Global Permanent Magnet Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2032

Permanent Magnet Market Size

• The Global Permanent Magnet Market was valued atUSD 7,321,654.09 Thousand in 2024 and is expected to reachUSD 10,497,185.48 Thousand by 2032
• During the forecast period of 2025 to 2032 the market is likely to grow at aCAGR of 7.35%, primarily driven by the expansion of automotive industry across the globe, especially in developing nations acts
• This growth is driven by factors such as Increasing demand for the permanent magnet in various industries, such as consumer goods and electronics industry, where these products are highly utilized in numerous applications, including production of smartphones and personal electronics and the high production rate of consumer electronics, accelerate the market growth

Permanent Magnet Market Analysis

• Permanent magnets refer to the type of magnetic materials where the magnetic field generally gets created by the internal structure of the materials themselves 
• These magnets are manufactured from special alloys such as nickel, cobalt and iron among several other rare-earth metals, and minerals including lodestone. These tend to generate a persistent magnetic field without requiring any external source of magnetism or electrical power.
• The demand for Permanent Magnet is significantly driven by increase in development and modernization of infrastructure, rise in demand for efficiency and miniaturization and surge in initiatives taken by associations and regulatory bodies

Report Scope and Permanent Magnet Market Segmentation

Permanent Magnet Market Trends

“Growing Adoption of High-Performance and Rare-Earth Permanent Magnets”

• Manufacturers are increasingly focused on producing high-performance permanent magnets that offer superior magnetic strength and energy efficiency, driven by the demand for advanced technologies in sectors like automotive, renewable energy, and electronics.
• Technological innovations are leading to the development of next-generation permanent magnets that are stronger, lighter, and more efficient, contributing to better performance and reduced energy consumption in key applications.
• For instance, in January 2024, Hitachi Metals launched a new series of neodymium-based permanent magnets with enhanced performance for use in electric vehicle (EV) motors, helping to increase motor efficiency and reduce the overall weight of the vehicle.
• This trend reflects a broader industry shift toward high-performance materials that improve efficiency in renewable energy generation, electric vehicles, and other applications requiring strong, reliable magnets, driven by both regulatory push and technological advancements

Permanent Magnet Market Dynamics

Driver

“Increased Demand for Permanent Magnets in Electric Vehicles (EVs)”

• The rapid adoption of electric vehicles (EVs) is a key driver of growth for the global permanent magnet market. Permanent magnets are essential components in electric motors used in EVs, and the need for higher motor efficiency, reduced weight, and extended range continues to propel the market for these magnets.
• As governments worldwide incentivize the transition to electric mobility through policies and subsidies, the demand for rare-earth-based magnets in EVs is increasing, driving significant market growth.
• For instance, in March 2024, General Motors unveiled its latest electric motor design featuring high-efficiency permanent magnets sourced from rare-earth materials, aimed at reducing the energy consumption of its EV lineup and increasing vehicle performance.
• The rising demand for electric vehicles and the need for improved energy efficiency in motors will continue to drive the permanent magnet market.

Opportunity

“Expansion in Renewable Energy Sector”

• The expansion of renewable energy sources, particularly wind energy, presents a substantial opportunity for permanent magnets. Wind turbines require large amounts of high-performance permanent magnets for efficient power generation, which is driving the adoption of magnets for offshore and onshore wind farms.
• With the global push for sustainable energy solutions and the increased investment in wind energy infrastructure, the demand for permanent magnets in wind turbine generators is expected to rise.
• For instance, in February 2024, Siemens Gamesa launched a new series of wind turbine generators incorporating permanent magnets that reduce the weight of turbines and improve efficiency, contributing to lower carbon emissions and better energy output.
• The growing focus on green energy solutions and wind power development globally offers an expanding market for permanent magnets.

Restraint/Challenge

““Supply Chain and Raw Material Constraints for Rare-Earth Elements”

• A significant restraint in the global permanent magnet market is the supply chain challenges and raw material constraints related to rare-earth elements, which are critical for the production of high-performance magnets.
• The limited availability of certain rare-earth elements, such as neodymium, and the geopolitical instability in key supplier countries, particularly China, can affect the supply and cost of raw materials required for magnet production.
• For instance, a 2023 report from Reuters highlighted that China’s dominance in rare-earth supply has led to concerns over long-term supply disruptions, increasing the pressure on manufacturers to find alternative sourcing strategies.
• These supply chain and material challenges lead to price volatility and can impact the ability of manufacturers to meet growing demand, especially in industries like automotive and renewable energy, where the need for rare-earth magnets is rapidly increasing.

Permanent Magnet Market Scope

The market is segmented on the basis of product, raw material, and application.

Permanent Magnet Market Regional Analysis

“Asia-Pacific is the Dominant Region in the Permanent Magnet Market”

• Asia-Pacific is the dominant region in the Global Permanent Magnet Market, driven by its strong manufacturing sector, rapid urbanization, and increasing demand from key industries such as automotive, electronics, and renewable energy.
• The growing production of electric vehicles (EVs), wind turbines, and advanced electronic devices in countries like China, Japan, and South Korea significantly boosts the consumption of permanent magnets in the region.
• The presence of major rare-earth material suppliers and a well-established supply chain infrastructure enhances Asia-Pacific’s leadership position in the market.
• Additionally, supportive government policies promoting clean energy adoption and electric mobility further fuel the growth of permanent magnets across the region

“North America is Projected to Register the Highest Growth Rate”

• North America is expected to register the highest growth rate in the Global Permanent Magnet Market, driven by the rising demand for electric vehicles, renewable energy solutions, and high-tech electronics
• The U.S. leads the region’s market share, fueled by strong investments in EV production, wind energy projects, and technological advancements in permanent magnet designs
• Additionally, strategic initiatives to reduce reliance on Chinese rare-earth supplies and boost domestic rare-earth mining and magnet manufacturing are supporting market growth
• For instance, in February 2024, USA Rare Earth announced the commencement of its new rare-earth permanent magnet manufacturing plant in Oklahoma, aimed at strengthening domestic production and meeting growing local demand

Permanent Magnet Market Share

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

The Major Market Leaders Operating in the Market Are:

• Hitachi Metals, Ltd
• Daido Steel Co., Ltd
• Magnequench International, LLC
• Shin-Etsu Chemical Co., Ltd
• TDK Corporation
• Zhejiang Kaiven Magnet Co., Ltd
• Ningbo Vastsky Magnet
• Tengam Engineering, Inc.
• AK Steel Corporation
• Sin-Etsu Chemical Co., Ltd (Note: duplicate corrected spelling)
• Electron Energy Corporation
• Steward Advanced Materials LLC
• Toshiba Materials Co., Ltd

Latest Developments in Global Permanent Magnet Market

• In April 2024, Noveon Magnetics Inc., a San Marcos-based recycler and manufacturer of rare earth magnets, has secured a five-year contract with Nidec Motor Corp. to deliver 1,000 tons of magnets that will be used in Nidec's industrial automation and defense sectors.
• In March 2024, MP Materials is advancing output at its Stage II processing facility and aims to start commercial magnet production at its Fort Worth facility by late 2025, with General Motors already securing a supply deal for its EVs.
• In February 2024, USA Rare Earth announced the commencement of its new rare-earth permanent magnet manufacturing plant in Oklahoma, aimed at strengthening domestic production and meeting growing local demand.
• In October 2023, Hitachi Metals introduced a new line of high-performance NdFeB magnets aimed at the electric vehicle and renewable energy sectors. This product line offers improved energy density and performance, meeting the growing demands of these industries. 

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