Top 50 Companies in Magnetic Materials Market: Expert View By Spherical Insights
RELEASE DATE: Sep 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Magnetic Materials Market Size is projected To Grow from USD 34.28 Billion in 2024 to 78.76 Billion by 2035, at a CAGR of 7.86% during the forecast period 2025–2035. The magnetic materials industry is increasing at a rapid pace, fueled mostly by the growing electric vehicle (EV) sector, where permanent magnets are critical components in high-efficiency motors and power trains.
Introduction
The growth is expected to be fueled by rising demand for magnetic materials in the automotive and electronics industries. Magnetic materials find application in motors, transformer cores, electromagnets, generators, microphones, speakers, and magnetic separators. These items are also used in power conversion from electrical to mechanical, signal transfer, power adaptation, magnetic field screening, data storage, analog and digital, permanent magnets, and quantum devices. Permanent magnets, such as neodymium-iron-boron (NdFeB), are critical components of EV motors, sensors, actuators, and powertrains, contributing significantly to the performance and efficiency of electric vehicles. Stringent environmental rules, as well as the automobile industry's shift to electrification and advanced driver assistance systems (ADAS), are fueling this trend even more.
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Magnetic Materials Market Size & Statistics
- The Market Size for Magnetic Materials Was Estimated to be worth USD 34.28 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 7.86% between 2025 and 2035.
- The Global Magnetic Materials Market Size is anticipated to reach USD 78.76 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the Magnetic Materials Market
- Asia Pacific is expected to grow the fastest during the forecast period in the Magnetic Materials Market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the magnetic materials market. The high-volume manufacturing of automotive and electronics sectors in China, India, and Japan is expected to drive up demand for magnetic materials in the region. For example, the International Organization of Motor Vehicle Manufacturers (OICA) estimates that China will produce 33.5% of the world's automobiles in 2024.
North America is expected to generate the highest demand during the forecast period in the magnetic materials market. The US government's goal of achieving net-zero carbon emissions by 2050 is predicted to drive market growth for permanent magnets. Demand for these magnets is expected to rise in the United States and around the world, as they are widely utilized in industrial and consumer electronics, notably drive systems and advanced motors. Permanent magnets are expected to be in high demand as investment in the energy sector increases. They play an important role in renewable energy applications like as wind turbine generators, hybrid electric vehicles, and battery traction motors. However, the high reliance on imports of these resources from outside the United States is anticipated to limit market growth in the short future.
Top 5 trends in the Magnetic Materials Market
- Growing Demand from Electric Vehicles (EVs)
- Increasing Adoption in Renewable Energy Technologies
- Advancements in Rare-Earth-Free and High-Performance Magnetic Materials
- Integration of Miniaturized and Energy-Efficient Magnetic Components
- Focus on Sustainability and Circular Economy, Including Recycling
1. Growing Demand from Electric Vehicles (EVs)
The surge in electric vehicle production and adoption is significantly driving the magnetic materials market, as high-performance permanent magnets like neodymium-iron-boron (NdFeB) are critical for EV motors and powertrains. This trend enhances innovation and growth by pushing the development of more efficient and temperature-stable magnetic materials for better EV performance and range, fueling automotive electrification. The trend also supports industry expansion due to the increasing focus on sustainable transportation worldwide.
2. Increasing Adoption in Renewable Energy Technologies
Magnetic materials are increasingly used in clean energy infrastructure such as wind turbines and solar inverters, which rely on efficient magnetic components to convert and generate power. Advances in stronger and more durable magnetic materials are enabling these renewable systems to be more efficient and reliable even under variable environmental conditions. This trend aligns with global decarbonization efforts and supports the expansion of sustainable energy markets.
3. Advancements in Rare-Earth-Free and High-Performance Magnetic Materials
Ongoing research focuses on reducing dependence on scarce rare-earth elements by developing rare-earth-free or low-rare-earth magnetic materials with competitive performance. These advancements address supply chain risks and cost challenges while improving efficiency. High-performance materials are also being optimized for applications across electronics, automotive, and aerospace, broadening the market's technological base.
4. Integration of Miniaturized and Energy-Efficient Magnetic Components
The market is witnessing a rise in miniaturized magnets and components designed for energy efficiency, driven by demand in consumer electronics, medical devices, and industrial automation. Smaller, more efficient magnetic components contribute to device performance enhancement, reduced energy consumption, and support innovations in IoT, AI, and cloud computing applications. This miniaturization trend enhances the usability of magnetic materials in high-density, high-functionality environments.
