Magnetic Materials Market Set for Steady Growth to USD 58.9 Billion by 2034, Led by Asia Pacific's 66.33% Global Market Share | DataM Intelligence

The Global Magnetic Materials Market is valued at approximately USD 32.9 billion in 2025 and is projected to reach about USD 58.9 billion by 2034, growing at a CAGR of around 6.4% during the forecast period from 2025 to 2034.

This sustained growth is driven by rising use of magnetic components in electric vehicles and hybrid drivetrains, expanding industrial automation and robotics, and increasing deployment of wind turbines and other renewable energy systems requiring high‐performance permanent magnets. Additional momentum comes from growing demand for compact, energy‐efficient consumer electronics and advanced medical equipment, which depend on specialized soft and hard magnetic materials for motors, sensors, and power conversion systems.

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United States: Key Industry Developments
✅ November 2025: HyProMag USA highlighted its Texas facility expansion for recycling over 1,500 tonnes/year of NdFeB magnets, focusing on sustainable production to meet domestic demand for advanced permanent magnets in EVs and renewables.

✅ October 2025: REalloys Inc. partnered with Japan's JOGMEC via a Memorandum of Understanding to co-develop rare-earth processing and secure magnet supply chains, enhancing U.S. capabilities in critical materials.

✅ March 2025: HyProMag USA advanced its recycling operations at the Texas plant, targeting high-purity recycled neodymium-iron-boron magnets to reduce reliance on imported rare earths for U.S. manufacturing.

Asia Pacific / Japan: Key Industry Developments
✅ October 2025: Japan and the U.S. established a critical minerals framework agreement, promoting joint investments and cooperation in rare-earth magnet processing to bolster Asia-Pacific supply security.

✅ August 2025: Japanese researchers unveiled a breakthrough recycling technique recovering over 90% of rare-earth elements from end-of-life EV magnets, advancing sustainable magnetic materials production in the region.

✅ June 2025: Proterial launched heavy-rare-earth-free neodymium sintered magnets (NMX-F1SH-HF and NMX-G1NH-HF), offering superior heat resistance and performance for EV motors and electronics applications.

Key Merges and Acquisitions(2025):
✅ A leading global industrial gases and materials supplier expanded its magnetic materials footprint in North America through targeted acquisitions of specialty production assets, enhancing regional manufacturing capacity and long-term supply security.

✅ A major European-based materials group strengthened its presence in advanced magnetic alloys by investing heavily in new processing lines and acquiring multiple mid-scale manufacturing sites across Central and Eastern Europe.

✅ Two large technology-focused materials companies entered a strategic combination to co-develop next-generation high-performance magnetic materials for electric mobility, renewable energy systems, and advanced electronics, aiming to capture accelerating demand from these end-use sectors.

Market Segmentation Analysis:
-By Type: Magnetically Soft vs Hard Materials
Magnetically soft materials account for about 56% of the magnetic materials market as of 2025, supported by their high permeability and low coercivity that minimize core losses in transformers, motors, inductors, and EV power electronics.
This segment is critical in power and electronics infrastructure because it improves energy efficiency and reduces heat generation, making it the preferred choice in high‐volume industrial and electrical applications.
Magnetically hard (permanent) materials represent roughly 44% of the market, valued in applications needing strong, stable magnetic fields such as traction motors, generators, sensors, and magnetic separation systems.

-By Application: Automotive, Electronics, Industrial, Others
Automotive holds the largest application share at about 39%, driven by rapid penetration of electric and hybrid vehicles that intensively use both soft and permanent magnets in traction motors, onboard chargers, and auxiliary systems.
Electronics is the next major segment with an estimated high‐20s market share, benefiting from magnets used in smartphones, speakers, HDDs, sensors, and consumer gadgets, and is projected to grow fastest as device volumes and functionality rise.
Industrial applications take a solid mid‐20s share, spanning motors, drives, robotics, and process equipment, while the remaining low‐teens share falls under "Others" such as energy, medical devices, and specialty equipment where tailored magnetic performance is required.

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Why is the Magnetic Materials Market Growing?
The rapid expansion of the Magnetic Materials market in 2026 is fueled by several critical factors:

-Booming Electric Vehicle Demand: The surge in electric vehicle adoption worldwide requires high-performance permanent magnets, like neodymium-iron-boron, for efficient motors and powertrains.​

-Renewable Energy Expansion: Growth in wind turbines and solar power systems relies heavily on magnetic materials for generators and energy conversion, driven by global clean energy investments.​

-Electronics and Consumer Tech Advancements: Miniaturization in smartphones, wearables, and 5G devices increases the need for compact, high-efficiency magnets in sensors, speakers, and data storage.​

-Energy-Efficient Power Generation: Rising electricity demand and investments in smart grids and transformers boost usage of soft magnetic materials for reduced energy losses.

Regional Insights:
-Asia Pacific commands the largest share of the global magnetic materials market at approximately 66.33% in 2024, driven by robust industrialization, booming electronics and automotive sectors, and high demand from key countries like China, Japan, and India.​

-Europe follows with a significant but smaller portion, benefiting from advancements in renewable energy, automotive applications, and electronics, positioning it as a key growth area amid rising demand for efficient materials.​

-North America accounts for the next tier of market share, fueled by innovations in high-tech industries, renewable energy adoption, and strong manufacturing bases, though it trails the leading regions in overall volume.​

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Key Players:
AMES | Daido Steel Co. Ltd. | Hitachi Metals Ltd. | Mate Co., Ltd. | Melrose Industries PLC | SG Technologies | Shin-Etsu Chemical Co. Ltd. | TDK Corp. | Toshiba Materials Co., Ltd.

Key Highlights (Top 5 Key Players) for Magnetic Materials Market:
-Hitachi Metals Ltd develops advanced neodymium-iron-boron (NdFeB) magnets and soft magnetic materials for electric vehicle motors, wind turbines, and consumer electronics applications.

-Shin-Etsu Chemical Co. Ltd produces high-performance rare earth magnets, including samarium-cobalt and NdFeB types, used in precision motors, sensors, and medical imaging equipment.

-TDK Corp manufactures ferrite cores, multilayer chip inductors, and rare earth permanent magnets essential for power supplies, automotive electronics, and wireless charging systems.

-Toshiba Materials Co. specializes in sintered and bonded neodymium magnets alongside electromagnetic steel sheets for industrial motors, HDD drives, and renewable energy generators.

-Daido Steel Co. Ltd fabricates soft magnetic alloys, electrical steel sheets, and permalloy materials applied in transformers, inductors, and high-frequency electronic components.

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