Magnet Market Size, Key Players and Growth Forecast 2025-2033

IMARC Group’s report titled “Magnet Market Report by Magnet Type (Ferrite, Neodymium Iron Boron (NdFeB), Aluminium Nickel Cobalt (AlNiCo), Samarium Cobalt (SmCo)), Application (Computer Hard Disk Drives (HDD), CD, DVD, Hybrid Electric Vehicles, Electric Bicycles, Heating, Ventilating and Air Conditioners (HVAC), Wind Turbines, and Other Applications), and Country 2025-2033” , The global magnet market size reached USD 41.75 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 58.7 Billion by 2033, exhibiting a growth rate (CAGR) of 3.82% during 2025-2033.

Factors Affecting the Growth of the Magnet Industry:

• More Electric Cars Need Magnets:

The magnet market is growing because more electric cars are being made. These cars need strong magnets, like neodymium-iron-boron (NdFeB), for their motors to work well. Governments are supporting electric cars to make transportation greener. Magnets are also used in parts like brakes and steering systems. As car makers work to improve electric cars, the need for these magnets is increasing. Companies are also finding ways to make better and cheaper magnets.

• Renewable Energy Needs Magnets:

Wind power is helping the magnet market grow. Wind turbines use magnets to create electricity. As countries work to lower pollution, they are building more wind turbines. New magnets are being made to help turbines work better. Governments are investing in clean energy, which means more demand for magnets. By 2024, this trend will likely grow as more countries focus on renewable energy.

• Magnets in New Technology:

Magnets are now used in more things because of new technology. In healthcare, they are in MRI machines. In gadgets like phones and speakers, they are used in small parts. New magnets are stronger and can handle heat better, making them useful for robots and smart devices. These advancements are creating more opportunities for magnets in many industries.

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Magnet Market Report Segmentation:

Breakup by Magnet Type:

• Ferrite
• Neodymium Iron Boron (NdFeB)
• Aluminium Nickel Cobalt (AlNiCo)
• Samarium Cobalt (SmCo)

Breakup by Application:

• Computer Hard Disk Drives (HDD), CD, DVD
• Hybrid Electric Vehicles
• Electric Bicycles
• Heating, Ventilating and Air Conditioners (HVAC)
• Wind Turbines
• Other Applications 
  • Transducers and Loudspeakers
  • Magnetic Separation Equipment and Sorters
  • Magnetic Resonance Imaging (MRI)
  • Magnetic Braking Systems
  • Magnetically Levitated Transportation Systems
  • Medicine and Health
  • Credit Cards and other ID Cards
  • Traveling Waves Tubes (TWT)
  • Advertising and Promotional Products
  • Magnetic Refrigeration system
  • Nanotechnology
  • Military and Aerospace
  • Energy Storage Systems

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Magnet Market Trends:

The magnet market is focusing on making eco-friendly magnets by recycling materials and cutting waste. By 2024, more companies will want these sustainable magnets. Another trend is making smaller, stronger magnets for devices like smartphones. Robots and automated systems also need high-performance magnets. These changes are driving the market, pushing companies to create new and better magnets for different needs.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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