Global Permanent Magnets Market By Type (Neodymium Iron Boron Magnet, and Other), By End-Use Industry (Automotive, Aerospace & Defense, and Other End-Use Industries), By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023 – 2032

Report Overview

In 2022, the Global Permanent Magnets Market was valued at USD 35 Billion. This market is estimated to reach USD 78.9 Billion in 2032 at the highest CAGR of 8.7% between 2023 and 2032. Permanent magnets are the most commonly used type of magnets across industries.

The term permanent magnet itself describes that once these magnets are magnetized they can’t lose their magnetism for a long period of time.

Permanent magnets are made from various metals like neodymium iron boron magnet, ferrite magnet, samarium cobalt magnets, and aluminum nickel cobalt magnets. These magnets are used widely in many industries for various applications like headphones, loudspeakers, hard disk drives in computers, MRI Scanners, and many other applications.

Permanent magnets also play an important role in the power generation and electric motors. Permanent magnets are used on a large scale within the energy sector for power generation. It is also being used in many medical devices and consumer electronics. These all applications of permanent magnets within various industries are fueling the growth of the global permanent magnets market.

Key Takeaways

• Market Growth: In 2022, the global Permanent Magnets Market was estimated at USD 35 billion; by 2032 it is anticipated to experience compound annual growth rates of 8.7% between 2023-2032.
• Permanent Magnets Are Remarkably Useful in Different Industries: Permanent magnets have found great use across industries because of their exceptional property to retain magnetism over an extended period once magnetized, often made up of materials like Neodymium Iron Boron Ferrite Samarium Cobalt (Ferrite), Samarium Cobalt and Aluminum Nickel Cobalt (ANC).
• Driving Forces of Growth for Permanent Magnets Market: Automotive Sector Rising demand from the automotive sector is one of the main forces behind permanent magnet market expansion, especially as applications include CBS (collision avoidance systems) and vehicle sound systems.
• Restraining Factor: Fluctuating Raw Material Costs The market is hindered by fluctuating raw material costs used in permanent magnet production, especially as rare and/or costly materials threaten its stability.
• Key Types: Ferrite Magnets For permanent magnets, ferrite magnets have the highest market share at 78% of market sales and are widely utilized across motor applications, loudspeaker designs, and MRI machines.
• Consumer Electronics Industries: Permanent Magnets Are Common: Consumer electronics is one of the fastest-growing markets worldwide, and permanent magnets have found widespread application in products like fans, air conditioners, speakers, cameras, watches mobile phones, and TVs.
• Automotive Sector: Permanent magnets have also proven useful to the automotive sector for applications including ABS (anti-lock braking systems), speakers, and electric vehicles (EVs).
• Growth Opportunities: With increasing interest in electric and hybrid vehicle adoption through government initiatives, growth opportunities exist within the automotive industry.
• Recent Trends: Demand for consumer electronic products continues to surge, driving growth of the global Permanent Magnet market. Magnets play an integral part in numerous electronic devices.
• Regional Analysis: Asia Pacific This market segment dominates, accounting for 72% of the total revenue share. It can be attributed to Asia Pacific being home to many automotive and consumer electronic manufacturers – making the region an international manufacturing center.
• Key Players: Major players in the global Permanent magnet market have employed strategies such as acquisitions, mergers, collaborations, and partnerships in order to increase their market shares and grow. Some key companies include Proterial Ltd., TDK Corporation Shin-Etsu Chemical Co Ltd, and Electron Energy Corp as key examples.

Driving Factor

Increasing Demand from Automotive Sector is Primarily Driving the Growth of the Global Permanent Magnets Market.

The rising demand for permanent magnets from the automotive sector is driving the growth of the global permanent magnets market. The permanent magnets are used in many applications within the automotive sector like its use in the CBS system of vehicles that helps the vehicles to keep in place while driving. The permanent magnets are also used in speakers and sound systems of vehicles.

The automotive manufacturing industry grew from 2,860 billion to 2,950 billion between 2021-2022. This is directly supporting the growth of the permanent magnet market. These wide applications of permanent magnets in the automotive sector are driving the growth of global permanent magnets.

Wide Usage in Renewable Energy and Power Sector Is Boosting the Growth of the Global Permanent Magnets Market.

Also, the wide use of permanent magnets in the renewable energy and power sector is propelling the growth of the global permanent magnets market. The permanent magnets are used on a large scale within the renewable energy and power sector for rotating the blades of motors and generating power from them.

The global renewable energy market has grown from 856.0 billion to 971.6 billion between 2021-2022. The renewable power market has a direct impact on the growth of the permanent magnet market as a huge part of renewable energy and power is generated from the use of magnetism within the industry. These key factors are driving the growth of the global permanent magnet market.

Restraining Factor

Fluctuating Cost of Raw Materials Used in Permanent Magnets Production is Restricting the Growth of the Global Permanent Magnets Market.

Permanent magnets have wide applications across various industries. Therefore, the demand for permanent magnets has continuously raised. However, the raw materials used in the production of permanent magnets are among the rarest materials to be found.

Therefore, the fluctuating cost of these materials affects directly the permanent magnet market. This is restricting the growth of the global permanent magnet market. Moreover, the high cost of mining for raw materials used in the production of permanent magnets is also hindering the growth of the global permanent magnets market.

By Type Analysis

The Ferrite Magnet Leads the Type Segment by Holding Major Revenue Share in Account.

