Us Magnet Materials Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
Magnet Materials Market was valued at USD 18.65 Billion in 2022 and is projected to reach USD 30.45 Billion by 2030, growing at a CAGR of 6.14% from 2024 to 2030.
The United States magnet materials market is experiencing significant growth, driven by advancements in technology and increasing demand across various industries. In 2024, the market was valued at approximately USD 10.2 billion and is projected to reach USD 13.7 billion by 2033, with a compound annual growth rate (CAGR) of 3.3% during this period.
Several factors contribute to this upward trajectory:
Renewable Energy Adoption: The shift towards sustainable energy solutions has led to a higher demand for magnets in wind turbines and other renewable energy applications.
Electric Vehicle (EV) Expansion: As the automotive industry moves towards electrification, the need for high-performance magnets in EV motors has surged.
Technological Advancements: Innovations in electronics and industrial automation have increased the utilization of magnetic materials in various devices and machinery.
Companies within the U.S. are making strategic moves to strengthen the domestic supply chain and reduce reliance on foreign sources. For instance, Noveon Magnetics Inc., based in San Marcos, Texas, secured a contract to supply 1,000 tons of magnets to Nidec Motor Corp. over the next five years. This deal is significant, considering Noveon's annual production capacity of 2,000 tons, and highlights the importance of establishing a robust U.S. manufacturing base for critical materials.
Similarly, MP Materials, a leading U.S. rare earth minerals producer, reported a 48% increase in revenue, amounting to $60.98 million, surpassing expectations. The company is on track to commence large-scale production of automotive-grade magnets for General Motors by late 2025, aiming to reestablish a domestic rare earth magnet supply chain.
Despite these positive developments, challenges persist. China currently controls approximately 90% of the global processing capacity for rare earth minerals, posing a potential risk to the U.S. supply chain. To mitigate this, U.S. companies are exploring alternative sources and recycling methods. HyProMag, for example, is leading efforts to recycle electronic waste containing rare earth minerals, extracting valuable magnets from discarded devices to reduce dependence on foreign imports.
In my experience working within the industry, I've observed a growing emphasis on developing sustainable and secure supply chains for magnetic materials. Companies are increasingly investing in research and development to innovate recycling processes and enhance domestic production capabilities. This proactive approach not only addresses supply chain vulnerabilities but also aligns with environmental sustainability goals.
As the U.S. magnet materials market continues to evolve, it presents opportunities for growth and innovation, particularly in sectors like renewable energy, electric vehicles, and advanced electronics. Stakeholders are encouraged to stay informed about market trends and invest in technologies that support a resilient and sustainable supply chain.
Get an In-Depth Research Analysis of the Global Magnet Materials Market Size And Forecast [2025-2032]
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Hitachi Metals Group
TDK
Zhong Ke San Huan Hi-Tech
DMEGC Magnetics
JPMF
Ningbo Yunsheng
AT&M
Shin-Etsu
Zhenghai Magnetic Material
Innuovo
VAC
Arnold Magnetic
Galaxy Magnets
TDG
JL MAG
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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. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. 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 Magnet Materials Market
Neodymium-Iron-Boron (NdFeB)
Samarium-Cobalt (SmCo)
Alnico
Ferrite (Ceramic)
Manufacturing
Robotics
Automotive
Aerospace
High Energy Products
Medium Energy Products
Low Energy Products
Manufacturers
Research Organizations
Retailers
Service Providers
Direct Sales
Distributors
Online Sales
Retail Stores
Global (United States, Global 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 Magnet Materials 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 Magnet Materials Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Magnet Materials Market, By Type
6. Global Magnet Materials Market, By Application
7. Global Magnet Materials Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Magnet Materials Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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