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Advanced Magnetic Materials Market Research Report Information By Type (Permanent Magnet Materials, Semi-Hard Magnetic Materials, Soft Magnetic Materials), By End-Use Industry (Automotive, Electronics, Industrial, Power Generation, Medical, Others), And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032.


ID: MRFR/CnM/20285-HCR | 128 Pages | Author: Anshula Mandaokar| June 2024

Global Advanced Magnetic Materials Market Overview


Advanced Magnetic Materials Market Size was valued at USD 24812.5 Billion in 2023. The advanced magnetic materials industry is projected to grow from USD 27244.1 Billion in 2024 to USD 52419.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.80% during the forecast period (2024 - 2032). The increasing demand for magnetic materials in the automotive industry, the expanding consumer electronics market, and the rise of electric vehicles are expected to be significant market drivers for the advanced magnetic materials market.Advanced Magnetic Materials Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Advanced Magnetic Materials Market Trends




  • The development of new industrial robots and increasing demand for electric vehicles (EVs) are driving the market growth.




The market CAGR for Advanced Magnetic Materials is being driven by the development of new industrial robots and increasing demand for electric vehicles (EVs). According to the Industrial Federation of Robotics, the World Robotics report revealed that a record-breaking 517,385 new industrial robots were installed in factories worldwide in 2021, representing a remarkable 31 percent year-on-year growth. According to the Association for Advancing Automation (A3), which tracks industrial robot sales in North America, companies placed orders for 44,196 robots in 2022, marking an 11% increase compared to 2021. As per the International Federation of Robotics, robot installations in the United States surged by 14% to reach 34,987 units in 2021, marking the industry's second most successful year. This figure surpassed the pre-pandemic level of 33,378 units recorded in 2019. Specifically, in 2021, the automobile industry in the United States installed 9,782 industrial robots. Industrial robots necessitate swift response, strong torque, and precise positioning. Advanced magnets play a critical role in enabling precise movements in robotic arms, hands, and actuators by supplying the requisite magnetic force. Advanced magnets are pivotal in the advancement of highly compact and powerful servomotors and actuators utilized in various motion control systems, including industrial robots that demand rapid response, robust torque, and precise positioning. The escalating demand for industrial robots is propelling the growth of the advanced magnetic materials market.


Moreover, the market expansion is expected to be driven by factors such as rising disposable income, improving standards of living, and an increasing focus on health awareness. In the U.S., the market is likely to benefit from the growing prevalence of airborne diseases and elevated air pollution levels. According to the State of the Air 2022 assessment, despite previous progress in cleaning up air pollution sources, more than 40% of Americans, over 137 million people, reside in areas with failing grades for harmful levels of particle pollution or ozone. This signifies an increase of 2.1 million individuals breathing polluted air compared to the previous year. This awareness of poor air quality is expected to boost the demand for air purifiers, and technological innovations have facilitated the deeper penetration of smart air purifiers in the industry.


As a result, it is anticipated that throughout the projection period, demand for the Advanced Magnetic Materials Market will increase due to the Development of new industrial robots and increasing Demand for electric vehicles (EVs). Thus, driving the Advanced Magnetic Materials Market revenue.


Advanced Magnetic Materials Market Segment Insights:


Advanced Magnetic Materials Market Type Insights


The Advanced Magnetic Materials Market segmentation, based on Type, includes Permanent Magnetic Materials, Semi-Hard Magnetic Materials, and Soft Magnetic Materials. The permanent magnetic materials segment dominated the market, accounting for 58% of market revenue. Permanent magnetic materials are increasingly favored for their distinctive properties and benefits across a multitude of applications. Their remarkable magnetic strength renders them exceptionally well-suited for tasks necessitating robust magnetic fields, including electric motors, generators, and magnetic separators. Furthermore, these materials exhibit remarkable resistance to both demagnetization and corrosion, rendering them apt for deployment in challenging environments. Moreover, the utilization of permanent magnetic materials holds the potential to enhance energy efficiency in diverse applications, notably electric motors, by mitigating energy losses and enhancing overall performance.


Figure 1: Advanced Magnetic Materials Market, by Type, 2023 & 2032 (USD Billion)Advanced Magnetic Materials Market, by Type, 2023 & 2032Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Advanced Magnetic Materials Market End-User Insights


The Advanced Magnetic Materials Market segmentation, based on End-User, includes Automotive, Electronics, Industrial, Power Generation, Medical, and Others. The Automotive segment dominated the market, accounting for 58% of market revenue. Magnetic materials play a crucial role in the automotive industry, finding widespread applications across various components within vehicles, including motors, sensors, actuators, and switches. With a growing emphasis on improving fuel economy, manufacturers are striving to reduce vehicle weight and enhance combustion efficiency. Consequently, there has been a notable increase in the utilization of magnetic materials in automobiles. Particularly, magnetic materials are being expanded use in electric motors for diverse functions such as electric steering, braking, throttle actuation, auto-clutch, and gearbox actuation.


