GVR Report cover Magnetic Materials Market Size, Share & Trends Report

Magnetic Materials Market Size, Share & Trends Analysis Report By Type (Hard/Permanent, Semi-hard, Soft), By Application (Automotive & Transportation), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-972-2
  • Number of Pages: 85
  • Format: Electronic (PDF)

Report Overview

The global magnetic materials market size was valued at USD 29.30 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030. The growth is anticipated to be driven by increasing demand for magnetic materials in the automotive and electronic industries. Magnetic materials are used in motors, transformer cores, electromagnets, generators, microphones, speakers, and magnetic separators among others. These products further find applications in power conversion from electrical to mechanical, signal transfer, power adaption, magnetic field screening, data storage analog & digital, permanent magnets, and quantum devices among others.

 U.S. magnetic materials market size, by type, 2020 - 2030 (USD Billion)

The goal of the U.S. government to achieve net zero carbon emissions by 2050 is anticipated to drive the market growth of magnetic materials. The demand for permanent magnets is expected to grow in the U.S. as well as at the global level. Permanent magnets are used in industrial & consumer electronics, especially in drive systems and advanced motors.

With growing investments in the energy sector, demand for magnetic materials is anticipated to rise at a lucrative pace. In this sector, clean energy, in particular, uses magnets which are key components of wind turbine generators, hybrid electric vehicles, and transaction motors in batteries. However, high dependency on the supply of magnetic materials outside the U.S. is likely to restrain the market growth over the short term.

The energy sector of the country was deeply impacted in the recent past. The sector already witnessed cancellation and delays in its installation projects amidst the global health crisis and in addition, has received a large number of retroactive rent bills. This move represents a multi-million-dollar hit to the industry. For example, Avangrid Inc. which owns a power plant in the U.S. received a bill for more than USD 3 million for 2 years of rent on its 131 MW Tule wind project on federal land.

Type Insights

Based on type, soft magnetic materials dominated the magnetic materials market in 2021 with a volume share of more than 53.0% and this trend is expected to continue during the forecast period. These materials have smaller areas enclosed by their hysteric loop. These materials have low coercivity and remnant magnetization and high initial permeability. Also, eddy current and hysteresis losses are low in these materials.

Hard or permanent magnetic materials are anticipated to remain the fastest-growing segment from 2022 to 2023. These materials have high coercivity, high anisotropy field, large magnetic field, and large hysteresis loop area. These materials cannot be easily magnetized and can be manufactured by heating and sudden cooling. Some of these materials are NdFeB SmCo 2:17, SmCo 1.:5, Ferrite, Alnico 8, and Alnico 5-7 among others.

The demand for permanent magnets is projected to be driven by rising penetration of renewable energy including wind & solar, growing needs for power distribution, and thus demand motors in various applications. Currently, these magnets are used in turbine generators for wind energy for improving their efficiency and reliability and reduction in maintenance costs.

Application Insights

Based on application, automotive & transportation held the largest revenue share of 36.0% in 2021 and the trend is expected to continue during the forecast period. Investments in this sector are likely to fuel the demand for magnetic materials over the coming years. For instance, in March 2022, Suzuki Motor Japan-based company announced an investment of USD 1.3 billion in the India plant for manufacturing electric vehicles and batteries.

 Global magnetic materials market share, by application, 2021 (%)

Growing investments in wind, solar, and other green energy represent a massive opportunity for market participants. For instance, in July 2021, the U.S. Senate passed a clean energy investment bill worth USD 500 billion. Under this bill, the U.S. government plans to modernize its energy infrastructure through investments in energy generation and electric vehicles, which is projected to boost the magnetic materials demand.

The electronics application segment is likely to observe lucrative growth over the coming years on account of investments in this sector. For instance, the Indian government announced an investment of around USD 10,950 million for over 300 applications in electronics & IT. In another development, Reliance Industries India-based company plans to invest USD 221 million to form a joint venture with Samina, a U.S.-based electronics company.

Regional Insights

The Asia Pacific held the largest revenue share of over 66.0% in 2021. High volume production of automotive and electronics industries in China, India, and Japan is projected to push the demand for magnetic materials in the region. For instance, in 2021, as per the International Organization of Motor Vehicle Manufacturers (OICA), China produced 32.5% of automotive production in the world.

In October 2020, Pacifico Energy announced the start of construction of the 54-MW solar project in Sano-shi, Tochigi Prefecture, Japan. This is Pacifico Energy’s 13th plant in Japan. Also, JERA Co. announced its plan to increase its renewable energy investment to 5 GW of capacity by 2025. Growth in such energy projects is expected to propel the demand for magnetic materials in the region over the coming years. 

Magnetic Materials Market Trends by Region

Europe is likely to observe lucrative growth over the coming years. As reported by the government, Europe invested EUR 41 billion in the wind energy sector in 2021 for 25 GW of new energy capacity. Neodymium magnets made using iron, boron and neodymium find applications in different types of wind turbines, these types of magnets provide electricity generation, efficiently.

Key Companies & Market Share Insights

The global market for magnetic materials is highly competitive, there are several small, medium, and large companies in the market. The companies are focusing on integration across the supply chain, to ensure an uninterrupted supply of raw materials. The companies are also concentrating on various inorganic growth strategies such as mergers & acquisitions and joint ventures etc.

Investments in magnetic materials manufacturing are projected to benefit the supply of magnetic materials over the coming years. For instance, in January 2022, Quadrant, a magnets technology company announced its plan to construct a permanent magnets manufacturing plant in the U.S. The company aims to benefit from the rapid increase in electric vehicle production in the automotive sector. Some prominent players in the global magnetic materials market include:

  • Daido Steel Co. Ltd.

  • Hitachi Metals Ltd.

  • TDK Corp

  • Shin-Etsu Chemical Co. Ltd.

  • Molycorp Magnequench

  • Lynas Corporation Ltd.

  • Arnold Magnetic Technologies Corporation

  • Electron Energy Corporation

  • Tengam Engineering, Inc.

Magnetic Materials Market Report Scope

Report Attribute


Market size value in 2022

USD 30.99 billion

Revenue forecast in 2030

USD 48.17 billion

Growth rate

CAGR of 5.7% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Volume in Kilotons, Revenue in USD Million/Billion, CAGR from 2022 to 2030

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Type, application, region

Country scope

U.S.; Canada; Mexico; Germany; Italy; Russia; Turkey; India; China; Japan; South Korea; Brazil; South Africa

Key companies profiled

Daido Steel Co. Ltd.; Hitachi Metals Ltd.; TDK Corp; Shin-Etsu Chemical Co. Ltd.; Molycorp Magnequench; Lynas Corporation Ltd.; Arnold Magnetic Technologies Corporation; Electron Energy Corporation; Tengam Engineering, Inc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options.


Global Magnetic Materials Market Segmentation

This report forecasts the volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global magnetic materials report based on type, application, and region:

Global Magnetic Materials Market Segmentation

  • Type Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

    • Hard/Permanent

    • Semi-hard

    • Soft

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

    • Automotive & Transportation

    • Electronics

    • Energy

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Italy

      • Russia

      • Turkey

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

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