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:
- Rising Demand from Renewable Energy:
The magnet market is growing quickly because of the increasing need for renewable energy. In 2024, more wind turbines, solar panels, and hydroelectric systems are being built to support the global shift to clean energy. Magnets, especially neodymium magnets, play a vital role in making these systems efficient. As countries work to reduce carbon emissions, the demand for high-performance magnets is increasing. New technologies are also creating smaller and stronger magnets, which help energy systems generate more power. With rising investments in green energy, the magnet market is expected to grow as magnets remain essential for improving renewable energy systems.
- Growth in Electric Vehicles (EVs) and Electronics:
The growing use of electric vehicles (EVs) and electronics is driving demand for magnets. In 2024, more car manufacturers are producing EVs, which rely on powerful magnets for their electric motors. At the same time, popular devices like smartphones, tablets, and wearable gadgets use small but strong magnets to function efficiently. As technology advances, the need for compact and high-performing magnets continues to grow. Companies are developing new types of magnets to meet the specific needs of EVs and electronics, ensuring steady demand in these industries for the future.
- New Magnet Manufacturing and Recycling:
Improvements in how magnets are made and recycled are changing the market. In 2024, advanced manufacturing methods like 3D printing and better production techniques are helping create magnets that are more efficient and less expensive. Recycling programs for rare earth magnets are also becoming more common. Recycling reduces the need for mining, protecting the environment and conserving resources. Companies focusing on sustainability and eco-friendly practices are gaining an edge in the market. These advancements are helping the magnet industry move toward a more sustainable and efficient future.
Grab a sample PDF of this report: https://www.imarcgroup.com/magnet-market/requestsample
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 evolving with new technologies and trends. In 2024, high-temperature superconducting magnets are becoming more widely used in medical machines and research equipment because they perform better and more efficiently. Advances in technology are also increasing the demand for smaller, stronger magnets that can be used in compact devices. Additionally, sustainability is becoming a major focus, encouraging companies to adopt eco-friendly materials and recycling practices. As these trends grow, the magnet market will continue to evolve, combining innovation, sustainability, and performance to meet future demands.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
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.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1–631–791–1145
Comments
0 comment