Advanced Magnetic Materials Market Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Advanced Magnetic Materials market in North America can be attributed to several key factors. The demand for advanced magnetic materials across diverse sectors such as electronics, automotive, healthcare, and energy is surging in North America. This surge is primarily driven by the increasing adoption of consumer electronics, electric vehicles, medical devices, renewable energy systems, and industrial automation. Notably, electric vehicle (EV) sales witnessed a significant rise, with numbers climbing from approximately 125,000 in Q1 2021 to 185,000 in Q4 2021 and from about 300,000 in Q1 2023 to 375,000 in Q3 2023. Moreover, 2023 marked a milestone as annual EV sales in the U.S. surpassed 1 million for the first time, achieved by Q3. Sales during the first three quarters of 2023 were approximately 58% higher compared to the same period in 2022. Advanced magnetic materials are essential components in electric vehicle motors, particularly in the development of high-efficiency, lightweight, and compact electric motors. As the demand for EVs continues to rise, so does the need for advanced magnetic materials to improve motor efficiency, power density, and overall performance.


Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.


Figure 2: Advanced Magnetic Materials Market Share By Region 2023 (USD Billion)Advanced Magnetic Materials Market Share By Region 2023Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe's Advanced Magnetic Materials Market accounts for the second-largest market share as Europe is actively involved in the advancement of magnetic materials, with countries like Germany, France, and the Netherlands distinguished for their proficiency across multiple sectors, such as automotive engineering, renewable energy systems, and electronics. Our preliminary estimates indicate that in 2022, 22.5% of the energy consumed in the EU originated from renewable sources, marking a slight rise from 2021, primarily attributed to significant growth in solar power. The EU has set targets to attain a 20% share of renewable energy in energy consumption by 2020 and aims for 32% by 2030. Further, the German Advanced Magnetic Materials Market held the largest market share, and the UK Advanced Magnetic Materials Market was the fastest-growing market in the European region.


The Asia-Pacific Advanced Magnetic Materials Market is expected to grow at the fastest CAGR from 2024 to 2032. The significant production volumes in the automotive and electronics sectors in China, India, and Japan are anticipated to drive the demand for magnetic materials in the region. For example, in 2021, China accounted for 32.5% of automotive production, according to the International Organization of Motor Vehicle Manufacturers (OICA). Additionally, in October 2020, Pacifico Energy commenced construction on a 54-MW solar project in Sano-shi, Tochigi Prefecture, Japan, marking the company's 13th plant in Japan. Furthermore, JERA Co. has announced plans to increase its renewable energy investment to 5 GW of capacity by 2025. The growth in such energy projects is expected to fuel the demand for magnetic materials in the region in the forthcoming years. Moreover, China’s Advanced Magnetic Materials Market held the largest market share, and the Indian Advanced Magnetic Materials Market was the fastest-growing market in the Asia-Pacific region.


Advanced Magnetic Materials Market Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the Advanced Magnetic Materials market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Advanced Magnetic Materials industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Advanced Magnetic Materials industry to benefit clients and increase the market sector. In recent years, the Advanced Magnetic Materials industry has offered some of the most significant advantages to the technological and industrial sectors. Major players in the Advanced Magnetic Materials Market, including Hitachi Metals Ltd. (Japan), TDK Corporation (Japan), Daido Steel Ltd. (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Arnold Magnetic Technologies (US), Electron Energy Corporation (US), Anhuui Sinomag Technology Co. Ltd. (China), Neo (Canada), Yantai Dongxing Magnetic Materials Inc. (China), Dexter Magnetic Technologies, DMEGC (China) are attempting to increase market demand by investing in research and development operations.


Neo Performance Materials Inc., previously known as Molycorp, Inc., specializes in manufacturing and selling custom-engineered rare earth and rare metal products. Their product lineup includes advanced magnetic materials, Magnequench products, chemical and oxide products, as well as rare metals and water purification solutions. The company also engages in rare metal recycling. These products find applications in various sectors, such as clean energy technologies, transportation systems, communications, consumer electronics, aerospace, industrial technologies, and healthcare. Neo operates production facilities, sales offices, and customer service centers across multiple countries, including Japan, China, Thailand, Estonia, Singapore, Germany, the UK, Canada, the US, and South Korea. The company is headquartered in Toronto, Ontario, Canada. In June 2023, Neo Performance Materials, Inc. signed a subscription agreement to acquire shares of Magnet Venture Pte Ltd. worth USD 84.7 million. In April 2023, Neo Performance Materials, Inc. acquired a controlling interest in SG Technologies Group Limited to enhance their rare earth processing and magnet manufacturing capabilities in Europe.


