Magnet Market Size to grow by USD 17.54 billion between 2024-2028
According to a research report “ Magnet Market” by Type (Permanent, Electromagnet) End-user (Consumer goods and electronics, Automotive, General industry, Aerospace and defense, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 17.54 billion, at a CAGR of 7.89% during the forecast period. In major economies such as the US, China, India, and Japan, the automotive industry is experiencing a significant surge in demand for automobiles. This trend necessitates automobile manufacturers to innovate and produce more advanced vehicle control systems that consume less fuel and emit fewer emissions. The resulting complexity of electrical control systems has led to an increased demand for automotive magnets used in the manufacture of automotive actuators and drives. Consequently, the growing preference for sophisticated vehicle control systems has fueled the need for rare earth metals, particularly Neodymium and Samarium Cobalt, to produce compact and powerful magnets essential for these systems.
Browse market data tables, figures, and in-depth TOC on “Magnet Market” by Type (Permanent, Electromagnet) End-user (Consumer goods and electronics, Automotive, General industry, Aerospace and defense, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Type, the Permanent segment is projected to dominate the market size in 2024
In the Asia Pacific (APAC) region, China, Japan, South Korea, and India are the leading markets for magnets in the consumer goods and electronics sector. These countries account for a significant portion of global demand due to their high consumption of daily use items and advanced electronics. Consumer goods, which include kitchenware, personal care products, and home entertainment equipment, frequently incorporate magnets to enhance functionality. For instance, speakers utilize magnets to amplify sound output, motors rely on magnets for seamless operation, and bags and accessories incorporate magnets for added convenience. The consumer goods and electronics segment is experiencing robust growth in APAC, driven by increasing disposable incomes, urbanization, and evolving lifestyles.
By End-user, Consumer goods and electronics segment is expected to hold the largest market size for the year 2024
In the realm of magnet technology, permanent magnets, also referred to as hard magnets, hold significant importance. These magnets derive their magnetic field from the inherent structure of the material, which includes alloys such as nickel, cobalt, and iron, as well as rare-earth metals and minerals like lodestone. Notably, permanent magnets maintain their magnetic properties even outside the presence of an external magnetic field. The burgeoning adoption of these magnets across industries, particularly in the automotive sector, which is experiencing robust growth, particularly in developing nations, is a major market growth driver during the forecast period.
APAC is forecasted to hold the largest market size by region in 2024
In the Asia Pacific region, the industrial sector's expansion and modernization in automotive, industrial, energy, and consumer electronics sectors have fueled a surge in magnet demand. Permanent magnets are particularly in demand within the consumer electronics industry due to rising living standards and disposable income. In this sector, permanent magnets are utilized in HDDs and CD magnetic heads, as well as in motors for peripheral devices such as printers, fax machines, scanners, and photocopiers. The proliferation of cloud computing and the subsequent need for substantial data storage have further boosted the demand for data centers, consequently increasing the requirement for magnets in their magnetic tape storage systems.
The Magnet Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Magnet Market is driven by the increasing demand for electric motors that utilize magnetism from an external source. The Magnet Market Dynamics are influenced by various factors, including the industrial application segment and the automotive segment. In the industrial sector, magnet motors are used in printer machine rollers, fax stepper motors, voice coil motors, and various other applications. In the automotive industry, magnets are used in electric vehicles and hybrid cars for powertrain applications. The Magnet Market Analysis reveals that the demand for magnets is also driven by consumer spending on electronics such as mobile phones, earbuds, watches, cameras, DVDs, computer cables, and recorders. The types of magnets used include Alnico, Ferrite, and Aluminum. Regulatory authorities play a crucial role in the Magnet Market by issuing mining licenses and implementing residue management regulations. The Magnet Market is subject to various macroeconomic factors such as inflation, GDP growth, and purchasing power parity (PPP) as determined by the IMF. The Ferrite counterpart of magnets is a significant competitor in the market due to its lower cost and high availability. Overall, the Magnet Market is expected to grow steadily in the coming years due to the increasing demand for electric motors and the expanding consumer electronics industry.
Market Research Overview
The Magnet Market is witnessing significant growth in various sectors, including industrial automation, renewable energy, clean transportation, and consumer electronics. In the renewable energy sector, magnets play a crucial role in solar panels and wind turbines, which generate solar power and harness wind energy, respectively. The demand for magnets in the solar power industry is driven by the increasing adoption of solar panels for generating clean and sustainable electrical power. Similarly, in the wind energy sector, rare-earth magnets are essential components of wind turbine generators, enhancing their performance and efficiency. The automotive segment is another major consumer of magnets, with applications in electric motors used in Electric Vehicles (EVS) and various consumer electronics such as smartphones, cameras, and computers. Permanent magnets, made of materials like neodymium, samarium, and aluminum-nickel-cobalt (Alnico), are used in miniaturized devices due to their high magnetic field strength and miniaturization capabilities. The global magnet market is expected to grow significantly due to the increasing demand for renewable energy sources, clean transportation, and consumer electronics. Key players in the market include Arnold Magnetic Technologies, Nissan, Audi, Chevy, Tesla, and others. Regulatory authorities, mining licenses, consumer spending, government purchases, inflation, and GDP growth are some of the factors influencing the magnet market dynamics. The market is also impacted by geopolitical factors such as trade wars and the Defense Production Act, which can affect the availability and pricing of rare-earth materials like cobalt, nickel, and aluminum. The ferrite counterpart is a significant alternative to rare-earth magnets, offering cost-effective solutions for various applications.
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