Magnet Market Summary
As per Market Research Future Analysis, the Global Magnet Market Size was valued at USD 9.74 billion in 2023 and is projected to grow from USD 10.71 billion in 2024 to USD 27.11 billion by 2035, with a CAGR of 8.8% during the forecast period. The demand for magnets is driven by their applications in consumer electronics, automotive, healthcare, and data storage. Neodymium iron boron magnets dominate the market due to their high magnetic strength and energy efficiency, particularly in electric vehicles. The Asia-Pacific region leads the market, supported by its manufacturing capabilities and demand across various sectors.
Key Market Trends & Highlights
The Magnet Market is witnessing significant growth driven by technological advancements and increasing demand across multiple sectors.
- The consumer electronics sector is a major driver, with expected revenue growth fueling magnet demand.
- The automotive segment, particularly electric vehicles, is projected to register the highest growth rate due to reliance on neodymium iron boron magnets.
- Asia-Pacific holds the largest market share, benefiting from its status as a global manufacturing hub.
Market Size & Forecast
2023 Market Size | USD 9.74 billion |
2024 Market Size | USD 10.71 billion |
2035 Market Size | USD 27.11 billion |
CAGR (2025-2035) | 8.8% |
Major Players
Key players include China Northern Rare Earth Group HighTech Co, Ningbo Dongfang Precision Science and Technology, GKN Sinter Metals, VACUUMSCHMELZE, Christensen Tools, ShinEtsu Chemical, Samsung Electronics, Electron Energy Corporation, Magnequench, Magnetauk, Hitachi Metals, Baotou Steel Rare Earth, DMEGC, Lynas Corporation, Arnold Magnetic Technologies.