The Africa Permanent Magnet Market size is expected to reach US$ 113.55 million by 2031 from US$ 68.38 million in 2024. The market is estimated to record a CAGR of 8.0% from 2025 to 2031.

Executive Summary: Africa Permanent Magnet Market Analysis

The Africa permanent magnet market is poised for steady growth, fueled by industrial expansion, infrastructure projects, and the burgeoning renewable energy sector. Urbanization across the continent is driving demand for magnets in automotive, electronics, and industrial applications. The nascent but growing electric vehicle (EV) market is expected to significantly increase the need for high-performance neodymium-iron-boron (NdFeB) magnets. Furthermore, Africa's rich renewable energy resources are spurring substantial wind power development, with projects in South Africa and Egypt leading the way. The telecommunications and electronics sectors are also contributing to this growth, as demand for smartphones, motors, and appliances rises. The mining industry, a cornerstone of many African economies, utilizes magnets for ore separation. However, the market faces challenges, including limited domestic manufacturing, reliance on imported raw materials, and infrastructural constraints.

Africa Permanent Magnet Market Segments Covered

Africa Permanent Magnet Market By Type

• Neodymium-Iron-Boron

• Ferrite

• Samarium Cobalt

• Alnico

Africa Permanent Magnet Market By Application

• Consumer Electronics

• Automotive

• Aerospace and Defense

• Medical

• Industrial Machinery

• Energy

Africa Permanent Magnet Market Regions and Countries Covered

Africa

• South Africa

• Egypt

• Algeria

• Nigeria

The key players in the Africa Permanent Magnet Market include:

1. Hitachi Ltd

2. Shin-Etsu Chemical Co Ltd

3. TDK Corp

4. Arnold Magnetic Technologies

5. Galaxymagnets

6. Goudsmit Magnetics

7. Electron Energy Corporation

8. Dexter Magnetic Technologies

9. Adams Magnetic Products, LLC

10. NINGBO YUNSHENG Co Ltd

These companies employ strategies such as expansion, product innovation, and mergers and acquisitions to maintain a competitive edge and deliver innovative products to consumers.

Africa Permanent Magnet Market Outlook

The outlook for the African permanent magnet market is positive, driven by the aforementioned factors. However, to fully realize its potential, the region must address its manufacturing limitations and reduce its dependence on imports. Investments in local production and infrastructure are crucial.

Africa Permanent Magnet Market: Country Insights

The Africa permanent magnet market can be segmented into key regions, including Egypt, South Africa, Algeria, and Nigeria. In 2024, South Africa holds the largest market share.

• South Africa:

  • South Africa's permanent magnet market is experiencing consistent growth, supported by its established industrial base, expanding renewable energy sector, and technological advancements.

  • As the most industrialized nation on the continent, South Africa's manufacturing and mining industries are significant consumers of permanent magnets.

  • The renewable energy sector, particularly wind power, is a key driver of demand. South Africa's commitment to diversifying its energy mix and achieving carbon reduction targets is leading to increased investment in wind farms, which require permanent magnets for turbine generators.

  • South Africa has a high potential for wind energy, and many wind farms are already operational and more are planned.

Other Report:

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights