From GlobeNewswire:

The global advanced magnetic materials market is projected to grow from USD 24.2 billion in 2023 to USD 38.2 billion by 2028. The growth is driven by increasing demand from various industries such as automotive, electronics, and medical, as well as by technological advancements in advanced magnetic materials technology.

The market is segmented into permanent magnet, semi-hard magnet, and soft magnet. Permanent magnets are used in high-performance applications, semi-hard magnets are used in various industries, and soft magnets are used in applications where high permeability and low coercivity is required.

The US led the advanced magnetic materials market in 2022. The market in the US is driven by the presence of major end-use industries and strong industrialization in the country.

The Advanced Magnetic Materials Market is projected to reach a market size of USD 2,042.6 million in Germany by 2028. The market in China is also expected to witness strong growth and is projected to reach a market size of USD 5 billion by 2028.



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