancement is particularly noteworthy because it offers a pathway to creating compact and energy-efficient motors without relying on rare earth elements.

The magnetic materials market report table of contents includes:

1. Executive Summary

2. Magnetic Materials Market Characteristics

3. Magnetic Materials Market Trends And Strategies

4. Magnetic Materials Market analysis

5. Magnetic Materials Market Size And Growth

6.Magnetic Materials Segmentation

7. Magnetic Materials Regional And Country Analysis




27.Magnetic Materials Competitive Landscape And Company Profiles

28.Magnetic Materials Key Mergers And Acquisitions

29.Magnetic Materials Future Outlook and Potential Analysis


  • TDK Corporation
  • Daido Steel Co. Ltd.
  • Hitachi Metals Ltd.
  • Magnequench Inc.
  • Lynas Corporation Ltd.
  • Eriez Magnetics

Contact Us:

The Business Research Company

Europe: +44 207 1930 708

Asia: +91 88972 63534

Americas: +1 315 623 0293

Email: [email protected] 

Follow Us On:

LinkedIn: https://in.linkedin.com/company/the-business-research-company 

Twitter: https://twitter.com/tbrc_info 

Facebook: https://www.facebook.com/TheBusinessResearchCompany 

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ 

Blog: https://blog.tbrc.info/ 

Healthcare Blog: https://healthcareresearchreports.com/ 

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model 

saikiran TBRC
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more