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.
Segments Covered
By Type
Neodymium-Iron-Boron
Ferrite
Samarium Cobalt
Alnico
By Application
Consumer Electronics
Automotive
Aerospace and Defense
Medical
Industrial Machinery
Energy
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Executive Summary:
The global permanent magnet market is experiencing robust growth, propelled by the surge in electric vehicle (EV) adoption and the expansion of renewable energy sectors, particularly wind power. These magnets, essential components in numerous industries, are driven by the increasing demand for energy-efficient solutions and technological advancements. Neodymium-iron-boron (NdFeB) magnets dominate the market due to their superior performance, while applications in consumer electronics remain a significant revenue contributor. The market's future outlook is positive, driven by ongoing innovations and the global shift towards sustainable technologies.
Global Market Analysis:
The permanent magnet market is fundamentally shaped by the growing demand for sustainable technologies. EVs, powered by high-performance permanent magnet motors, are a primary growth driver. Stringent emission regulations and consumer preference for eco-friendly transportation are accelerating EV adoption, thereby boosting magnet demand. Similarly, the renewable energy sector, especially wind turbine generators, relies heavily on these magnets.
Permanent Magnet Market Drivers and Opportunities:
Rising Demand in Consumer Electronics:
Permanent magnets are vital for the functionality of numerous consumer electronics components, enhancing efficiency and enabling operation without external power sources.
Applications range from audio devices and computing hardware to hard disk drives (HDDs) and various electro-mechanical products.
The resurgence of the global PC market, evidenced by the 1.5% year-over-year growth in Q1 2024 (according to IDC), signifies a continued demand for components utilizing permanent magnets.
The continued expansion of the smart phone, and portable computing device markets also contributes to the increased demand.
The wide usage of permanent magnets in speakers, microphones, and other audio components also contributes to the markets strength.
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This revised version provides a more impactful and easily digestible overview of the global permanent magnet market.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights