The Market Reports

Synopsis

The global market for MRAM was estimated to be worth US$ 250 million in 2024 and is forecast to a readjusted size of US$ 1135 million by 2031 with a CAGR of 23.3% during the forecast period 2025-2031.

This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on MRAM cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.

Magnetoresistive Random Access Memory (MRAM) is a non-volatile storage technology based on the magnetoresistive effect, with its core unit being a magnetic tunnel junction (MTJ), composed of two ferromagnetic layers sandwiching an insulating tunnel barrier layer.

By controlling the magnetization direction of the free layer and the fixed layer to be parallel or antiparallel, the MTJ exhibits a low-resistance state (logic 0) or a high-resistance state (logic 1), thereby enabling data storage. The technological evolution of MRAM has undergone three generations:

First generation: Magnetically driven MRAM, which requires an external magnetic field for writing and has relatively low efficiency.

Second generation: Spin-transfer torque MRAM (STT-MRAM), which flips the magnetic moment using a current perpendicular to the MTJ, has been commercially mass-produced, with speeds approaching SRAM and durability exceeding 1E15 cycles.

Third generation: Spin-orbit torque MRAM (SOT-MRAM) and voltage-controlled magnetic anisotropy MRAM (VCMA-MRAM). Among these, SOT-MRAM uses in-plane current to generate spin-orbit torque to flip the magnetic moment, achieving write speeds of up to 0.4 nanoseconds, with power consumption only 1% of STT-MRAM, and supports in-memory computing, making it the next-generation mainstream technology.

Comparison with traditional storage:

DRAM: Volatile, requires continuous power supply; MRAM can replace it as non-volatile cache.
NAND flash: Slow write speed (microseconds), low durability; MRAM has advantages in real-time data storage scenarios.

SRAM: Fast but low density and high power consumption; MRAM balances performance and cost in embedded applications.
Technological breakthroughs:

SOT-MRAM commercialization: TSMC and ITRI have developed SOT-MRAM with a write speed of 0.4 nanoseconds and a 99% reduction in power consumption, which has entered the automotive-grade verification phase. SOT-MRAM developed by Tohoku University in Japan has a write power consumption as low as 156 fJ, the lowest in the world.

In-memory computing integration: TSMC combines SOT-MRAM with computing architecture to enable direct in-memory computing, improving energy efficiency by over 10 times, suitable for AI edge computing.

Material innovation: Graphene magnetic composite materials increase read/write speeds by 50% and reduce power consumption by 30%; three-dimensional stacked structures reduce device sizes to the nanometer level, significantly increasing density.

Market drivers:

Emerging application demands:

AI and edge computing: MRAM's low power consumption and high-speed characteristics are well-suited for AI inference chips. For example, Alibaba's PingTouGe AI chip with integrated MRAM reduces power consumption by 62%.
IoT Devices: Global IoT devices are projected to exceed 500 billion units by 2030, with MRAM's non-volatility and durability meeting sensor node requirements.

Policy Support: China's 14th Five-Year Plan prioritizes MRAM as the leading new storage technology, with the second phase of the National Integrated Circuit Industry Investment Fund allocating 3.5 billion yuan to support supply chain development, and three national-level R&D centers established in Beijing, Shanghai, and other regions.

Challenges and competition:

Cost and process: The unit cost of MRAM is 35 times that of DRAM. Cost reduction requires large-scale production (e.g., Hefei Changxin's 28nm production line) and domestic material production (cobalt-iron-boron target materials currently have a 75% import dependency).

Technological Competition: ReRAM is making rapid progress in the field of compute-in-memory (e.g., XinYuan Semiconductor's automotive-grade products), and FeRAM is increasing its penetration in automotive electronics. However, MRAM still holds advantages in terms of speed and durability.

Standards and Ecosystem: JEDEC has released the SOT-MRAM interface standard JESD232, with a complete system expected to be established by 2025, promoting cross-vendor compatibility.

This report aims to provide a comprehensive presentation of the global market for MRAM, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of MRAM by region & country, by Type, and by Application.

The MRAM market size, estimations, and forecasts are provided in terms of sales volume (K Units) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding MRAM.

Market Segmentation

By Company

• Everspin Technologies
• Avalanche Technology
• Honeywell
• Renesas
• Crocus Nano Electronics
• Samsung Electronics
• Cobham
• NVE Corporation

Segment by Type

• Toggle MRAM
• STT-MRAM

Segment by Application

• Aerospace
• Automotive
• Factory Automation
• Enterprise Storage
• Internet of Things
• Others

Segment by Region

• North America: United States, Canada, and Mexico
• Europe: United Kingdom, Germany, France, Spain, Italy, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific
• Middle East & Africa: Saudi Arabia, South Africa, and Rest of MEA
• Latin America: Brazil, Argentina, and Rest of Latin America

*If you need a regional or country-specific version, or customized segmentation, we can tailor the report to your requirements.