Permanent Magnet Market Size (2024 - 2029)

The permanent magnet market is experiencing steady growth, with its market size being influenced by various factors. The market faced challenges due to the COVID-19 pandemic, which disrupted production in key industries like automotive and electronics, but has since stabilized. The expansion of electro-mechanical applications is a primary driver of market growth, while competition from alternative products poses a challenge. The increasing demand from electric vehicles presents a significant opportunity for further market expansion. The Asia-Pacific region is anticipated to hold the largest market share during the forecast period.

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Market Size of Permanent Magnet Industry

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Permanent Magnet Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 6.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Permanent Magnet Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Permanent Magnet Market Analysis

The permanent magnet market is projected to register a CAGR of over 6% during the forecast period.

The market was negatively affected by the outbreak of COVID-19. During the pandemic situation, various industries such as automotive and electronics halted production for quite a long period. That restricted the growth of the market. However, in 2022, the situation started coming on track and now the market is stable and growing steadily.

  • Over the medium term, the increasing electro-mechanical applications are the major factor driving the growth of the market studied.
  • On the flip side, competition from substitutes is hindering the growth of the market studied.
  • Growing demand from electric vehicles acts as an opportunity in the growth of the market.
  • Asia-Pacific is expected to account for the largest share and is likely to dominate the market studied during the forecast period.

Permanent Magnet Industry Segmentation

Permanent magnets are manufactured from special alloys such as iron, nickel, and cobalt, several alloys of rare-earth metals, and minerals such as lodestone. They generate a persistent magnetic field without the need for any external source of magnetism or electrical power. The permanent magnet market is segmented by material type, end-user industry, and geography. By material type, the market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, and alnico. By end-user industry, the market is segmented into automotive, electronics, industrial, power generation, and other end-user industries. The report also covers the market size and forecasts for the permanent magnet market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Material Type
Neodymium-Iron-Boron
Ferrite
Samarium Cobalt
Alnico
End-user Industry
Automotive
Electronics
Industrial
Power Generation
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Permanent Magnet Market Size Summary

The permanent magnet market is experiencing a steady recovery and growth trajectory following the disruptions caused by the COVID-19 pandemic, which had significantly impacted industries like automotive and electronics. The market is driven by the increasing demand for electro-mechanical applications, with permanent magnets being integral to enhancing efficiency in various electronic devices such as refrigerators, electric motors, and sensors. The electronics industry, characterized by rapid advancements and growing demand for smart consumer electronics, is a significant contributor to the market's expansion. The automotive sector, particularly the rise in electric vehicles, presents a promising opportunity for market growth, despite facing competition from substitute products. The Asia-Pacific region is anticipated to lead the market, supported by its burgeoning population and industrial activities, which bolster the demand for permanent magnets across multiple applications.

In Europe, significant growth is observed due to increased investments, particularly in Germany, which boasts a robust electronics industry. The region's demand for permanent magnets is further fueled by the production of generators, transformers, and electric motors. The United Kingdom also plays a crucial role in the European market with its high-end consumer electronics sector. The fragmented nature of the permanent magnet market sees major players like Hitachi Metals, Shin-Etsu Chemical, and TDK Corporation actively participating in market developments. Recent strategic moves, such as Solvay's expansion in Europe and GKN Powder Metallurgy's investment in EV market capacity, highlight the ongoing efforts to meet the growing demand in wind power, electric vehicles, and electronics sectors. These factors collectively are expected to significantly influence the market's growth trajectory in the coming years.

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Permanent Magnet Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Electro-mechanical Applications

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Competition from Substitutes

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Material Type

      1. 2.1.1 Neodymium-Iron-Boron

      2. 2.1.2 Ferrite

      3. 2.1.3 Samarium Cobalt

      4. 2.1.4 Alnico

    2. 2.2 End-user Industry

      1. 2.2.1 Automotive

      2. 2.2.2 Electronics

      3. 2.2.3 Industrial

      4. 2.2.4 Power Generation

      5. 2.2.5 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Permanent Magnet Market Size FAQs

The Permanent Magnet Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Hitachi Metals, Ltd, Shin-Etsu Chemical Co., Ltd, TDK Corporation, Daido Steel Co., Ltd. and Lynas Rare Earths Ltd. are the major companies operating in the Permanent Magnet Market.

Permanent Magnet Market Report Snapshots

Permanent Magnet Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)