The global advanced magnetic materials market is projected to grow from USD 24.2 billion in 2023 to USD 38.2 billion by 2028, registering a CAGR of 9.5%, according to a recent market research report. This strong growth is primarily driven by rising demand from the automotive industry, where magnetic materials are extensively used in electric motors, sensors, actuators, and switches.
The automotive sector is emerging as the fastest-growing end-use segment, spurred by increasing adoption of electric and hybrid vehicles, weight reduction goals, and fuel efficiency improvements. Applications include electric steering, throttle actuation, braking, and auto-clutch systems.
Asia-Pacific remains the largest regional market, driven by rising energy needs, rapid industrialization, and technological advancements. China, with its extensive reserves and production capabilities in rare earth minerals, leads the supply chain. The region is seeing increased consumption from Thailand, Vietnam, Malaysia, South Korea, and Indonesia. Key players like Hitachi Metals Ltd., TDK Corporation, Daido Steel, Shin-Etsu Chemical, and Anhui Sinomag dominate the global landscape.
Meanwhile, North America ranks second, with rising demand and dependence on imports for rare earths. The need for strategic sourcing from Asia has become critical for regional players.
With over 214 data tables, 47 figures, and 218 pages, the report offers a comprehensive view of types such as permanent magnets, semi-hard, and soft magnetic materials, and their adoption across industries including electronics, power generation, industrial, and medical.