South Korea Magnetic Materials Market Size, Share, and COVID-19 Impact Analysis, By Type (Hard Permanent, Semi-hard, and Soft), By Application (Automotive & Transportation, Electronics, and Energy), and South Korea Magnetic Materials Market Industry Trend, Forecasts to 2035

South Korea Magnetic Materials Market Insights Forecasts to 2035

• The South Korea Magnetic Materials Market Size Was Estimated at USD 1459.5 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 6.33% from 2025 to 2035
• The South Korea Magnetic Materials Market Size is Expected to Reach USD 2867.4 Million by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Magnetic Materials Market is anticipated to reach USD 2867.4 million by 2035, growing at a CAGR of 6.33% from 2025 to 2035. The automotive industry, in particular the rise in the production and use of electric vehicles (EVs), is the main driver of the magnetic materials market's expansion.

Market Overview

The magnetic materials market involves the production and application of materials that generate magnetic fields, such as permanent, semi-hard, and soft magnets, used across industries like automotive, electronics, energy, and healthcare. These materials offer benefits including improved energy efficiency, miniaturization of devices, and enhanced performance in motors, sensors, and transformers. The growing demand for electric vehicles, renewable energy systems, and advanced electronics. Technological innovations in rare-earth and ferrite magnets. Governments reginal, including South Korea, are supporting the sector through initiatives promoting electric mobility, renewable energy adoption, and research funding for advanced magnetic materials.

Report Coverage

This research report categorizes the market for South Korea magnetic materials market based on various segments and regions forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea magnetic materials market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment South Korea magnetic materials market.

Driving Factors

The rising demand for electric vehicles, renewable energy systems, and advanced consumer electronics, all of which rely heavily on efficient magnetic components. Technological advancements in permanent and rare-earth magnets enhance performance and energy efficiency. Increased investments in automation, robotics, and clean energy further propel the market. Government initiatives supporting EV adoption and renewable infrastructure also play a crucial role, making magnetic materials essential to the development of sustainable and high-performance industrial applications.

Restraining Factors

The extraction and processing of rare-earth materials are expensive and subject to rigorous environmental and safety regulations. The recycling rare-earth magnets could alleviate supply dependence, current recycling capabilities remain underdeveloped and costly to scale.

Market Segmentation

The South Korea magnetic materials market share is classified into type and application.

• The hard/permanent segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea magnetic materials market is segmented by type into hard/permanent, semi-hard, and soft. Among these, the hard/permanent segment held a significant share in 2024 and is expected to grow at a substantial CAGR during the forecast period. Their critical use in electric vehicles, wind turbines, and consumer electronics. Their strong magnetic properties and long-term durability make them ideal for high-performance applications. Growing investments in renewable energy and e-mobility, along with advancements in rare-earth magnet technologies.

• The automotive & transportation segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea magnetic materials market is segmented by application into automotive & transportation, electronics, and energy. Among these, the automotive & transportation segment dominated a share in 2024 and is expected to grow at a significant CAGR during the forecast period. The rising adoption of electric vehicles (EVs) and hybrid technologies. Magnetic materials are essential in EV motors, sensors, and battery systems. Strong government support for clean mobility, coupled with growing consumer demand for fuel-efficient and eco-friendly vehicles, boosts this segment. Technological advancements and increased investment in EV production are expected to drive a significant CAGR in the automotive & transportation sector during the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea magnetic materials market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Seonglim Advanced Industrial
• Star Group Industrial Co., Ltd.
• HyungSung Industries Co., Ltd.
• Fides Magnetic Co.
• Haesung Magnet
• Woosung Magnet Co., Ltd.
• Union Materials Corp.
• Kyungwon Ferrite Ind. Co., Ltd.
• Dae Yang Magnet
• Magtopia Co., Ltd.
• Technorise Co., Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea magnetic materials market based on the below-mentioned segments:

South Korea Magnetic Materials Market, By Type

• Hard/Permanent
• Semi-hard
• Soft

South Korea Magnetic Materials Market, By Application

• Automotive & Transportation
• Electronics
• Energy