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
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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)

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