• Cat-intel
  • MedIntelliX
  • Resources
  • About Us
  • Request Free Sample ×

    Kindly complete the form below to receive a free sample of this Report

    Leading companies partner with us for data-driven Insights

    clients tt-cursor

    Magnet Market

    ID: MRFR/CnM/19184-CR
    200 Pages
    Chitranshi Jaiswal
    July 2025

    Magnet Market Research Report By Type (Ferrite, Neodymium Iron Boron, Aluminium Nickel Cobalt), By End Use (Electronics, Automotive, Medical, Energy, Industrial, others) and By Regional : Global Opportunity Analysis and Industry Forecast, 2025 - 2035

    Share:
    Download PDF ×

    We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

    Magnet Market Infographic
    Purchase Options
    $ 4,950.0
    $ 5,950.0
    $ 7,250.0

    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.

    Magnet Market Trends

    Particularly in the development of advanced magnetic materials such as neodymium-iron-boron (NdFeB) magnets, which provide superior energy efficiency and performance, opportunities exist within the  Magnet Market. The recycling of magnet materials is also gathering momentum as industries strive to minimize waste and reduce the environmental impact of magnet production. This offers a distinctive opportunity for businesses to innovate and implement circular economy principles, thereby guaranteeing long-term sustainability. In recent years, there has been a significant increase in the integration of magnets and the miniaturization of a variety of electronic devices and appliances.

    Compact magnets are being progressively integrated into the expanding consumer electronics sector, which encompasses smartphones, tablets, and smart home devices, in order to improve their functionality and performance. 

    Additionally, the design and application of magnets across a variety of industries are being influenced by the reliance on precise magnetic components in the development of smart technologies, such as robotics and automation in various industries.In general, these trends suggest a dynamic transition in the  Magnet Market, which is influenced by evolving consumer preferences and technological advancements.

    The ongoing advancements in magnet technology are poised to enhance energy efficiency and drive innovation across various sectors, including renewable energy and electronics.

    U.S. Department of Energy

    Magnet Market Drivers

    Rising Demand for Electric Vehicles

    The Global Magnet Market Industry experiences a notable surge in demand due to the increasing adoption of electric vehicles (EVs). As governments worldwide implement stringent emission regulations, the automotive sector shifts towards electrification, which relies heavily on high-performance magnets for electric motors and battery systems. This transition is projected to contribute significantly to the market, with the Global Magnet Market valued at 10.7 USD Billion in 2024. The growth of the EV market is expected to drive the demand for rare earth magnets, which are essential for efficient energy conversion in electric drivetrains.

    Market Segment Insights

    Magnet Market Segment Insights

    Magnet Market Segment Insights

    Magnet Market Type Insights  

    Magnet Market Type Insights  

    The  Magnet Market is segmented into several types, with Ferrite, Neodymium Iron Boron, and Aluminium Nickel Cobalt being the most prominent. In 2024, Ferrite magnets are projected to generate revenue of 3.21 USD Billion, with an impressive growth trajectory anticipating a value of 8.0 USD Billion by 2035. Ferrite magnets, known for their cost-effectiveness and wide applicability in consumer electronics and automotive industries, hold a significant position within the market.

    Neodymium Iron Boron magnets dominate the market with a projected valuation of 5.5 USD Billion in 2024, advancing to 13.5 USD Billion in 2035.This type is revered for its high magnetic strength, making it indispensable in applications requiring strong, compact magnets, such as in electric vehicles and renewable energy technologies. Meanwhile, the Aluminium Nickel Cobalt segment, valued at 2.0 USD Billion in 2024, is expected to grow to 5.61 USD Billion by 2035. Although smaller in market share relative to the others, Aluminium Nickel Cobalt magnets are important for specialized applications requiring specific magnetic properties, such as in high-performance motors.

    Together, these segments illustrate a structured landscape within the  Magnet Market, with each type offering distinct advantages and responding to diverse industrial needs.The significant performance attributes of Neodymium Iron Boron, combined with the economical benefits of Ferrite, are likely to drive their respective market shares forward, creating a competitive atmosphere that enriches the  Magnet Market dynamics. With ongoing advancements in technology and increasing demand across various sectors, the growth potential of these segments remains substantial, positioning the  Magnet Market favorably in the broader industrial ecosystem.

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Magnet Market End Use Insights  

    Magnet Market End Use Insights  

    The  Magnet Market has shown significant growth across various End Use applications, being valued at 10.71 USD Billion in 2024, with its presence in Electronics, Automotive, Medical, Energy, Industrial, and others playing a key role in driving the market forward. The demand in the Electronics sector, such as for motors and sensors, underpins this growth alongside crucial applications in the Automotive industry, where magnets are fundamental for electric vehicles and safety systems.

