Enjoy complimentary customisation on priority with our Enterprise License!
The magnet market size is forecast to increase by USD 17.54 billion at a CAGR of 7.89% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for magnets in various industries. In the automotive sector, the rise of electric vehicles (EVs) and electric motors is driving the market, as magnets play a crucial role in enhancing performance and efficiency. The clean transportation trend is also fueling the market's growth, as sustainability becomes a top priority. The renewable energy sector, particularly solar power and wind turbines, is another major consumer of magnets, contributing to the market's expansion. The use of rare-earth metals, such as iron, in the production of magnets is a key factor, but the fluctuating cost of these raw materials poses a challenge. In the biomedical industry, the adoption of nanocrystalline magnetic particles is increasing, offering new opportunities for market growth. Overall, the market dynamics are shaped by the increasing demand for magnets in various sectors, the role of rare earth metals, and the cost pressures.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.