Permanent Magnet Market to Grow at a CAGR of 8.3% Over the Forecast Period; Growing Use of Neodymium Iron Boron (NdFeB) in Different Applications to Propel Market Expansion

The global permanent magnet market size was valued at USD 33.18 billion in 2024. The market is set to grow from USD 32.07 billion in 2025 to USD 56.22 billion by 2032 at a CAGR of 8.3% over the projected period of 2025-2032.

Fortune Business Insights™ presents this information in its report titled, “Permanent Magnet Market Size, Share & Industry Analysis, By Type (Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico), and Others), By Application (Consumer Electronics, Automotive, General Industrial, Medical Devices, Energy, Aerospace, Defense, and Others), and Regional Forecast, 2025-2032”. 

A permanent magnet, commonly referred to hard magnet, is an object that maintains its magnetic properties in the absence of a magnetizing force, including current or an inducing field. The main core structure of this material tends to generate the magnetic field in this magnet. Additionally, it has large magnetic moments, low permeability, and is stable to external magnetic fields. It also converts electrical energy into mechanical energy, thus controlling the electrons and using the repulsion among the magnets. The product is widely used in industrial and consumer applications such as magnetic locking systems, electric motors, generators, and sensors. A few prominent players operating in the market are TDK Corporation, Daido Steel Co., Proterial Ltd., Arnold Magnetic Technologies Corp., and others.

The COVID-19 pandemic hampered market growth, driven by delays in the supply chain, shortage of resources, and other factors. Due to halts in manufacturing and concerns about transportation, companies faced challenges related to raw material availability.

Key Players Focus on Expanding Their Operations to Fuel Market Development

In October 2024, Arnold Magnetic Technologies Corporation expanded its new facility in Amata City, Chonburi, Thailand. This facility would allow the company to aid customers across Europe, Asia Pacific, and the U.S. This strategic expansion assisted the firm in increasing its market share.

Growing Demand for Consumer Electronics to Augment Market Growth

Permanent magnets are crucial in consumer electronics, such as laptops, smartphones, music systems, wearable technology, computers, and televisions. Their unique properties include repulsion, efficient energy conversion, and attraction, thus making them significant for effective performance and miniaturization of modern electronics. Additionally, the upsurge in using Neodymium Iron Boron (NdFeB) magnets drives the overall market growth. These magnets are known for their high magnetic stability, effective strength, and compact size. The increase in demand for consumer electronics is fostering the permanent magnet market growth.

Conversely, variations in the prices of raw materials hinder market growth.

Top Players Focus on New Product Development to Boost Their Market Presence

Key players in the market are adopting numerous strategies, including expansion, new product development, and acquisitions, to gain a competitive advantage. This has aided in new product offerings, enhancing geographical presence, and meeting customer demand.

Notable Industry Development

• December 2022: Hitachi Metals conducted a simulation using its high-performance NMF 15 ferrite magnets in xEV traction motors. The findings revealed that, in particular scenarios, motors using ferrite magnet motors could deliver comparable performance to those utilizing neodymium magnets.

List of the Companies Profiled in the Report

• Proterial, Ltd. (Japan)
• Adams Magnetic Products Co., Inc. (U.S.)
• Shin-Etsu Chemical Co., Ltd. (Japan)
• Arnold Magnetic Technologies Corp. (U.S.)
• Daido Steel Co., Ltd. (Japan)
• TDK Corporation (Japan)
• Electron Energy Corporation (U.S.)
• Hangzhou Permanent Magnet Group (China)
• Earth-Panda Advanced Magnetic Material Co., Ltd. (China)
• Tengam Engineering, Inc. (U.S.)
• Bunting Magnetics Co. (U.S.)
• Alpha Magnetics Pty Ltd (Australia)
• Tridus Magnetics and Assemblies (U.S.)
• Ningbo Yunsheng Co., Ltd. (China)
• Magnequench International, LLC (Singapore)
• Integrated Magnetics (U.S.)

To get a detailed report summary and research scope of this market, click here

https://www.fortunebusinessinsights.com/permanent-magnet-market-102776

Further Report Findings

• Asia Pacific held the highest permanent magnet market share, attributed to the growing demand for permanent magnets from consumer electronics, automotive, and energy applications.
• Market growth in North America is driven by the surging need for consumer electronics, including medical devices, personal computers, mobile phones, and wearable devices.
• Market expansion in Europe is propelled by the growing automotive sector. Additionally, the growing need for hybrid and electric vehicles over conventional vehicles drives regional growth.
• In terms of application, the consumer electronics segment takes the lead in the market due to the growing usage of permanent magnets, increasing consumer disposable income, and technological advancements.

Table of Segmentation