The Permanent Magnet Market size is expected to reach US$ 47,309.65 million by 2031 from US$ 25,035.19 million in 2024. The market is estimated to record a CAGR of 10.0 % from 2025 to 2031.
Executive Summary and Global Market Analysis:
The global permanent magnet market is undergoing robust growth, fueled by technological advancements, a rising emphasis on energy efficiency, and the rapid expansion of the electric vehicle (EV) sector. Permanent magnets play a vital role across a range of industries—including automotive, electronics, renewable energy, and industrial manufacturing—thanks to their ability to enhance performance and reduce energy consumption. These magnets are primarily composed of materials such as neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct advantages depending on the application.
A major growth driver is the accelerating adoption of electric vehicles, which rely heavily on permanent magnets for their electric motors. With governments enforcing stricter emissions standards and consumers seeking sustainable transportation options, global EV demand is surging—directly boosting the need for high-performance magnets. In parallel, the renewable energy sector, especially wind power, is contributing significantly to market expansion, as permanent magnets are essential components in wind turbine generators. Given these trends, the global permanent magnet market is poised for continued growth, driven by its critical role in advancing clean energy, sustainable mobility, and next-generation manufacturing technologies.
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Permanent Magnet Market Segments Covered
Permanent Magnet Market By Type
- Neodymium-Iron-Boron
- Ferrite
- Samarium Cobalt
- Alnico
Permanent Magnet Market By Application
- Consumer Electronics
- Automotive
- Aerospace and Defense
- Medical
- Industrial Machinery
- Energy
Permanent Magnet Market Regions and Countries Covered
North America
- US
- Canada
- Mexico
Europe
- Germany
- Italy
- France
- U.K.
- Spain
- Belgium
- Netherlands
- Luxembourg
- Norway
- Finland
- Denmark
- Sweden
- Switzerland
- Austria
- Greece
- Portugal
- Russia
- Poland
- Romania
- Czech Republic
- Ukraine
- Slovakia
- Bulgaria
Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Taiwan
- Bangladesh
South and Central America
- Brazil
- Argentina
- Chile
- Colombia
- Peru
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Kuwait
- Bahrain
- Qatar
- Oman
- Turkiye
- South Africa
- Egypt
- Nigeria
- Algeria
Permanent Magnet Market leaders and key company profiles
- Shin-Etsu Chemical
- Hitachi Metals
- Toyota Tsusho Corporation
- General Electric
- TDK Corp
- Armold Magnetic technologies
- Galaxy Magnets
- Goudsmit Magnetics
- Electron Energy Corporation
- Dexter Magnetic Technolgies
Permanent Magnet Market Drivers and Opportunities:
Rising Demand for Permanent Magnets in Consumer Electronics
Permanent Magnet Market play a crucial role in the functioning of consumer electronics by enabling the operation of various components. Due to their ability to retain magnetic properties without an external power source, permanent magnets are widely used in products ranging from audio devices to computing hardware. These magnets are used in electro-mechanical products to enhance their efficiency. Moreover, permanent magnets find extensive use in consumer air conditioning compressors and fans, recorders, computer cables, cameras, watches, earbuds, DVDs, loudspeakers, microphones, mobile phones, voice coil motors, printers, fax stepper motors, printer machine rollers, hard disk drives (HDDs), and others.
The need for electronic components is expected to be fueled by the manufacturing of gaming systems, cell phones, portable computing devices, and other electronic devices. Computers use permanent magnets to store data on hard drives. Electronic devices such as motors, MRI scanners, speakers, televisions, and generators use permanent magnets and electromagnets. Computers use these magnets to store data on hard drives. According to the International Data Corporation (IDC), after two years of decline, the global traditional PC market started growing during the first quarter of 2024 with 59.8 million shipments, rising 1.5% year over year.
Technological Advancements in Permanent Magnet Market
Advancements in alloy composition have enhanced the temperature stability of magnets, allowing them to function in more challenging environments. For example, adding dysprosium and terbium to NdFeB magnets has improved their resistance to demagnetization at high temperatures. This is crucial for EV motors and wind turbines, where consistent performance is required over a wide range of operating conditions. Moreover, the inclination toward magnet recycling and sustainability, with significant progress in recovering rare earth materials from used magnets mitigating environmental concerns and supply chain risks associated with rare earth mining, is a major advancement.
The interest in alternative magnet materials to reduce reliance on REEs, such as iron-nitride or cobalt-iron alloys, is increasing as they show promising magnetic properties while being more abundant and eco-friendlier. Moreover, innovations in 3D printing and advanced coating techniques are enabling more precise control over magnet geometry and surface properties, improving performance and durability. These technological advancements are driving down production costs, expanding the range of applications for permanent magnets, and contributing to the overall sustainability of industries relying on these critical materials.
Permanent Magnet Market Size and Share Analysis
Based on type, the market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. The neodymium-iron-boron segment held the largest permanent magnet market share in 2024. NdFeB magnets offer superior pull performance compared to materials with the same volume. NdFeB magnets are frequently used in sensors, reed switches, hard disc drives, audio equipment, acoustic pick-ups, headphones & loudspeakers, MRI scanners, motors & generators, dental instruments, etc.
In terms of application, the market is segmented into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment held the largest permanent magnet market share in 2023. In the consumer electronics industry, the permanent magnet is used in air conditioning compressors and fans, computer cables, DVDs, recorders, cameras, earbuds, loudspeakers, watches, microphones, mobile phones, voice coil motors, fax stepper motors, printer machine rollers, printers, hard disk drives (HDDs), and portable power tool motors, among others. Properties of these magnets, such as repulsion, attraction, and energy conversion, are expected to surge its demand in various consumer electronics such as television, laptops, music systems, computers, and smartphones. The rising consumer preferences and advancements in technology are fuelling the demand for consumer electronics and driving the permanent magnet market growth.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
