BRIC Permanent Magnet Market Competitive Landscape, with Regional Forecast 2031

The BRIC Permanent Magnet Market size is expected to reach US$ 30,476.70 million by 2031 from US$ 15,855.78 million in 2024. The market is estimated to record a CAGR of 10.6% from 2025 to 2031.

BRIC Permanent Magnet Market: Executive Summary and Analysis

The BRIC nations (Brazil, Russia, India, and China) are witnessing a surge in demand for permanent magnets, propelled by advancements across key industries including automotive, electronics, renewable energy, and industrial manufacturing. China, as the dominant producer and consumer, significantly influences this growth, with its burgeoning electric vehicle (EV) and renewable energy sectors exhibiting a strong appetite for high-performance neodymium-iron-boron (NdFeB) magnets used in motors and wind turbines. India and Brazil are also experiencing escalating demand, particularly within the electric mobility and solar energy domains, supported by governmental initiatives promoting sustainable technologies. Meanwhile, Russia's expanding aerospace and defense industries are driving the need for specialized BRIC Permanent Magnet Market.

As industrialization progresses and the BRIC economies transition towards greener energy solutions, the demand for permanent magnets in sectors such as robotics, consumer electronics, and energy storage is also on the rise. The increasing focus on innovation and sustainability across the BRIC region ensures a sustained upward trajectory for permanent magnet demand.

BRIC Permanent Magnet Market Outlook

The BRIC permanent magnet market is currently undergoing substantial expansion, fueled by technological progress, a growing preference for energy-efficient solutions, and the widespread adoption of electric vehicles (EVs). Permanent magnets are indispensable components in a diverse range of industries, spanning automotive, electronics, energy, and manufacturing. These magnets are primarily composed of materials like neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct properties tailored to specific applications.

A primary catalyst for this market growth is the rapidly expanding electric vehicle industry, where permanent magnets are critical for powering EV motors. As governments within the BRIC region implement stricter emission standards and consumers increasingly embrace environmentally conscious transportation options, the demand for EVs—and consequently, for permanent magnets—is set to continue its upward climb. Similarly, the renewable energy sector, particularly wind power, stands as another significant contributor, with permanent magnets being fundamental to the operation of wind turbine generators. Consequently, the BRIC permanent magnet market is projected to maintain its growth momentum, bolstered by increasing demand in green technologies, transportation, and advanced manufacturing sectors.

BRIC Permanent Magnet Market Country Insights

The BRIC permanent magnet market can be geographically segmented into the Russian Federation, Brazil, India, and China. Notably, China held the largest market share in 2023.

The permanent magnet market in China is experiencing rapid expansion, driven by the nation's robust industrial and technological advancements. As the world's largest producer and consumer of permanent magnets, China plays a pivotal role in the global market, particularly within the EV, renewable energy, and consumer electronics sectors. The renewable energy sector further contributes to this growth, especially in wind power applications where permanent magnets are essential components in generators.

China's automotive manufacturing industry stands as one of the largest globally. Permanent magnet motors and induction motors are the prevalent choices for electric vehicle motor applications. According to the China Association of Automobile Manufacturers, while overall automotive sales in China saw a year-over-year decrease of 8.4% to 2.56 million units in December 2022, the total sales for the entire year of 2022 reached a substantial 26.86 million units. This significant annual sales volume, particularly the increasing adoption of EVs, is a key factor fueling the growth of the permanent magnet market in China.

BRIC Permanent Magnet Market Segments Covered

BRIC Permanent Magnet Market By Type

• Neodymium-Iron-Boron

• Ferrite

• Samarium Cobalt

• Alnico

BRIC Permanent Magnet Market By Application

• Consumer Electronics

• Automotive

• Aerospace and Defense

• Medical

• Industrial Machinery

• Energy

BRIC Permanent Magnet Market Regions and Countries Covered

BRIC

• Russian Federation

• Brazil

• India

• China

BRIC 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

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights