The global magnetic materials market was valued at USD 33.78 billion in 2024 and is projected to reach USD 48.17 billion by 2030, expanding at a compound annual growth rate (CAGR) of 6.3% from 2025 to 2030. This growth is largely fueled by the automotive industry, especially the rapid rise in electric vehicle (EV) production and adoption worldwide.
The increasing use of magnetic materials across the automotive and electronics sectors is expected to significantly drive market expansion. These materials are critical in a wide array of applications including motors, transformer cores, electromagnets, generators, microphones, speakers, and magnetic separators. They also support functions such as converting electrical energy into mechanical energy, signal transmission, power regulation, magnetic field shielding, data storage (both analog and digital), as well as in the design of permanent magnets and quantum devices.
Permanent magnets, particularly neodymium-iron-boron (NdFeB), play a vital role in EV motors, powertrains, sensors, and actuators—contributing directly to the efficiency and performance of electric vehicles. Furthermore, strict emission standards and the automotive industry’s push towards electrification and advanced driver-assistance systems (ADAS) are accelerating the demand for magnetic materials.
Key Market Insights:
- Regional Insights: Asia Pacific led the global magnetic materials market in 2024, accounting for the largest revenue share at 66.3%. This dominance is attributed to the region’s robust automotive and electronics manufacturing sectors, particularly in China, India, and Japan.
- Type Insights: The hard or permanent magnetic materials segment captured the largest share of market revenue in 2024. These materials are characterized by their narrow hysteresis loop, indicating lower energy loss.
- Application Insights: The automotive and transportation segment emerged as the leading application category, contributing 36.0% of total market revenue in 2024. This trend is expected to persist, driven by continued investment and innovation in the sector.
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Market Size & Forecast
- 2024 Market Size: USD 33.78 Billion
- 2030 Projected Market Size: USD 48.17 Billion
- CAGR (2025-2030): 6.3%
- Asia Pacific: Largest market in 2024
Key Companies & Market Share Insights
Some of the key players in this market include Daido Steel Co. Ltd., Proterial Ltd. (formerly Hitachi Metals Ltd.), and TDK Corporation.
Daido Steel Co. Ltd. is a major Japanese manufacturer recognized for its advanced magnetic materials. These include bonded magnets and permalloy foils, which are crucial for electric vehicle motors, transformers, and magnetic sensors, highlighting their dedication to innovative magnetic alloys.
Proterial Ltd. (previously Hitachi Metals Ltd.) specializes in high-grade magnetic materials. Their Neomax brand NdFeB magnets are vital for electric vehicles and industrial uses. They also develop soft magnetic materials like Finemet and magnetic slot wedges to boost motor efficiency.
TDK Corporation, a global electronics leader, provides a wide array of magnetic materials, including ferrite magnets and magnetic sensors. These are used in automotive, industrial, and consumer electronics. TDK is known for breakthroughs like magnetic tunnel junction (MTJ) spin photo detectors and advanced solid-state batteries, cementing its position in magnetic and electronic component technology.
Key Players
- Shin-Etsu Chemical Co. Ltd.
- Molycorp Magnequench
- Lynas Corporation Ltd.
- Arnold Magnetic Technologies Corporation
- Electron Energy Corporation
- Tengam Engineering, Inc
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Conclusion
The magnetic materials market is on a strong growth trajectory, driven by rising demand in automotive, especially EVs, and electronics. With expanding applications and advancing technologies, the industry is set to play a pivotal role in the future of electrification and smart systems.
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