Permanent Magnet Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)

Permanent Magnet Market Trends & Growth Drivers

Growing Demand of Renewable Technology Is Key Market Trend

• The increasing global environmental challenges have led countries to implement strict countermeasures.
• This results in a growing demand for renewable energy technologies, such as wind power, solar power, and electric vehicles.
• The degrading air quality is also responsible for the growth. For instance, global carbon emissions increased by 1.1% in 2023, which is approximately 410 million tons, to reach a new record of 37.4 billion tons.
• The rapid increase in the sales of EVs is also a market trend and contributes in the growing demand for renewable energy technology.
• A total 14 million of new electric cars were registered in 2023, which was an increase of 35%, or 3.5 million, compared to 2022.

 Growing Demand from Electronics Industry Is Key Driver for Market

• The growing demand from the electronics industry and the wide range of applications of permanent magnets in appliances, such as refrigerators, motors, speakers, and sensors, is driving the growth of the market.
• The rapid increase in the demand for phones, laptops, and gaming systems is responsible for the expansion of the electronics market.
• Additionally, permanent magnets are used in computer hard drives for data storage, as well as in speakers, vibration motors, microphones, auto-focus mechanisms, and other functions in phones and laptops.
• According to a GSMA report, approximately 69% of the global population, i.e., 5.6 billion people were mobile service subscribers, which was an increase of 1.6 billion people since 2015.

Permanent Magnet Market Analysis

Material Insights

• The neodymium magnet is the largest and fastest-growing, with a market share of 45% in 2024 and a CAGR of 9% by 2032, respectively.
• This is due to its compressive strength, resistance to external electric fields without depolarization, reduced brittleness, and other favorable properties.
• This is why it has applications in several industries and products, such as hard drives, speakers, door catchers, suspensions, sensors, and electric guitar pickups.

The materials covered in the report include:

• Ferrite
• Neodymium (NdFeB) (Largest and Fastest-Growing Category)
• Samarium–Cobalt (SmCo)
• Aluminum–Nickel–Cobalt (AlNiCo)
• Others

End User Analysis

• Automotive will be the largest category, with a market share of 35% in 2024, and it will be the fastest-growing category, with a CAGR of 9.5%, by 2032.
• This is due to the wide range of applications of permanent magnets in automotive components.
• Permanent magnets are used in electronic components (audio, lighting, instrument boxes), vehicle control systems (ABS, airbags, power control, chassis control), and chargers and motors of EVs and hybrid vehicles.
• These magnets and sensors are used in ABS to measure wheel rotations, preventing skidding and improving safety.
• In this regard, growing sales of vehicles are driving the market’s growth.
• There was an increase in the production of vehicles from 85,016,728 units in 2022 to 93,546,599 units in 2023.

The end users analyzed for this report are:

• Consumer Electronics
• General Industrial
• Automotive (Largest and Fastest-Growing Category)
• Medical Devices
• Environment & Energy
• Aerospace & Defense
• Others

Regional Analysis

• Geographically, APAC is the largest market, holding a revenue share of 60% in 2024, and it is projected to record the fastest growth in the future, with a CAGR of 10% by 2032.
• The dominance of the region is due to its rapidly increasing population, growing output of industries, and extensive manufacturing capabilities.
• The current population of the region is more than 4.7 billion, which is approximately 59.1% of the world’s population.
• Countries such as China, India, and Japan are home to several major producers of magnets, such as Ningbo Zhaobao Magnet Co. Ltd. and Ningbo Jinji Strong Magnetic Material Co. Ltd.
• The abundance of raw materials in the region is also responsible for its dominance.
• For instance, China produces a significant portion of global materials: 60% of ferrites, 70% of neodymium, 70% of samarium–cobalt, 50% of AlNiCo, and 25% of bonded magnets. Japan contributes 20% of the global production of ferrites, neodymium, and bonded magnets, while India produces 5% of the world's ferrites.
• Additionally, a total of 14 million new electric cars were registered worldwide in 2023, of which 60% were in China, 25% in Europe, and 10% in the U.S.
• The IMF has projected that the region will contribute around 70% of the global growth this year, as its GDP growth increased from 3.8% in 2022 to 4.6% in 2023.

The regions and countries analyzed in this report include:

• North America
  • U.S. (Larger Country Market)
  • Canada (Faster-Growing Country Market)
• Europe
  • Germany (Largest Country Market)
  • Netherlands
  • U.K. (Fastest-Growing Country Market)
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest Country Market)
  • Mexico (Fastest-Growing Country Market)
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • U.A.E. (Fastest-growing Country Market)
  • Rest of MEA

Permanent Magnet Market Share

The global permanent magnet market is highly consolidated in nature because of the presence of a few key players who have the majority of market shares. Some of these companies are Shin-Etsu Chemical Co. Ltd., TDK Corp., and Proterial Ltd. These players have a global presence, technological expertise, large production capacities, and well-established relations, setting high barriers for new players. The presence of these key players in a region rich in raw materials further increases the consolidation of the market.

Permanent Magnet Market News

• In October 2023, GKN Sinter Metals Engineering GmbH and Schaeffler Group joined forces to quicken up the development of the permanent magnet industry for electric vehicles.
• In April 2023, Arnold Magnetic Technologies and Cyclic Materials announced their partnership to recycle elements from Arnold and reduce the dependence on foreign nations.
• In September 2022, Solvay S.A. announced its expansion of rare earth operations in La Rochelle, France, which will establish the rare earth permanent magnet value chain in Europe and reduce its dependence on overseas countries.