Magnets Market size was valued at USD 47.15 Billion in 2024 and is projected to reach USD 75.48 Billion by 2033, exhibiting a CAGR of 5.7% from 2026 to 2033.
In 2022, the global magnets market was valued at approximately USD 20.58 billion, with a projected compound annual growth rate (CAGR) of 8.4% from 2023 to 2030. The Asia Pacific region dominated the market, accounting for over 66% of the revenue share in 2021, driven by robust production in automotive and electronics industries, particularly in China, India, and Japan. Europe also exhibited significant growth, investing EUR 41 billion in wind energy in 2021 for 25 GW of new capacity, thereby increasing demand for neodymium magnets used in wind turbines.Opportunities in the magnets market are expanding, particularly in the electric vehicle (EV) sector, which demands high performance magnetic materials for efficient motors and batteries. The Asia Pacific region leads in EV adoption, with 60% of the 14 million new electric cars registered worldwide in 2023. Additionally, the renewable energy sectors growth, especially in wind energy projects, continues to drive demand for magnetic materials, positioning the market for sustained expansion.
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Hitachi Metals
Daido Steel
TDK
Shin-etsu Chemical
Arnold Magnetic
Lynas Corporation
Electron Energy
Tengam Engineering
Adams Magnetic
Bunting Magnetics
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Magnets Market
Permanent Magnets
Electromagnets
Hybrid Magnets
Industrial
Consumer Electronics
Medical Devices
Renewable Energy
Automotive
Electronics
Healthcare
Construction
Disc Magnets
Block Magnets
Ring Magnets
Cylindrical Magnets
Direct Sales
Online Retail
Physical Retail Stores
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Magnets Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Magnets Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Magnets Market, By Type
6. Global Magnets Market, By Application
7. Global Magnets Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Magnets Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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