Permanent Magnet Market Key Highlights and Future Opportunities till 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 Permanent Magnet Market Analysis

The global permanent magnet market is experiencing robust growth fueled by technological advancements, the increasing demand for energy-efficient solutions, and the widespread adoption of electric vehicles (EVs). Permanent magnets, critical components across automotive, electronics, energy, and manufacturing sectors, are primarily composed of neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct properties for specific applications.

A key driver is the burgeoning electric vehicle industry, where permanent magnets are essential for EV motors. Stricter global emission regulations and rising consumer preference for sustainable transportation are propelling EV demand, consequently boosting the need for permanent magnets. Similarly, the renewable energy sector, particularly wind power, significantly contributes to market expansion due to the integral role of permanent magnets in wind turbine generators. Consequently, the global permanent magnet market is projected for continued growth, supported by increasing demand from green technologies, transportation, and advanced manufacturing.

Rising Demand for Permanent Magnets in Consumer Electronics

Permanent Magnet Market are indispensable in consumer electronics, enabling the functionality of diverse components due to their ability to maintain magnetic properties without external power. They are widely utilized in electro-mechanical products to enhance efficiency. Furthermore, permanent magnets are extensively employed in consumer 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, and hard disk drives (HDDs). The escalating demand for electronic components is driven by the manufacturing of gaming systems, cell phones, portable computing devices, and other electronic goods. Notably, computers utilize permanent magnets for data storage in hard drives. Electronic devices such as motors, MRI scanners, speakers, televisions, and generators leverage both permanent magnets and electromagnets. The recent resurgence in the global traditional PC market, with a 1.5% year-over-year increase in shipments during the first quarter of 2024 according to IDC, further underscores the sustained demand for permanent magnets in this sector.

Technological Advancements in Permanent Magnets

Significant technological advancements are shaping the permanent magnet landscape. Improvements in alloy composition have enhanced the thermal stability of magnets, enabling operation in more demanding environments. For instance, the addition of dysprosium and terbium to NdFeB magnets improves their resistance to demagnetization at high temperatures, crucial for EV motors and wind turbines requiring consistent performance across varying operating conditions. Furthermore, a growing emphasis on magnet recycling and sustainability has led to notable progress in recovering rare earth materials from used magnets. This mitigates environmental concerns and supply chain vulnerabilities associated with rare earth mining.

The increasing interest in alternative magnet materials to reduce reliance on rare earth elements (REEs), such as iron-nitride or cobalt-iron alloys, is significant, as these materials exhibit promising magnetic properties while being more abundant and environmentally friendly. Additionally, innovations in 3D printing and advanced coating techniques allow for more precise control over magnet geometry and surface properties, leading to improved performance and durability. These technological advancements are contributing to reduced production costs, expanding the application scope of permanent magnets, and fostering greater sustainability within industries reliant on these essential materials.

Permanent Magnet Market Key Sources Referred:

• Permanent Magnet Division (PMD)

• The European Magnetism Association

• US Magnetic Materials Association

• The Magnetic Materials Group

• European Union

• Rare Earth Industry Association (REIA)

• European Institute of Innovation & Technology (EIT)

Permanent Magnet Market 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

• US

• Canada

• Mexico

Permanent Magnet Market: Key Company Profiles

The permanent magnet market is characterized by the presence of several prominent players. These include:

• Hitachi Ltd.

• Shin-Etsu Chemical Co., Ltd.

• TDK Corp.

• Arnold Magnetic Technologies.

• Galaxymagnets

• Goudsmit Magnetics

• Electron Energy Corporation

• Dexter Magnetic Technologies

• Adams Magnetic Products, LLC

• NINGBO YUNSHENG Co., Ltd.

These companies are key stakeholders in driving innovation and supplying permanent magnets for various applications within the market.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights