Permanent Magnet Market Historical Analysis, Trends, Business Revenue Forecast 2031

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 experiencing robust expansion, fueled by technological advancements and escalating demand for energy-efficient solutions, notably within the burgeoning electric vehicle (EV) sector. Serving as critical components across automotive, electronics, energy, and manufacturing industries, these magnets primarily utilize neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite materials, each selected for their distinct performance characteristics.

A primary catalyst for this market surge is the EV revolution, where permanent magnets are indispensable for powering electric motors. Driven by stringent global emission standards and increasing consumer preference for sustainable transportation, the demand for EVs—and consequently, permanent magnets—is on an upward trajectory. Similarly, the renewable energy sector, particularly wind power, significantly contributes to market growth, as permanent magnets are vital in wind turbine generators. Consequently, the global permanent magnet market is poised for continued growth, supported by escalating demand from green technologies, transportation, and advanced manufacturing.

Rising Demand for Permanent Magnets in Consumer Electronics:

permanent magnet market are integral to the functionality of a wide array of consumer electronics, enabling the operation of diverse components. Their inherent ability to maintain magnetic properties without external power makes them essential in products ranging from audio equipment to computing hardware, enhancing the efficiency of electromechanical devices. Furthermore, permanent magnets are extensively used in 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 more. The escalating production of gaming systems, mobile phones, portable computing devices, and other electronic goods is expected to further propel the demand for these magnetic components. Notably, computers utilize permanent magnets for data storage in hard drives. According to IDC data, the global traditional PC market experienced a resurgence in the first quarter of 2024, with shipments reaching 59.8 million units, a 1.5% year-over-year increase.

Technological Advancements in permanent magnet market:

Significant technological strides are enhancing the capabilities and sustainability of permanent magnets. Advancements in alloy composition have yielded improved temperature stability, enabling magnets to perform reliably in demanding environments. The addition of elements like dysprosium and terbium to NdFeB magnets, for instance, bolsters their resistance to demagnetization at high temperatures—a critical feature for EV motors and wind turbines. Furthermore, a growing emphasis on magnet recycling and sustainability is evident, with notable progress in recovering rare earth elements (REEs) from end-of-life magnets. This addresses environmental concerns and mitigates supply chain vulnerabilities associated with REE mining.

The pursuit of alternative magnet materials to lessen reliance on REEs, such as iron-nitride and cobalt-iron alloys, is gaining momentum due to their promising magnetic properties and greater abundance. Additionally, innovations in 3D printing and advanced coating techniques allow for finer control over magnet geometry and surface characteristics, leading to enhanced performance and durability. These technological advancements are contributing to reduced production costs, expanding the application scope of permanent magnets, and fostering greater sustainability across industries that rely on these crucial materials.

Permanent Magnet Market Size and Share Analysis:

Based on material type, the market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. In 2024, the neodymium-iron-boron segment commanded the largest market share, owing to the superior pull performance of NdFeB magnets relative to their volume. These magnets are widely employed in sensors, reed switches, hard disc drives, audio equipment, acoustic pick-ups, headphones & loudspeakers, MRI scanners, motors & generators, and dental instruments, among other applications.

In terms of application, the market is divided into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment held the largest market share in 2023. Within this sector, permanent magnets are utilized 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. The inherent properties of these magnets, such as repulsion, attraction, and energy conversion, are expected to drive their increasing adoption in various consumer electronics, including televisions, laptops, music systems, computers, and smartphones. Rising consumer demand and continuous technological innovation are key factors propelling the growth of the permanent magnet market within the consumer electronics segment.

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

• Europe

• Asia Pacific

• Middle East and Africa

• South and Central America

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

Other Reports:

BRIC Permanent Magnet Market: https://sites.google.com/view/bric-permanent-magnet-market/home 

ASEAN Permanent Magnet Market: https://business-news-insights.blogspot.com/2025/05/asean-permanent-magnet-market.html 

Benelux Permanent Magnet Market: https://github.com/SuryakantGadekar/Business-Market-Insights/issues/6 

Western Europe Permanent Magnet Market: https://penzu.com/p/008e3f5db9243774  

About Us:

Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights