Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Report Format: PDF+Excel | Report ID: SR112023A565
Buy Now

Market Overview:

The global magnet market reached a value of US$ 36.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 47.4 Billion by 2027, exhibiting at a CAGR of 4.71% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A magnet refers to any material that produces a magnetic field and is capable of attracting iron, nickel and cobalt and objects containing these metals. It is made of a group of materials called ferromagnetic metals, such as nickel and iron, which have the unique property of being able to be magnetized uniformly. Over the years, the demand for magnets has escalated around the world as they are used in a wide range of devices used today, from air-conditioners and washing machines to speakers and hybrid cars.

Magnets are used in various home appliances such as refrigerators, vacuum cleaners, lawnmowers and garden tractors. They also play a critical role in the functioning of multiple medical devices, particularly magnetic resonance imaging (MRI) machines, hearing aids, and ventricular assist devices (VAD). Besides this, their strong magnetic strength allows for significant product miniaturization, improved product performance and reduced manufacturing costs. Apart from this, the reduction in the emissions of CO2 and other greenhouse gases in line with the Kyoto Protocol is rapidly emerging as a major global agenda. Owing to this, governments of various countries are focusing on using energy-saving technologies and devices that can help them in reducing their carbon footprints. Moreover, manufacturers have introduced magnetic levitation (maglev), a relatively new transportation technology, in which non contacting vehicles travel safely at a speed of 250 to 300 miles-per-hour or higher while suspended, guided and propelled above a guideway by magnetic fields. This technology has the potential to grow in the near future, thereby creating a strong demand for magnets.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global magnet market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on magnet type and application.

Breakup by Magnet Type:

  • Ferrite
  • Neodymium Iron Boron (NdFeB)
  • Aluminium Nickel Cobalt (AlNiCo)
  • Samarium Cobalt (SmCo)

Amongst these, neodymium iron boron (NdFeB) is the most popular type of magnets, accounting for majority of the overall market share.

Breakup by Application:

  • Computer Hard Disk Drives (HDD), CD, DVD
  • Hybrid Electric Vehicles
  • Electric Bicycles
  • Heating, Ventilating and Air Conditioners (HVAC)
  • Wind Turbines
  • Other Applications
    • Transducers and Loudspeakers
    • Magnetic Separation Equipment and Sorters
    • Magnetic Resonance Imaging (MRI)
    • Magnetic Braking Systems
    • Magnetically Levitated Transportation Systems
    • Medicine and Health
    • Credit Cards and other ID Cards
    • Traveling Waves Tubes (TWT)
    • Advertising and Promotional Products
    • Magnetic Refrigeration system
    • Nanotechnology
    • Military and Aerospace
    • Energy Storage Systems

At present, the major share of magnets is used in computer hard disk drives (HDD), CDs and DVDs, where the magnet is used both for driving the spindle motor and for positioning the read/write head.

Regional Insights:

  • China
  • Japan
  • USA
  • Europe
  • Other Regions

On the geographical front, China represents the world’s largest market for permanent magnets and currently accounts for nearly two-thirds of the global market.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, providing the detailed profiles of the major players operating in the industry.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion, 000’ Metric Tons
Segment Coverage Magnet Type, Application, Region
Region Covered China, Japan, USA, Europe, Other Regions
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Magnet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
Select Licence Type

Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Clients Testimonial

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More