Magnet Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, India, Germany - Size and Forecast 2024-2028

Magnet Market Size 2024-2028

The magnet market size is projected to increase by USD 17.54 billion, at a CAGR of 7.89% between 2023 and 2028. A magnet refers to a material that has a magnetic field and attracts iron, nickel, cobalt, and any objects that have these metals. It is made of different materials called ferromagnetic metals, such as nickel and iron, that have the unique property of being able to be magnetized uniformly. The growth rate of the market depends on several factors, such as the increasing demand for magnets from the automobile sector, the growing demand for defense aircraft and increasing government expenditure on defense, and the increased applicability of magnets in storage technology. Our report examines historical data from 2018-2022, besides analyzing the current market scenario. The market experiences growth due to the increased applicability of magnets in storage technology. Additionally, the a trend of increasing use of nanocrystalline magnetic particles in the biomedical industry. However, the market encounters challenges from the high R&D costs related to magnet manufacturing

Magnet Market Forecast and Size

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The market is influenced by various factors such as GDP growth, inflation, and government purchases. With increasing consumer spending and investments in business & inventory, demand for magnets is rising across different sectors. From industrial applications to automotive segments, magnets are essential components in various products including computer cables, DVDs, and mobile phones. Regulatory authorities play a crucial role in residue management and mining licenses, affecting the magnet market dynamics. Neodymium iron boron (NdFeB) magnets, along with ferrite counterparts and alnico, are key players in the market, particularly in electric motors and voice coil motors.

Market Segmentation

In the type segment of the market, magnets are categorized based on their properties and applications. Ferrite counterparts are widely used for various industrial applications, providing high magnetic strength and durability. These magnets are commonly utilized in products like fax stepper motors, printer machine rollers, and automotive components. On the other hand, magnets sourced from external suppliers offer diverse applications across different sectors. They find extensive use in consumer electronics such as recorders, cameras, watches, and earbuds, due to their lightweight and efficient magnetic properties. In the industrial application segment, magnets play a crucial role in various industries, ranging from manufacturing to healthcare. They are essential components in machinery and equipment, contributing to efficient operations and precise control. Furthermore, magnets are analyzed based on their magnetic properties, such as strength and polarity, to meet specific requirements in different industries. Magnetism is a fundamental characteristic that determines the performance and functionality of magnets, influencing their usage in various applications. Overall, magnets play a vital role in diverse sectors, from consumer electronics to industrial applications, offering efficiency, reliability, and versatility in a wide range of products and processes.

Type Insights

The permanent segment is estimated to witness significant growth during the forecast period. Permanent magnets are also termed hard magnets. Permanent magnets are materials where the magnetic field is generated by the internal structure of the material itself. These magnets are manufactured from special alloys such as nickel, samarium cobalt magnet, and iron, among several other rare-earth metals, and minerals, including lodestone. They retain their magnetic properties even when they are removed from the magnetic field.

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The permanent segment was the largest and was valued at USD 21.73 billion in 2018. The expansion of the automotive industry, especially in developing nations, acts as one of the major factors driving the growth of the permanent magnet market. There is a rise in the demand for permanent magnets in various industries, such as the consumer goods and electronics industries, where these products are highly utilized in numerous applications, including the production of smartphones and personal electronics. The increase in the development and modernization of infrastructure, the rising demand for efficiency and miniaturization, and a surge in initiatives taken by associations and regulatory bodies further influence the market. Additionally, the growth of end-user industries, urbanization, industrialization, and research and development activities positively affect the permanent magnet segment of the market during the forecast period.

End-user Insights

Based on the end-user, the market has been segmented into consumer goods and electronics, automotive, general industry, aerospace and defense, and others. The consumer goods and electronics segment will account for the largest share of this segment. In APAC, China, Japan, South Korea, and India are the major consumers of magnets for consumer goods and electronics. They are followed by the US and Canada in North America and the UK and Germany in Europe. Consumer goods are a broad category of products that are used in daily life, including kitchenware, personal care products, and home entertainment equipment. These items often require magnets to function optimally. Furthermore, electronic devices, including computer hard drives, earphones, and microphones, depend on magnets for the storage of data and the generation of sound. These uses and end-uses of magnets in the consumer goods and electronics segment will drive the growth of the segment and market during the forecast period.

