Market Size of Magnetic Materials Industry
Study Period | 2019-2029 |
Market Volume (2024) | 30.18 Million tons |
Market Volume (2029) | 41.18 Million tons |
CAGR (2024 - 2029) | > 6.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
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.) |
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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.
Magnetic Materials Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 The Rising Adaption of Magnetic Materials in Power Generation Industry
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1.1.2 Increasing Applications in Electronics
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 High Cost in Extracting Rare Earth Materials
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Type
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2.1.1 Hard Magnetic Materials
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2.1.2 Soft Magnetic Materials
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2.1.3 Semi-Hard Magnetic Materials
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2.2 End-user Industry
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2.2.1 Automotive
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2.2.2 Electronics
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2.2.3 Power Generation
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2.2.4 Industrial
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2.2.5 Other End-user Industries (Consumer Goods, Communication and Technology, etc.)
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East and Africa
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Magnetic Materials Market Size FAQs
How big is the Magnetic Materials Market?
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.
What is the current Magnetic Materials Market size?
In 2024, the Magnetic Materials Market size is expected to reach 30.18 million tons.