5. Focus on Sustainability and Circular Economy, Including Recycling
Sustainability is becoming a core theme with increased efforts to recycle magnetic materials and design for circularity. Recycling rare-earth magnets and other magnetic materials helps control costs and reduces environmental impact. This trend is supported by regulatory pressures and corporate sustainability goals, which promote resource efficiency and responsible material management in the magnetic materials industry.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the magnetic materials market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Magnetic Materials Market
- Shin-Etsu Chemical Co., Ltd.
- Molycorp Magnequench
- Hitachi Metals Ltd.
- TDK Corporation
- Ningbo Keningda Industry Co., Ltd.
- DMEGC Magnetic Ltd.
- Lingyi iTECH (Guangdong) Company
- Arnold Magnetic Technologies
- Adams Magnetic Products Co.
- BGRIMM Magnetic Materials and Technology Co., Ltd.
- Vacuumschmelze GmbH & Co. KG
- Electron Energy Corporation
- Nanjing Yunhai Permanent Magnet Co., Ltd.
- Daido Steel Co., Ltd.
- BASF SE
- Master Magnetics, Inc.
- Electron Microscopy Sciences
- Eclipse Magnetics
- Metglas, Inc.
- Magnetic Materials, Inc.
- Advanced Magnetics, Inc.
- Hitachi High-Technologies Corporation
- Ningbo Yunsheng Co., Ltd.
- Goudsmit Magnetics
- AllStar Magnetics LLC
1. Shin-Etsu Chemical Co., Ltd. (Headquarters: Tokyo, Japan)
Shin-Etsu Chemical, a leading Japanese multinational, is a top producer in the magnetic materials market with a strong focus on rare earth magnets critical to electric vehicles and electronics. Renowned for its expertise in synthetic quartz and silicones, the company drives innovation in high-performance magnetic materials, maintaining a competitive edge globally. Its advanced magnetic product portfolio supports multiple industries, including automotive and renewable energy, fostering technological progress and market growth.
2. Molycorp Magnequench (Headquarters: Colorado, USA)
Molycorp Magnequench specializes in neodymium-iron-boron (NdFeB) rare earth magnets and is a pioneer in rapid solidification technology that enhances magnet performance. Based in Colorado, USA, the company plays a key role in supplying high-strength magnets used across automotive, electronics, and renewable sectors. Its innovations ensure superior magnetic properties vital for next-generation electric motors and devices, reinforcing its leadership in the magnetic materials industry.
3. Hitachi Metals Ltd. (Headquarters: Tokyo, Japan)
Hitachi Metals is a diversified industrial manufacturer with a prominent position in producing ferrite magnets, Neomax rare earth magnets, and advanced soft magnetic materials. Headquartered in Tokyo, the company serves automotive, energy, and electronics sectors through innovation-driven products that improve efficiency and durability. Hitachi Metals strongly supports electrification trends and renewable energy development by delivering cutting-edge magnetic materials aligned with market demands.
4. TDK Corporation (Headquarters: Tokyo, Japan)
TDK Corporation, a global leader in electronic components, offers a broad range of magnetic materials including ferrite and rare earth magnets. With headquarters in Tokyo, TDK’s expertise spans magnetic recording and power electronics, enabling high-efficiency solutions in automotive, telecommunications, and industrial applications. The company’s continuous research ensures advancement in magnetic technology, pushing global market expansion and sustainability in energy and digital sectors.
5. Ningbo Keningda Industry Co., Ltd. (Headquarters: Zhejiang, China)
Ningbo Keningda Industry is a top Chinese manufacturer specializing in high-quality NdFeB magnets, catering to industrial automation, automotive, and clean energy applications. Based in Zhejiang, China, the company emphasizes innovation to meet growing market needs with competitively priced magnetic materials. Its strong presence in China’s magnetic materials market reflects the rising adoption of efficient magnets in emerging technologies and electric vehicle sectors.
Are you ready to discover more about the magnetic materials market?
The report provides an in-depth analysis of the leading companies operating in the global magnetic materials market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Shin-Etsu Chemical Co., Ltd.
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Molycorp Magnequench
- Hitachi Metals Ltd.
- TDK Corporation
- Ningbo Keningda Industry Co., Ltd.
- DMEGC Magnetic Ltd.
- Lingyi iTECH (Guangdong) Company
- Arnold Magnetic Technologies
- Adams Magnetic Products Co.
- Others.
Conclusion
The Magnetic Materials Market Size is set for robust growth, driven primarily by booming demand from electric vehicles, renewable energy systems, and industrial automation. Key materials like neodymium-iron-boron and soft magnetic alloys are critical in enabling advancements in electric motors, transformers, and energy-efficient devices. Sustainability initiatives and supply chain diversification efforts, especially concerning rare earth elements, are shaping industry strategies. Technological innovation and integration of digital solutions further accelerate market expansion.
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