Hitachi Ltd (Hitachi) is a multinational conglomerate with a broad presence spanning information technology, electronics, power systems, social infrastructure, industrial systems, and construction machinery sectors. The company manufactures and markets a wide range of products, including information and telecom systems, power systems, social infrastructure and industrial systems, construction machinery, electronic systems and equipment, automotive systems, and smart life and eco-friendly systems. These offerings cater to various industries such as manufacturing, communications, finance, healthcare, government, energy, automobile, aerospace, transportation, nuclear, and technology. Hitachi operates through its affiliates, subsidiaries, associates, and joint ventures across Asia-Pacific, North America, and Europe. Headquartered in Chiyoda-Ku, Tokyo, Japan, in October 2020, Hitachi Metals unveiled a groundbreaking achievement by introducing a new type of magnet known as the RE-free magnet, made from rare-earth-free materials. The company stated that this magnet exhibits high magnetic properties comparable to conventional magnets made with rare earth metals.


Key companies in the Advanced Magnetic Materials Market include




  • Hitachi Metals Ltd. (Japan)




  • TDK Corporation (Japan)




  • Daido Steel Ltd. (Japan)




  • Shin-Etsu Chemical Co. Ltd. (Japan)




  • Arnold Magnetic Technologies (US)




  • Neo (Canada)




  • Anhui Sinomag Technology Co. Ltd. (China)




  • Electron Energy Corporation (US)




  • Yantai Dongxing Magnetic Materials Inc. (China)




  • Dexter Magnetic Technologies DMEGC (China)




Advanced Magnetic Materials Industry Developments


August 2022: Neo Performance Materials, Inc. signed an agreement with HUDSON RESOURCES, INC. to acquire an exploration license for the Sarfartoq Carbonatite Complex in southwest Greenland.


August 2021: Anhui Sinomag Technology Co., Ltd. signed a contract with the CPC Lujiang County Committee for the Sinomag Science Park project. This project contributes to the advancement of the magnetic material industry by establishing four new facilities, aiming to produce 15,000 tons of dry-pressed powder of permanent ferrite annually, along with 10,000 tons of high-performance wet-pressed magnetic tiles.


Advanced Magnetic Materials Market Segmentation


Advanced Magnetic Materials Market Type Outlook




  • Permanent Magnetic Materials




  • Semi-Hard Magnetic Materials




  • Soft Magnetic Materials




Advanced Magnetic Materials Market End-User Outlook




  • Automotive




  • Electronics




  • Industrial




  • Power Generation




  • Medical




  • Others




Advanced Magnetic Materials Market Regional Outlook


North America



  • US

  • Canada


Europe



  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe


Asia-Pacific



  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Australia


Rest of Asia-Pacific



  • Rest of the World

  • Middle East

  • Africa

  • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 24812.5 Billion
Market Size 2024 USD 27244.1 Billion
Market Size 2032 USD 52419.0 Billion
Compound Annual Growth Rate (CAGR) 9.80% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, End-User, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea
Key Companies Profiled Hitachi Metals Ltd. (Japan), TDK Corporation (Japan), Daido Steel Ltd. (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Arnold Magnetic Technologies (US), Electron Energy Corporation (US), Anhuui Sinomag Technology Co. Ltd. (China), Neo (Canada), Yantai Dongxing Magnetic Materials Inc. (China), Dexter Magnetic Technologies, DMEGC (China)
Key Market Opportunities Development of magneto calorific materials for HVAC
Key Market Dynamics Growing demand for renewable energy sources


Frequently Asked Questions (FAQ) :

The Advanced Magnetic Materials Market size was valued at USD 24812.5 Billion in 2023.

The Advanced Magnetic Materials Market is projected to grow at a CAGR of 9.80% during the forecast period 2024-2032.

North America had the largest share of the market.

The key players in the market are Hitachi Metals Ltd. (Japan), TDK Corporation (Japan), Daido Steel Ltd. (Japan), Shin-Etsu Chemical Co. Ltd. (Japan), Arnold Magnetic Technologies (US), Electron Energy Corporation (US), Anhuui Sinomag Technology Co. Ltd. (China), Neo (Canada), Yantai Dongxing Magnetic Materials Inc. (China), Dexter Magnetic Technologies, DMEGC (China), and others.

The Permanent Magnetic Materials segment dominated the market in 2023.

The Automotive segment had the largest share in the market.

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