    The Medical field, leveraging high-performance magnets for imaging technologies and therapeutic devices, represents a growing demand as well.Energy applications, particularly in renewable sources like wind turbines, also contribute significantly to revenue, showcasing the market's transition toward sustainable solutions. The Industrial sector continues to rely heavily on magnets for various automation processes and manufacturing, indicating a robust demand landscape. With these segments collectively enhancing the  Magnet Market statistics, ongoing technological advancements, and a push for energy efficiency promise to create further opportunities for expansion, propelling the market to a projected valuation of 27.11 USD Billion by 2035.

    Get more detailed insights about Magnet Market Research Report — Global Forecast till 2035

    Regional Insights

    The  Magnet Market size is experiencing significant growth, projected to reach a valuation of 10.71 USD Billion by 2024 and further increasing to 27.11 USD Billion by 2035. In terms of regional segmentation, North America holds a prominent position with a market valuation of 3.21 USD Billion in 2024, expected to expand to 8.18 USD Billion by 2035, largely driven by robust demand in industries such as electronics and automotive.

    Europe follows closely with a market value of 2.85 USD Billion in 2024, advancing to 7.12 USD Billion by 2035, fueled by innovations in renewable energy technologies which utilize magnets in wind turbines and electric vehicles.The Asia Pacific region, valued at 3.57 USD Billion in 2024 and projected to grow to 8.94 USD Billion by 2035, is marked by rapid industrialization and a growing manufacturing sector, contributing to the region's major share in  production. South America and the Middle East and Africa account for smaller shares, with valuations of 0.67 USD Billion and 0.41 USD Billion in 2024, respectively.

    However, they are expected to see growth as infrastructure development initiatives advance. Overall, the  Magnet Market statistics reflect a diverse landscape where regional dynamics play a crucial role in shaping market growth and opportunities, underlining the strategic importance of each region in the  magnet industry. The Magnet Market in India is witnessing steady growth due to increased demand from automotive, electronics, and renewable energy sectors. Innovations in permanent magnet technology are further enhancing the country's manufacturing capabilities. 

    Magnet Market Regional Insights

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Key Players and Competitive Insights

    The  Magnet Market has witnessed significant developments and competitive dynamics in recent years, primarily driven by advancements in technology and an increasing demand for magnets in various industries, including automotive, electronics, and renewable energy. The competitive landscape is characterized by several key players striving to enhance their market share through innovation, efficient manufacturing processes, and strategic partnerships. This market is predominantly influenced by the growing need for high-performance magnets, which are essential components in many applications.

    As industries continue to evolve, companies are focusing on research and development to produce more efficient and sustainable magnet solutions while also expanding their geographical reach to tap into emerging markets.China Northern Rare Earth Group HighTech Co has established itself as a prominent player in the  Magnet Market, leveraging its extensive resources and technological capabilities. The company is one of the leading producers of rare earth magnets, which are essential for various high-tech applications.

    Its strength lies in its ability to maintain a robust supply chain and a dominant market position as a result of its substantial production capacity and cost efficiencies. The strategic focus on high-value applications, such as electric vehicles and energy-efficient technologies, has enabled China Northern Rare Earth Group HighTech Co to capitalize on growing market trends.

    Furthermore, the company’s commitment to sustainable practices and environmental responsibility enhances its competitive edge, allowing it to cater to clients who prioritize eco-friendly solutions.Ningbo Dongfang Precision Science and Technology has also emerged as a significant player in the  Magnet Market, specializing in the production of precision magnets and related components. The company has developed an array of products that cater to diverse applications, including automotive parts, electronic devices, and industrial machinery. Ningbo Dongfang's commitment to innovation and quality enables it to meet the evolving demands of the market effectively.

    Furthermore, the company has made strategic moves in mergers and acquisitions to expand its portfolio and enhance its technological capabilities, thereby strengthening its position in the  arena. Through these initiatives, Ningbo Dongfang Precision Science and Technology has built a strong reputation for delivering high-performance products while maintaining competitive pricing, making it a reliable choice for businesses looking for advanced magnet solutions in the  landscape.

    Key Companies in the Magnet Market market include

    Industry Developments

    • Q2 2024: Master Magnetics Announces Acquisition by Factor89 Group Master Magnetics Inc., a US-based manufacturer and distributor of magnetics, announced its acquisition by Factor89 Group, a private equity firm specializing in manufacturing and distribution investments. The transaction aims to scale operations and drive further innovation in the magnetics sector.
    • Q3 2024: Tinicum Grows Magnetic Holdings Portfolio with 3 Acquisitions in 4 Years In July 2024, EEC, a vertically integrated American manufacturer of samarium cobalt magnets, joined Magnetic Holdings through an acquisition. The Walmer family retained a significant minority interest, and EEC's chairman joined the Magnetic Holdings board.
    • Q4 2024: Arnold Magnetic Technologies, a subsidiary of Compass Diversified, opened a new facility in Amata City, Chonburi, Thailand in October 2024. Arnold Magnetic Technologies inaugurated a new manufacturing facility in Amata City, Chonburi, Thailand, marking its first step into the region's premier industrial zone. The facility spans 26,250 square feet and expands the company's global production capabilities.
    • Q1 2025: USA Rare Earth Successfully Produces Its First Sintered Rare Earth Magnets USA Rare Earth announced the successful production of its first sintered rare earth magnets as part of its effort to build a vertically integrated domestic supply chain. The company is constructing a NdFeB magnet manufacturing facility in Stillwater, Oklahoma.

