Permanent Magnet Market Size is Estimated to Register a CAGR of 8.5% During 2025-2031, Exclusive Research by The Insight Partners

Permanent magnet market share is driven by booming electronics industry. Key manufacturers are Hitachi Metals, Ltd., Magnequench International, LLC, Ningbo Yunsheng Co., Ltd., Ninggang Permanent Magnetic Materials Co., Ltd., Shin-Etsu Chemical Co., Ltd., TDK Corporation, Thomas & Skinner, Inc., Arnold Magnetic Technologies, Dexter Magnetic Technologies.

/EIN News/ -- US & Canada, April 21, 2025 (GLOBE NEWSWIRE) -- As per a new comprehensive report from The Insight Partners, the global permanent magnet market is observing significant growth owing to the rising demand for permanent magnets in consumer electronics and the growing adoption of permanent magnets in electric vehicles.

The report runs an in-depth analysis of market trends, key players, and future opportunities. The permanent magnet market analysis focuses on various industrial applications that are expected to determine the market strength in the coming years.

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Overview of Report Findings

1. Market Growth: The permanent magnet market is expected to reach US$ 46.88 billion by 2031 from US$ 24.54 billion in 2024. The market is estimated to register a CAGR of 8.5% during the forecast period. The global permanent magnet market is experiencing significant growth driven by advancements in technology, increasing demand for energy-efficient solutions, and the widespread adoption of electric vehicles (EVs). Permanent magnets are essential components in various industries, including automotive, electronics, energy, and manufacturing. These magnets are primarily made from materials such as neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering unique properties suited to specific applications.
2. Rising Demand for Permanent Magnets in Consumer Electronics: Permanent magnets play a crucial role in the functioning of consumer electronics by enabling the operation of various components. Due to their ability to retain magnetic properties without an external power source, permanent magnets are widely used in products ranging from audio devices to computing hardware. These magnets are used in electro-mechanical products to enhance their efficiency. Moreover, permanent magnets find extensive use 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, hard disk drives (HDDs), and others.
3. Growing Adoption of Permanent Magnets for Electric Vehicles: The automotive industry is growing rapidly, particularly in electric vehicles (EVs), which significantly drives the demand for permanent magnets. These magnets play a critical role in the operation and performance of EVs, contributing to the efficiency, size, and weight of various key components. The most common application of permanent magnets in EVs is in permanent magnet synchronous motors (PMSMs), electric power steering systems (EPS), regenerative braking systems, charging systems, various sensors and actuators, and others.
4. Geographical Insights: Asia Pacific led the market with a substantial revenue share in 2024, followed by North America and Europe. Due to a booming automotive industry, Asia Pacific is expected to register the highest CAGR during the forecast period.

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Market Segmentation

• In terms of type, the permanent magnet market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. The neodymium-iron-boron segment held the largest share of the market in 2024.
• Based on application, the permanent magnet market is categorized into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment accounted for the largest share of the market in 2024.
• The permanent magnet market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
  
  

Competitive Strategy and Development

• Key Players: Hitachi Ltd, Shin-Etsu Chemical Co Ltd, TDK Corp, Arnold Magnetic Technologies, Galaxymagnets, Goudsmit Magnetics, Electron Energy Corporation, Dexter Magnetic Technologies, Adams Magnetic Products, and LLC, and NINGBO YUNSHENG co., Ltd are among the leading companies operating in the permanent magnet market.
• Trending Topics: NdFeB magnets, electric vehicles, and rare earth-free permanent magnets, among others.

Global Headlines on Lubricants

• Arnold Magnetic Technologies Expands its Global Footprint with a New Facility in Amata City, Chonburi, Thailand
• Electron Energy Corporation Joined Magnetic Holdings, LLC, the Parent Company of Dexter Magnetic Technologies and Magnetic Component Engineering

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Conclusion

The growth in the global electronic industry propels the demand for permanent magnets. According to Invest India, the global electronics manufacturing services market is anticipated to reach US$ 1,145 billion by 2026, at a CAGR of 5.4% during 2021–2026. The increasing penetration of connected devices such as smartphones and other consumer electronics due to the rising popularity of IoT is resulting in the exponential increase in data traffic over the Internet. Thus, the surging demand for smartphones and other connected devices further boosted the requirement for permanent magnets. Further, permanent magnets contribute to thermal management systems, driving pumps, and fans that regulate the temperature of the motor and battery. Thus, the growing adoption of EVs further boosts the demand for permanent magnets.

The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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