Global Magnet Market - Industry Trends and Forecast to 2030

Magnet Market Analysis and Size

The development and modernization of infrastructure across the globe act as one of the major factors driving the growth of the global magnet market. The rise in demand for efficiency and miniaturization and in demand for the permanent magnet in various industries, including consumer goods and electronics industry, where these products are widely used in numerous applications, such as smartphones and personal electronics, accelerate the market growth. The surge in initiatives taken by associations and regulatory bodies and the high production rate of consumer electronics further influence the market.

Data Bridge Market Research analyses that the market which was USD 22.23 billion in 2022, would rocket up to USD 38.09 billion by 2030, and is expected to undergo a CAGR of 6.96% during the forecast period of 2023 to 2030.  “Neodymium Iron Boron Magnet” dominates the type segment of the magnet market as they offer highest magnetic strength among the various magnet types. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Magnet Market Scope and Segmentation

Market Definition

Magnets are defined as the magnetic materials in which a magnetic field usually gets created by the internal structure of the materials themselves and tend to generate a persistent magnetic field without requiring any external source of magnetism or electrical power. These products are manufactured from special alloys, including nickel, cobalt and iron, among several other rare-earth metals.

Magnet Market Dynamics

Drivers

• Increasing Demand for Electric Vehicles (EVS)

The rising adoption of electric vehicles is a significant driver for the magnet market. EVs rely on magnets, particularly neodymium iron boron (NdFeB) magnets, in their electric motors for high performance and efficiency. As governments and consumers worldwide prioritize sustainability and the transition to clean transportation, the demand for EVs is expected to grow, consequently driving the magnet market

• Expansion of Renewable Energy Sector

The renewable energy industry, including wind and solar power, heavily relies on magnets. Wind turbines utilize large-scale generators with powerful magnets, while solar panels incorporate magnets in tracking systems. The global push for renewable energy and the increasing installations of wind and solar farms contribute to the demand for magnets

• Rising Advancements in Industrial Automation

The growth of industrial automation and robotics is driving the market. Magnets are essential components in motors, actuators, sensors, and magnetic grippers used in industrial automation. With the aim of improving productivity, efficiency, and precision in manufacturing processes, industries are adopting automation technologies, leading to increased demand for magnets

Restraints

• Recycling and End-of-Life Management

Proper recycling and end-of-life management of magnets pose challenges due to their complex composition and the presence of rare earth elements. Developing efficient recycling technologies and establishing robust collection and recycling infrastructure are essential to reduce waste and promote a circular economy for magnets. Overcoming these challenges can ensure a sustainable supply of raw materials and minimize environmental impact

• Raw Material Dependency

The global magnet market relies heavily on rare earth elements such as neodymium, dysprosium, and samarium. These elements are predominantly sourced from a limited number of countries, leading to concerns about supply security and dependence. Any disruptions in the supply of these critical raw materials can significantly impact the production and availability of magnets, creating challenges for the market

Opportunities

• Technological Advancements and Miniaturization

Technological advancements in electronics, healthcare, and miniaturization have fuelled the demand for magnets. Magnets play a crucial role in miniaturized electronic devices, such as smartphones, tablets, wearables, and medical equipment. The ongoing development of smaller, more efficient devices across various sectors drives the need for magnets with high magnetic strength and compact sizes

• Growing Application in the Aerospace and Defense Industry

The aerospace and defense sector requires magnets for applications such as motors, sensors, navigation systems, and electromagnetic shielding. The expanding aerospace and defense industry, driven by increased air travel, defense spending, and technological advancements, contributes to the growth of the market

Challenges

• Environmental Concerns and Regulations

The production processes associated with magnets, especially neodymium magnets, can have environmental implications. Extraction of rare earth elements and certain manufacturing processes can result in pollution and environmental degradation. Increasing environmental concerns and regulations related to sustainable practices, waste management, and emissions can impose compliance costs and impact the magnet industry

• Alternative Technologies

Advancements in technology and materials could potentially present alternative solutions that could replace or reduce the reliance on magnets in certain applications. For instance, the development of magnet-less motors or the use of alternative materials for specific functions could pose challenges to the growth of the market in those areas

Recent Development

• In September 2022, Solvay, announced plans to expand its rare earths operations in La Rochelle, France. This strategic move aims to enter the value chain for rare earths permanent magnets in Europe, serving the fast-growing electric vehicles, clean energy, and electronics markets. By investing in the production of separated rare earth oxides for permanent magnets, Solvay aims to create a powerful rare earths hub in Europe, reducing reliance on imported advanced magnets

Global Magnet Market Scope

The global magnet market is segmented on the basis of type, and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Neodymium Iron Boron Magnet
• Ferrite Magnet
• Samarium Cobalt Magnet
• Alnico Magnet
• Others

End-Use Industry

• Consumer Electronics
• General Industrial
• Automotive
• Medical Technology
• Environment and Energy
• Aerospace and Defense
• Others

Magnet Market Regional Analysis/Insights

The global magnet market is analysed and market size insights and trends are provided by source, grade, and application and are referenced above.

The countries covered in the magnet market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the Rest of South America in South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, and the Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, and the Rest of Asia-Pacific in Asia-Pacific, and U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and the Rest of the Middle East and Africa in Middle East and Africa

Asia-Pacific dominates the market owing to the large-scale production of electronics, electric vehicles, and medical equipment and developments in the end-use industries such as renewable, electronics, medical, and automotive sectors within the region.

Europe is expected to be the fastest growing market during the forecast period of 2023 to 2030 owing to renewable energy growth, electric vehicle adoption, industrial applications, and energy efficiency initiatives in the region during the forecast market.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Magnet Market Share Analysis

The magnet market competitive landscape provides details by competitors. details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companie’s focus related to the magnet market.

Some of the major players operating in the global magnet market are

• Hitachi Metals, Ltd (Japan)
• Daido Steel Co., Ltd (Japan)
• Magnequench International, LLC (U.S.)
• Shin-Etsu Chemicals Co (Japan)
• TDK Corporation (Japan)
• Zhejiang Kaiven Magnet Co Ltd (China)
• Ningbo Vastsky Magnet (China)
• Tengam (U.S.)
• AK Steel Corporation (U.S.)
• Electron Energy Corporation (U.S.)
• Steward Advanced Materials LLC (U.S.)
• Toshiba Materials Co., Ltd (Japan)

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