    Future Outlook

    Magnet Market Future Outlook

    The Global Magnet Market is projected to grow at 8.8% CAGR from 2024 to 2035, driven by advancements in technology, increasing demand in renewable energy, and automotive applications.

    New opportunities lie in:

    • Invest in R&D for high-performance magnets in electric vehicles.
    • Develop eco-friendly magnet manufacturing processes to attract sustainability-focused clients.
    • Expand into emerging markets with tailored magnet solutions for local industries.

    By 2035, the Global Magnet Market is expected to achieve substantial growth, reflecting robust demand and innovation.

    Market Segmentation

    Magnet Market Type Outlook

    • Ferrite
    • Neodymium Iron Boron
    • Aluminium Nickel Cobalt

    Magnet Market End Use Outlook

    • Electronics
    • Automotive
    • Medical
    • Energy
    • Industrial
    • others

    Magnet Market Regional Outlook

    • North America
    • Europe
    • South America
    • Asia Pacific
    • Middle East and Africa

    Report Scope

    Report Attribute/Metric Details
    Market Size 2023 9.74(USD Billion)
    Market Size 2024 10.71(USD Billion)
    Market Size 2035 27.11(USD Billion)
    Compound Annual Growth Rate (CAGR) 8.8% (2025 - 2035)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year 2024
    Market Forecast Period 2025 - 2035
    Historical Data 2019 - 2024
    Market Forecast Units USD Billion
    Key Companies Profiled 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
    Segments Covered Type, End Use, Regional
    Key Market Opportunities Sustainable magnet production methods, Growth in electric vehicle demand, Expansion in renewable energy sectors, Advanced manufacturing technologies adoption, Increasing consumer electronics usage
    Key Market Dynamics Demand in electronics industry, Growth in renewable energy, Advancements in magnetic materials, Increasing automotive applications, Rising environmental concerns
    Countries Covered North America, Europe, APAC, South America, MEA

    Market Highlights

    Author
    Chitranshi Jaiswal
    Research Analyst Level I

    In her 3 years of experience in the market research field, she has handled critical cross-domain projects. She has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.She holds an engineering degree and is an MBA professional from a well-known university, capable of evaluating the market and competitive conditions. An exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. Proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. Generated business through active client and project development, networking, and high-quality responses. Her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.

    Leave a Comment

    FAQs

    What is the expected market size of the Magnet Market in 2024?

    The Magnet Market is expected to be valued at 10.71 USD Billion in 2024.

    What is the anticipated market value of the Magnet Market by 2035?

    By 2035, the Magnet Market is anticipated to be valued at 27.08 USD Billion.

    What is the expected compound annual growth rate (CAGR) for the Magnet Market between 2025 and 2035?

    The expected CAGR for the Magnet Market from 2025 to 2035 is 8.8%.

    Which region is projected to have the largest market share in the Magnet Market by 2035?

    North America is projected to have the largest market share in the Magnet Market by 2035, valued at 8.18 USD Billion.

    What is the estimated market size for Ferrite magnets in 2024?

    The estimated market size for Ferrite magnets in 2024 is 3.21 USD Billion.

    Which type of magnet is expected to see substantial growth in revenue from 2024 to 2035?

    Neodymium Iron Boron magnets are expected to see substantial growth in revenue from 5.5 USD Billion in 2024 to 13.5 USD Billion in 2035.

    Which companies are considered key players in the Magnet Market?

    Key players in the Magnet Market include China Northern Rare Earth Group, Ningbo Dongfang Precision, and Samsung Electronics among others.

    What is the projected market value for Aluminium Nickel Cobalt magnets in 2035?

    The projected market value for Aluminium Nickel Cobalt magnets in 2035 is 5.61 USD Billion.

    How much is the market for South America expected to grow by 2035?

    The market for South America is expected to grow to 1.65 USD Billion by 2035 from 0.67 USD Billion in 2024.

    What factors are driving the growth of the Magnet Market?

    Key growth drivers for the Magnet Market include increasing demand in various applications such as electronics and renewable energy technologies.

    Magnet Market Research Report — Global Forecast till 2035 Infographic
    Free Sample Request

    Kindly complete the form below to receive a free sample of this Report

    Customer Stories

    “I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.”

    Victoria Milne Founder
    Case Study
    Chemicals and Materials