Market Regional Insights

APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

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With rapid industrialization and significant expansions in the automotive, industrial, energy, and consumer electronics sectors in the region, magnets are witnessing an increase in demand. The demand for permanent magnets in the consumer electronics industry is expected to increase mainly due to improving standard of living and rising disposable incomes in APAC. In the consumer electronics segment, permanent magnets are used in the magnetic heads of hard disk drives (HDDs) and CDs, as well as in motors of peripheral devices such as printers, fax machines, scanners, and photocopies. The increasing use of cloud computing and the associated development have led to increasing demand for data centers for storing huge amounts of data.

In addition, the growing demand from data centers for hard drives is driving the demand for permanent magnets. These magnets are also used in air conditioners, washing machines, dryers, computers, fans, microwaves, and loudspeakers. Permanent magnets help enhance the efficiency of such appliances, which, in turn, will drive the demand for magnets in the region. Thereby propelling the growth of the regional market during the forecast period. 

Market Dynamics and Customer Landscape

The Global Magnet Market is experiencing steady growth, driven by various factors. Ferrite counterparts, alongside other materials like aluminum, are contributing to the market's expansion. With increased consumer spending, demand for products like computer cables, DVDs, and watches, all of which rely on magnets, is rising. Voice coil motors, fax stepper motors, and printer machine rollers are seeing increased use in both automotive and industrial applications, further fueling market growth. Market analysis reveals that magnetism plays a pivotal role, with the market dynamics influenced by factors such as supply-demand balance and innovations. As a result, the market continues to evolve, attracting attention from various external sources.

Key Magnet Market Drivers

The increased applicability of magnets in storage technology is notably driving market growth.  These magnets enable the development of energy storage systems that are both compact and lightweight, as well as those that are highly efficient and cost-effective. Additionally, permanent magnets offer stability, dependability, and rapid response times, making them an ideal choice for integrating renewable energy sources into power grids.  The market for magnets has been driven by the development and implementation of cutting-edge energy storage technologies. Further, magnets facilitate the efficient conversion, transport, and storage of EVs, renewable energy generation, grid stabilization, and industrial automation, thus addressing the energy storage needs of various industries, such as energy and information technology. These factors will drive the growth of the market during the forecast period.

Significant Magnet Market Trends

The increasing use of nanocrystalline magnetic particles in the biomedical industry is an emerging trend shaping market growth. The use of magnets in the biomedical industry, especially in the development of sensors and biosensors for the detection of different medical device manufacturers involved in severe conditions, for diagnosis and monitoring purposes, and in medical devices such as magnetic resonance imaging (MRI) scanners and X-ray machines, is driving their adoption. In addition, nanocrystalline magnetic particles, when loaded with a drug can be internalized at the target site and can be easily removed using an external magnetic field once the treatment is complete. Further, gene delivery is also called magnetofection, which involves the use of magnetic particles to increase the efficiency of gene transfection and expression. Therefore, the increasing use of nanocrystalline magnetic particles in the biomedical industry is expected to propel the growth of the market during the forecast period.

Major Magnet Market Challenges

High R&D costs related to magnet manufacturing are a significant challenge hindering market growth. Research and development are essential for the development of novel and advanced magnet materials, which are essential components in a variety of industries, including electronics, automotive, and energy, as well as medical. To remain competitive, magnet manufacturers must invest heavily in R&D activities to develop new materials, enhance their performance, improve manufacturing processes, and investigate new applications. These R&D activities require significant financial resources, highly qualified personnel, and expansive laboratory facilities and equipment. The primary cause of the high R&D expenses is the complexity associated with the development of novel magnet compounds. Researchers must invest significant time and effort in understanding the structure, composition, and characteristics of various materials to create magnets with high energy densities, enhanced coercivity, and temperature stability. All these factors will hamper the growth of the market during the forecast period. 

Magnet Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting growth strategies.

Global Magnet Market Size Analysis Customer Landscape

Who are the Major Magnet Market Companies?

Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and result in market growth analysis.

Adams Magnetic Products - The company offers magnets such as Neodymium Disc Magnets, Neodymium Block Magnets, Samarium Cobalt Blocks, Neodymium Block Magnets, and others.

