IMARC Group has recently released a new research study titled “South Korea Magnet Market Size, Share, Trends and Forecast by Magnet Type, Application, and Region, 2025-2033”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

South Korea Magnet Market Overview

The South Korea magnet market size reached USD 793.25 Million in 2024 and is projected to reach USD 979.36 Million by 2033. The market is expected to grow at a CAGR of 2.13% during the forecast period 2025-2033. Growth is primarily driven by rising renewable energy adoption, especially wind and solar power, along with increasing demand for consumer electronics and wearable devices requiring compact, high-performance magnets.

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

South Korea Magnet Market Key Takeaways

• Current Market Size (2024): USD 793.25 Million
• CAGR (2025-2033): 2.13%
• Forecast Period: 2025-2033
• Rising focus on renewable energy and sustainability is influencing market growth.
• Wind power expansion projects like Hajang 5 Wind Power are boosting demand.
• Growing consumer electronics and wearable device sectors increase magnet demand.
• South Korea's wearable technology market reached USD 1.4 billion in 2024.
• Advancements in health and fitness sectors boost demand for smaller, efficient magnets.
• South Korea's strong electronics sector presence drives innovation and demand for high-quality magnets.

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Market Growth Factors

The South Korea magnet market benefits from the nation’s rising emphasis on renewable energy and sustainability initiatives. Increased adoption of clean energy forms such as wind and solar has enhanced the requirement for high-performance magnets. Wind turbines, integral for renewable energy production, depend on substantial quantities of magnets for efficiency. For example, the Hajang 5 Wind Power project initiated by Eurus Energy in 2025 incorporates three ENERCON turbines, each with a 4.5 MW capacity, highlighting government commitments to wind energy. This project, expected to commence by November 2026, exemplifies how South Korea’s clean energy expansion catalyzes magnet demand by deploying advanced turbine components that rely on magnets with superior efficiency and durability under extreme conditions.

Simultaneously, there is a notable growth in consumer electronics and wearable devices that utilize magnets in compact, high-performance forms. Devices such as headphones, smartwatches, and fitness trackers increasingly require smaller magnets with enhanced capabilities, driven further by health and fitness applications. South Korea's electronics industry, supported by leading innovative companies, drives demand for specialized magnets. The wearable technology market alone accounted for USD 1.4 billion in 2024, reflecting robust expansion. The sector’s advancement promotes magnet applications in smaller, sophisticated electronic devices, thus contributing significantly to market growth.

The magnet market also gains momentum from technological advancements aimed at reducing reliance on heavy rare earth elements. In March 2025, the Korea Institute of Materials Science (KIMS) developed a high-performance permanent magnet using a novel grain boundary diffusion process without heavy rare earths. This innovation promises cost reduction and supply chain diversification, particularly benefiting electric vehicle, drone, and robotics industries. Such technological breakthroughs sustain the growth trajectory by enabling more cost-effective and efficient magnet production, which aligns with South Korea’s strategic priorities in clean technology and electronics.

Market Segmentation

Magnet Type Insights:

• Ferrite: Magnets typically used for various applications due to cost-effectiveness and stability.
• Neodymium Iron Boron (NdFeB): High-strength magnets crucial for advanced electronics and renewable energy applications.
• Aluminum Nickel Cobalt (AlNiCo): Specialized magnets used where thermal stability is required.
• Samarium Cobalt (SmCo): High-performance magnets resistant to demagnetization, suitable for demanding conditions.

Application Insights:

• Computer Hard Disk Drives (HDD), CD, and DVD: Magnets used in data storage devices, ensuring read/write functionality.
• Hybrid Electric Vehicles: Magnets essential for electric motors contributing to greener transport.
• Electric Bicycles: Use magnets in motor systems to support eco-friendly mobility.
• Heating, Ventilating and Air Conditioners (HVAC): Magnets applied in components for efficient climate control.
• Wind Turbines: Critical magnets for turbine generators that convert wind energy to electricity.
• Others: Includes diverse industrial and consumer applications requiring magnets.

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Regional Insights

The report identifies the following regions: Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others. However, specific statistics such as market share or CAGR by region are not provided in the source. The South Korea magnet market predominantly centers around these key regional markets to cater to diverse industrial and consumer applications.

Recent Developments & News

• In May 2025, researchers from the Korea Advanced Institute of Science and Technology (KAIST), Argonne National Lab, and the University of Illinois demonstrated magnets performing quantum computing operations. Using a photon-magnon hybrid chip combining YIG magnets and superconducting resonators, they achieved lossless signal transmission and real-time quantum interference, paving the way for quantum spintronics advancements.
• In March 2025, the Korea Institute of Materials Science (KIMS) announced the development of a high-performance permanent magnet using a novel grain boundary diffusion process without heavy rare earth elements. This innovation may lower costs and reduce dependency on China for electric vehicle, drone, and robotics industry magnets.

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