Based on type, the global permanent magnet market is classified into neodymium iron boron magnet, ferrite magnet, samarium cobalt magnet, and aluminum nickel cobalt magnet. Among these types, the ferrite magnet dominates the segment by covering the major revenue share of 78.8% in the global permanent magnet market.

This exponential growth of ferrite magnets is due to the wide usage of ferrite magnets in motors applications. The ferrite magnet is used in many motors like appliance motors, HVAC motors, automotive motors, and many other industrial motors. It is also used on a large scale in loudspeakers, lifting applications, MRI, etc. These key factors are fueling the growth of ferrite magnets in the type segment of the global permanent magnet market.

By End-Use Industry Analysis

Wide Usage of Permanent Magnets in Consumer Electronic Products is Driving the Growth of Consumer Electronics in the Global Permanent Magnets Market.

The global Permanent magnets market is classified into automotive, consumer electronics, energy, aerospace & defense, medical, and other end-use industries on the basis of end-use industries. From these end-use industries, consumer electronics lead the segment in the global permanent magnets market by holding a major revenue share of 26.6%.

This growth of consumer electronics in the end-use industry is owing to the wide usage of permanent magnets in different consumer electronics like fans, air conditioners, speakers, cameras, watches, mobile phones, TV’s, and many such products. This high usage of permanent magnets in consumer electronics is driving the growth of consumer electronics in the end-use industry segment of the global permanent magnets market.

Also, the wide usage of permanent magnets in the automotive sector is expected to boost the growth of the automotive sector in the end-use industry segment of the global permanent magnets market. The permanent magnets are used in many applications like ABS, speakers, and EVs. This is driving the growth of the global permanent magnet market.

Key Market Segments

By Type

• Neodymium Iron Boron Magnet
• Ferrite Magnet
• Samarium Cobalt Magnet
• Aluminum Nickel Cobalt Magnet

By End-Use Industry

• Automotive
• Consumer Electronics
• Aerospace & Defense
• Energy
• Medical
• Other End-Use Industries

Growth Opportunity

Increasing Demand from Automotive Sector and Supporting Government Schemes are Expected to Create Many Lucrative Opportunities in the Market Over the Forecast Period.

The increasing demand for permanent magnets in the automotive sector for their wide usage in electric vehicles is expected to create many opportunities in the market for permanent magnets manufacturers. The permanent magnets are used in electric vehicles and hybrid electric vehicles for various applications like its use in the hybrid vehicles for electric motors and internal combustion engine to turn on the vehicle.

This has increased the demand for permanent magnets in the automotive sector. Also, the governments of many countries are introducing various schemes to support the use of electric vehicles for reducing environmental harm and carbon footprint. These all key factors are expected to create many lucrative opportunities in the global permanent magnets market over the forecast period.

Latest Trends

Growing Demand for Consumer Electronic Products is Fueling the Growth of Global Permanent Magnets Market.

The continuously growing demand for permanent magnets from the electronics industry is fueling the growth of the global permanent magnets market. Permanent magnets are used in many electronic products like speakers, refrigerators, loudspeakers, sensors, electric motors, and many other products. With the increasing population across the world and the rising disposable incomes of individuals, the demand for consumer electronics has raised significantly over the last few years. This has substantially increased the demand for permanent magnets in the market.

Regional Analysis

The Asia Pacific region dominates the global permanent magnets market by holding a major revenue share of 72%. This massive growth of the Asia Pacific region is attributed to the presence of many automotive and consumer electronics companies within the region. Asia Pacific is the manufacturing hub for the world.

Many companies have their manufacturing plants in the countries within the Asia Pacific region. Therefore, the countries like China, Japan, and South Korea have major companies in the production of computer chips, hard disk drives, and microprocessors. Asia Pacific is the largest producer and consumer of permanent magnets. Therefore, Asia Pacific is Dominating the global permanent magnets market.

After Asia Pacific, North America accounts for a significant share of the global permanent magnets market. The growth of North America is owing to the presence of many major companies in the automotive and consumer electronics industry.

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Player Analysis

The global permanent magnets market is classified into companies offering permanent magnets in different types. Major players in the market are adopting strategies like acquisition, mergers, collaboration, and partnership to expand their market share across various regions and strengthen their position in the market.

Some of the key companies in the global permanent magnets market are Proterial Ltd., TDK Corporation, Shin-Etsu Chemical Co. Ltd., Electron Energy Corp., Goudsmit Magnetics Group, Hangzhou Permanent Magnet Group, Thomas & Skinner Inc., Pacific Metals Co. Ltd., Eclipse Magnetics Ltd., Arnold Magnetic Technologies, and other key players

Top Key Players

• Proterial Ltd.
• TDK Corporation
• Shin-Etsu Chemical Co. Ltd.
• Electron Energy Corp.
• Goudsmit Magnetics Group
• Hangzhou Permanent Magnet Group
• Thomas & Skinner Inc.
• Pacific Metals Co. Ltd.
• Eclipse Magnetics Ltd.
• Arnold Magnetic Technologies
• Other Key Players

Recent Developments

• In July 2022, Goudsmit Magnetics Group upgraded the design of their palletizing magnet. According to Goudsmit Magnetics Group, this magnet is capable to palletize and depalletize aerosols, cans, glass jars, and steel lids.
• In September 2022, Solvay announced its plan to expand its operations in rare earth materials in La Rochelle, France for entering the permanent magnets market in Europe.

Report Scope