Advanced Magnetic Materials Market Expected to Reach USD 52419.0 Billion by 2032 | Growing at a CAGR of 9.80%

Market Research Future (MRFR) has published on the “Global Advanced Magnetic Materials Market”.

Market Research Future (MRFR) has published a cooked research report on the “Advanced Magnetic Materials Market” that contains information from 2019 to 2032. The Advanced Magnetic Materials Market is estimated to register a CAGR of 9.80% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Advanced Magnetic Materials Market— Hitachi Metals Ltd. (Japan), TDK Corporation (Japan), Daido Steel Ltd. (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Arnold Magnetic Technologies (US), Electron Energy Corporation (US), Anhuui Sinomag Technology Co. Ltd. (China), Neo (Canada), Yantai Dongxing Magnetic Materials Inc. (China), Dexter Magnetic Technologies, DMEGC (China)

Advanced Magnetic Materials Market Highlights

The global Advanced Magnetic Materials Market is accounted for to register a CAGR of 9.80% during the forecast period and is estimated to reach USD 52419.0 billion by 2032.

The demand for consumer electronics like smartphones, laptops, and tablets is experiencing rapid growth. These devices utilize various types of magnetic materials, such as permanent magnets, magnetic sensors, and magnetic storage devices. Given the essential role these materials play in electronic products, their demand is expected to rise significantly. This will boost the Advanced Magnetic Materials Market.

Segment Analysis

The global Advanced Magnetic Materials Market has been segmented based on Type and End-User.

Based on the Type, the market is segmented into Permanent Magnetic Materials, Semi-Hard Magnetic Materials, and Soft Magnetic Materials. The Permanent Magnetic Materials segment was attributed to holding the largest market share in 2023 due to a significant rise in magnet usage in automobiles and power generation to enhance energy efficiency. Within the realm of permanent magnets, there are four distinct types: alnico, hard ferrite, samarium cobalt (SmCo), and neodymium iron boron (NdFeB). These magnets serve as vital components in numerous modern technologies, facilitating efficient energy conversion, motion control, and magnetic sensing systems. Distinguished by their ability to maintain magnetic strength even after the removal of the external magnetizing force, permanent magnets boast high magnetic flux density and coercivity, rendering them suitable for a wide array of high-end applications.

Based on the End-User, the Advanced Magnetic Materials Market has been segmented into Automotive, Electronics, Industrial, Power Generation, Medical, and Others. The Automotive segment was expected to hold the largest market share in 2023. Magnetic materials are integrated into multiple components of automobiles, including motors, sensors, actuators, and switches. The automotive industry's focus on enhancing fuel efficiency has prompted manufacturers to prioritize reducing vehicle weight and improving combustion efficiency, thereby increasing the utilization of magnetic materials in cars. Anticipated investments in this sector are expected to drive the demand for magnetic materials in the forthcoming years. As an illustration, Suzuki Motor, a Japan-based company, disclosed plans in March 2022 to invest USD 1.3 billion in its India plant for the production of electric vehicles and batteries.

Regional Analysis

The global Advanced Magnetic Materials Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Advanced Magnetic Materials Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Advanced Magnetic Materials Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Advanced Magnetic Materials Market comprises the Middle East, Africa, and Latin America.

The largest market share for the Advanced Magnetic Materials Market was maintained by the North American regional sector. In North America, especially in the United States, there is considerable focus on research and development related to advanced magnetic materials. Renowned for its innovation in magnetic technologies, the region has made significant strides in various applications such as renewable energy, medical devices, and aerospace. Additionally, the United States is the world's leading defense manufacturer and exporter. Notably, military expenditure in the US increased by approximately 2.9% last year, reaching USD 801 billion, compared to USD 778.23 billion the previous year. With this increase, the United States maintained its position as the largest military spender globally, accounting for 38% of total global spending. As per the US Solar Energy Industries Association, the United States saw the deployment of 17 gigawatts (GWac) of solar photovoltaic (PV) capacity in 2022, bringing the total installed capacity to 110.1 gigawatts direct current (GWdc). Remarkably, solar energy accounted for 50% of all newly installed electricity-generating capacity in the country for that year.

Moreover, the Europe market has been persistently growing over the forecast period. According to government reports, Europe allocated EUR 41 billion to the wind energy sector in 2021, aiming to add 25 GW of new energy capacity. Wind energy production in Europe has shown consistent growth, increasing from 370 TWh in 2018 to 489 TWh in 2022. To expedite progress towards the 40% renewable energy target by 2030, the European Commission initiated a public consultation on renewable permitting in January 2022. Neodymium magnets, composed of iron, boron, and neodymium, are utilized in various types of wind turbines, efficiently contributing to electricity generation.

The advanced magnetic materials market in the Asia Pacific region experiences significant growth propelled by the automotive sector, escalating utilization of renewable energy for power generation, and demand from the medical and healthcare industries. Factors such as low interest rates, the presence of established market players, and stringent environmental regulations promoting electric vehicle adoption contribute to driving this market. The region hosts prominent automobile manufacturers, further augmenting market dynamics. The expanding electric vehicle market in Asia Pacific further stimulates demand for advanced magnetic materials. India has set ambitious targets, aiming to increase the share of electric vehicle sales across various vehicle segments by 2030. Notably, in FY 2022-23, India recorded electric vehicle sales of 1,243,258 units, marking a remarkable 154% year-on-year growth compared to FY 2021-22 sales of 490,210 units across all vehicle segments. The electric vehicle sales for FY 2022-23 demonstrate a more than 2.5 times increase compared to units sold in FY 2021-22.

Furthermore, the rest of the world's Advanced Magnetic Materials Market is divided into the Middle East, Africa, and Latin America. In the Middle East, Africa, and Latin America regions, there's a rapid expansion of infrastructure, particularly in sectors like construction, transportation, and energy. Advanced magnetic materials play a crucial role in various infrastructure projects, including the development of high-speed rail systems, renewable energy installations, and smart buildings. This drives the growth of the market. Specifically, South America witnessed the addition of 18.2 GW of capacity in 2022, marking a 7.4% increase compared to the previous year, as reported by the International Renewable Energy Agency (IRENA). Over the period from 2015 to 2022, the region boosted its renewable capacity by 51%, achieving 64% generation from renewable sources in 2022.

Key Findings of the Study

• The global Advanced Magnetic Materials Market is expected to reach USD 52419.0 billion by 2032, at a CAGR of 9.80% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to factors like increasing demand for energy and economic development in the region.


• Based on Type, the Permanent Magnetic Materials segment was attributed to holding the largest market in 2023.


• Hitachi Metals Ltd. (Japan), TDK Corporation (Japan), Daido Steel Ltd. (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Arnold Magnetic Technologies (US), Electron Energy Corporation (US), Anhuui Sinomag Technology Co. Ltd. (China), Neo (Canada), Yantai Dongxing Magnetic Materials Inc. (China), Dexter Magnetic Technologies, and DMEGC (China) are the key market players.