How Big Is the Magnet Market | Size & Trends 2031

How Big Is the Magnet Market?

This growth is mainly due to increased demand from the automotive, electronics, and renewable energy industries for innovation and efficiency. Globally, demand for magnets is driven by the consumption of electric motors, MRI machines, wind turbines, consumer electronics, and smart connected devices.

Growth Factors of the Magnet Market

• Accelerated electric vehicle production requiring neodymium and ferrite magnets
• Rising integration of magnets in smartphones, headphones, and home appliances
• Strong demand from wind energy sector for high-performance permanent magnets
• Increased use in medical imaging systems such as MRI scanners
• Defense sector’s reliance on rare-earth magnets for precision equipment
• Advancements in magnet recycling and magnet-to-magnet recovery processes

Magnet Market Trends

Magnet Market is witnessing significant momentum in rare-earth magnet technologies, especially NdFeB magnets known for superior magnetic strength and durability. Manufacturers are investing in recycling technologies to recover rare earth materials amid growing environmental concerns.

Miniaturization of components in electronics and integration of smart magnetic sensors into IoT-enabled devices are shaping market innovation. In addition, Asia-Pacific remains the production and consumption hub, with China leading the supply chain for both raw materials and finished magnets.

Emerging Developments in the Magnet Market

The magnet industry is evolving with the rise of bonded magnets that offer customizable shapes and magnetic orientations for specialized applications. Companies are investing in magnet-free motor technologies as an alternative for sustainability and cost-efficiency.

Emerging developments include high-temperature-resistant magnets for aerospace and defense sectors, and the use of 3D printing techniques for fabricating magnet-based components in complex geometries.

List of Leading companies in the Magnet Market

 

Below is a comprehensive list of the leading market players driving growth in this sector:

1. TDK Corporation

TDK is a leading electronics company that produces a wide range of magnetic materials and components.

2. Hitachi Metals, Ltd.

Hitachi Metals specializes in advanced materials and components, including high-grade neodymium magnets.

3. Arnold Magnetic Technologies

Arnold manufactures precision magnetic assemblies and permanent magnets, serving critical industries like aerospace, automotive, and medical devices.

4. Daido Steel Co., Ltd.

Daido Steel develops high-performance magnetic materials, especially neodymium-iron-boron magnets used in motors and electronics.

5. Adams Magnetic Products Co.

Adams offers a wide range of magnets and assemblies for industrial, commercial, and OEM applications.

6. Electron Energy Corporation

Electron Energy manufactures rare earth magnets, supplying to aerospace, defense, and medical sectors.

7. Yantai Dongxing Magnetic Materials Inc.

Dongxing produces sintered and bonded rare earth magnets for use in wind, EV, and energy-saving tech.

8. Bunting Magnetics Co.

Bunting provides custom magnetic systems for recycling, food processing, mining, and more.

9. Shin-Etsu Chemical Co., Ltd.

Shin-Etsu is a major global supplier of rare earth magnet materials used in motors and electronics.

10. Zhejiang Innuovo Magnetics Co., Ltd.

Innuovo is a leading Chinese producer of rare earth magnets, exporting to global motor and electronics markets.

How Big Is the Magnet Market : FAQs