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
The global permanent magnet market is experiencing rapid growth, driven by technological advancements, increasing demand for energy-efficient solutions, and the expanding electric vehicle (EV) sector. Permanent magnets are vital components across multiple industries, including automotive, electronics, energy, and manufacturing. These magnets are primarily composed of materials such as neodymium-iron-boron (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering unique properties tailored for specific applications.
A key factor propelling market growth is the surging adoption of electric vehicles, where permanent magnets are essential for motor function. As governments worldwide enforce stricter emission regulations and consumers seek greener alternatives, EV demand continues to rise, thereby increasing the need for high-performance permanent magnets. Additionally, the renewable energy sector—particularly wind power—is a major contributor, as these magnets are crucial for wind turbine generators. With the growing emphasis on sustainability, the permanent magnet market is poised for continued expansion, fueled by advancements in green technologies, transportation, and industrial manufacturing.
Permanent magnets are critical in consumer electronics, enabling the functionality of various devices by retaining their magnetic properties without requiring an external power source. They are extensively used in electro-mechanical components to enhance efficiency and performance. These magnets are found in a wide array of consumer products, including air conditioning compressors, computer hardware, audio devices, cameras, smartwatches, earbuds, DVDs, loudspeakers, microphones, mobile phones, voice coil motors, printers, and hard disk drives (HDDs).
The rising demand for electronic devices—such as gaming systems, smartphones, and portable computing solutions—is expected to further drive the need for permanent magnets. In computing, magnets play a crucial role in data storage on hard drives, while other electronic applications include MRI scanners, speakers, televisions, and generators.
According to the International Data Corporation (IDC), after two consecutive years of decline, the global traditional PC market saw a resurgence in the first quarter of 2024, with shipments reaching 59.8 million units—marking a 1.5% year-over-year increase. This growth in the consumer electronics sector underscores the increasing reliance on permanent magnets, reinforcing their importance in modern technology.
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