Magnet Market is predicted to reach USD 17,695.6 million at a CAGR of 8.91% during the forecast period 2023-2030

Market Research Future (MRFR) has published on the “Global Magnet Market”.

The Magnet market is estimated to register a CAGR of 8.91% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Magnet market— TDK Corporation, PROTERIAL, Ltd.   Shin-Etsu Chemical Co., Ltd and Adams Magnetic Products Co.

Market Highlights

The global Magnet market is accounted for to register a CAGR of 8.91% during the forecast period and is estimated to reach USD 17,695.6 million by 2030.

The ongoing global transition towards renewable energy sources is nothing short of a revolution in the energy landscape, and its profound impact on the dynamics of the global magnet market is undeniable. The driver behind this transformation, marked by the escalating demand for magnet solutions in the renewable energy sector, is more than just a passing trend; it signifies a fundamental shift that is reshaping the very core of the industry. This transformation is visible across various facets of the renewable energy sector, and it's imperative to comprehend not only the significance of this driver but also why it is poised to be a major force propelling the demand for magnets throughout the forecast period.

In the world of renewable energy, wind power stands out as a magnetic powerhouse. Wind turbines, especially those equipped with direct-drive generators, rely heavily on powerful magnets for their efficient operation. These magnets, often rare-earth magnets like neodymium-iron-boron (NdFeB), are vital in the conversion of wind energy into electricity. This technology's significance is highlighted by the growing number of wind power installations globally, with nations like China embarking on ambitious wind energy expansion plans. This surge in wind power projects is a clear indicator of the increasing demand for high-performance magnets.

Additionally, the global demand for magnet solutions in the renewable energy sector is underpinned by the rising installation of wind turbines for clean energy generation. Wind turbines are integral to the global shift towards sustainable energy sources, and permanent magnets play a pivotal role in their efficient and reliable operation. One notable advancement that underscores the significance of permanent magnets within wind turbines lies in their utilization for magnetic mounting solutions. Within the interior of a wind turbine, a complex network of cables, ladders, and occasionally elevators is essential for allowing maintenance and operational access to the turbine nacelle. This equipment, however, necessitates secure attachment to the steel walls of the turbine tower.

Traditionally, this attachment was achieved through either drilling holes for mounting brackets or welding brackets directly onto the tower walls. These conventional methods, while effective, introduced challenges. Drilling holes reduced the mechanical strength of the tower, creating concerns related to metal fatigue and corrosion. Welding, on the other hand, required skilled labor and increased construction time and costs. In response to these challenges, wind-turbine manufacturers have innovatively turned to magnetic mounting systems. These systems make use of powerful neodymium magnets strategically placed along the length of ladders and other equipment to securely attach them to the steel tower walls. This innovation not only streamlines construction processes but also addresses the mechanical concerns associated with drilling and welding. By eliminating the need to drill holes or weld brackets, the structural integrity and safety of the tower are preserved. Furthermore, the use of magnets minimizes the risk of metal fatigue and corrosion, ensuring the longevity and reliability of wind turbine infrastructure.

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Segment Analysis

The global Magnet market has been segmented based on type, end use, and Region.

The global Magnet Market segmentation, based on Power Output has been segmented into segmented into ferrite, neodymium iron boron, aluminium nickel cobalt, samarium cobalt. Among these, the neodymium iron boron of Magnet is projected to dominate the global Magnet market revenue through the projected period. The Ferrite holds the second-largest segment by type in the global magnet market, and its prominence can be attributed to its widespread adoption across a spectrum of industries and applications. The key to its popularity lies in its cost-effectiveness and its ability to provide sufficient magnetic strength for various uses. This makes it the ideal choice in scenarios where extremely high magnetic power is not the primary necessity. Ferrite magnets find their way into everyday products, such as refrigerator door seals, speakers, and even those little refrigerator magnets you use to hold up notes and pictures. It's this combination of reliability and affordability that positions ferrite magnets as a substantial presence in the market.

In end use segment, the market is categorized electronics, automotive, medical, energy, industrial, others. Out of which the automotive segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period as well. This high share of the automotive segment is owing to its strong foothold in the electric vehicle (EV) revolution.

Regional Analysis

By Region, the Magnet market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia-Pacific Magnet market holds the considerable market share and is also forecasted to hold the largest share during the forecast period. the growing adoption of electric vehicles (EVs) in Asia-Pacific significantly contributes to the region's dominance in the magnet market. As governments and consumers alike prioritize eco-friendly transportation solutions, the demand for magnets, particularly in EV propulsion systems, experiences a notable upswing. This trend places Asia-Pacific at the forefront of the magnet market, as it aligns with the region's pursuit of sustainable and environmentally conscious transportation alternatives.

Government regulations are increasingly playing a pivotal role in sculpting the magnet market, primarily driven by environmental concerns and the growing scarcity of rare-earth materials. These concerns have prompted regulatory authorities to champion sustainability in the industry.

Key Findings of the Study

• The global Magnet market is expected to reach 17,695.6 million by 2030, at a CAGR of 8.91% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on type, the Neodymium Iron BoronMagnet segment was attributed to holding the largest market in 2022.


• Based on End Use, the automotive segment was attributed to holding the largest market in 2022.


• TDK Corporation, PROTERIAL, Ltd. Shin-Etsu Chemical Co., Ltd and Adams Magnetic Products Co are the key market players.