The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including  Arnold Magnetic Technologies Corp., Ashvini Magnets Pvt. Ltd., Daido Steel Co. Ltd., DEXTER MAGNETIC TECHNOLOGIES, DURA MAGNETS PVT. LTD., Electron Energy Corp., Gayatri Magnet, Goudsmit Magnetics Groep BV, Hangzhou Permanent Magnet Group. Ltd., HGT ADVANCED MAGNETS CO. LTD., Magnequench International LLC, Master Magnetics Inc., Ningbo Co-Star Materials Hi-Tech Co. Ltd., NingBo NingGang Permanent Magnetic Materials Co. Ltd., Ningbo Yunsheng Co. Ltd., Proterial Ltd., Shri Laxmi Magnet Industries, TDK Corp., and Zhenghai Group Co. Ltd.

The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market is exhibiting robust growth, marked by a noteworthy Compound Annual Growth Rate (CAGR), propelled by the increasing demand in diverse sectors. Rare earth magnets, particularly Neodymium Ferrite Boron (NdFeB), are integral components in various applications, notably in the booming wind and solar industries, powering wind turbine generators and other renewable energy sector such as wind power and solar power. Amidst this, concerns over the supply chain, exacerbated by the trade war and geopolitical considerations surrounding rare earth materials, have garnered attention, prompting government interventions under initiatives like the Defense Production Act. Leading automotive manufacturers such as Tesla, Chevy, Nissan, Ford, Audi, and BMW are driving the demand for magnets in the burgeoning electric vehicles (EVS) sector. This surge extends beyond automotive, encompassing applications in robotics, wearable devices, and various consumer goods & electronics. 

In addition, the market finds application in diverse sectors such as automotive motors, appliance motors, HVAC motors, and industrial & commercial motors, reflecting a broad spectrum from air conditioning compressors & fans to portable power tool motors. The market's scope extends to critical segments like the oil & gas industry, where magnets are utilized in electronic submersible pumps, contributing to efficiency and sustainability. Moreover, the medical sector relies on magnets for applications such as body scanners and heart pacemakers, underscoring the versatility and indispensability of magnets in contemporary industries. This multifaceted market analysis underscores the crucial role of magnets in powering the future of clean transportation, renewable energy, and overall advancements in electrical power applications, including wind turbines and solar panels. Such factors will increase the market growth during the forecast period. The market is influenced by various factors, including Ferrite counterpart and IMF, particularly in the automotive segment and industrial application segment. External sources play a significant role in Magnet Market Analysis, shaping Magnet Market Dynamics

The global permanent magnet market is influenced by various factors, including GDP growth, inflation, and government purchases. Investments in business & inventory drive demand across industrial and automotive segments, while regulatory authorities oversee mining licenses and residue management. Ferrite counterparts and Alnico magnets remain key players in the market, alongside Neodymium iron boron (NdFeB) magnets, renowned for their strength. With applications in electric motors, recorders, and automotive segments, magnets are essential components in modern technology. The market also sees demand from consumer electronics like mobile phones, cameras, and earbuds. As power consumption increases, the market dynamics of magnets evolve, with a focus on efficiency anIndustrynability to meet the demands of various industries and applications.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Billion for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments. 

• Type Outlook
  • Permanent
  • Electromagnet

• End-user Outlook
  • Consumer goods and electronics
  • Automotive
  • General Industry
  • Aerospace and defense
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Magnet Market Scope
Report Coverage	Details
Page number	171
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.89%
Market Growth 2024-2028	USD 17.54 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	6.59
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 44%
Key countries	US, China, Japan, India, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Adams Magnetic Products, Arnold Magnetic Technologies Corp., Ashvini Magnets Pvt. Ltd., Daido Steel Co. Ltd., DEXTER MAGNETIC TECHNOLOGIES, DURA MAGNETS PVT. LTD., Electron Energy Corp., Gayatri Magnet, Goudsmit Magnetics Groep BV, Hangzhou Permanent Magnet Group. Ltd., HGT ADVANCED MAGNETS CO. LTD., Magnequench International LLC, Master Magnetics Inc., Ningbo Co-Star Materials Hi-Tech Co. Ltd., NingBo NingGang Permanent Magnetic Materials Co. Ltd., Ningbo Yunsheng Co. Ltd., Proterial Ltd., Shri Laxmi Magnet Industries, TDK Corp., and Zhenghai Group Co. Ltd.
Market dynamics	Parent market analysis, Market growth and trends and inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Magnet Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough Magnet Market Size Analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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