What Can We Expect From The Permanent Magnet Market Size And Growth Rates?
The permanent magnet market size has grown rapidly in recent years, rising from $37.8 billion in 2024 to an estimated $42.52 billion in 2025. This accelerates the compound annual growth rate to 12.5%. This growth can be attributed to the escalating demands from the electronics and IT industry, government policies and regulations, industrial automation, and the central focus on clean energy initiatives.
Looking ahead, the permanent magnet market is expected to further expand to $67.16 billion by 2029. The forecasted compound annual growth rate is 12.1%, driven by the expansion of the electric vehicle market, increased demand for smart devices, industrial robotics, and renewable energy sources.
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What Are The Driving Forces Behind The Permanent Magnet Market Growth?
The demand for automobile applications significantly propels the growth of the permanent magnet market. Permanent-magnet motors, which are most commonly used in variable-speed drives, have seen increased usage as the stator is powered by a varying frequency and voltage, electronically controlled source. According to Brand Finance, a UK-based brand valuation company, the automobile industry saw a substantial rise of 10% in unit sales, totalizing approximately 78 million units. This increase in demand is largely responsible for the rapid expansion of the permanent magnet market.
What Are the Key Segments Within the Global Permanent Magnet Market?
1) By Type: Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, Neodymium Iron Boron Magnets
2) By Sales Channel Type: Direct Sales, Distributors
3) By End-Use: General Industrial, Automotive, Medical Technology, Environment And Energy, Aerospace And Defense, Consumer Electronics
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Who Are The Major Players In The Permanent Magnet Market?
Major companies operating in the permanent magnet market include Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri, Robert Bosch GmbH, Meidensha Corp., Continental AG, Alstom SA, Broad-Ocean Motor Co. Ltd., Xizi Forvorda ELECTRICAL MACHINERY CO. LTD., DRS Technologies Pvt. Ltd., Emerson Electric Co., Johnson Electric Holdings Limited, Leonardo DRS, Nidec Motor Corporation, Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corp., Tokyo Denki Kagaku Kogyo, Shin-Etsu Chemical Co. Ltd., Electron Energy Corporation, Adams Magnetic Products Co. Inc., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics Ltd., Eclipse Magnetics Ltd., MagnaWorks Technology Inc., Dura Magnetics Inc., Daido Steel Co. Ltd., Hengdian Group DMEGC Magnetics Co. Ltd., Ningbo Vastsky Magnet Co. Ltd.
What Are The Emerging Trends In The Permanent Magnet Market?
Significant trend in the permanent magnet market is the development of earth-free permanent magnets. These innovative products do not contain rare-earth elements, typically used in powerful magnets due to their superior magnetic properties. For instance, MagNex, a novel permanent magnet launched by UK-based quantum mechanic company, Materials Nexus, is free from rare earth elements. This innovation reduces costs, environmental implications, and provides high performance, marking a significant advancement within industries like electric vehicles and renewable energy.
Which Region Is Projected To Grow Most Rapidly In The Permanent Magnet Market?
Asia-Pacific was the largest region in the permanent magnet market in 2024 and is expected to remain the fastest-growing region during the forecast period. The areas covered within the permanent magnet market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Does The Permanent Magnet Market Report 2025 Offer?
The Permanent Magnet Market research from The Business Research Company provides global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Permanent magnets are magnetized material utilized in various types of electronic products. These magnets generate a strong magnetic field on their own and maintain their magnetic characteristics in the absence of a magnetizing force. They are majorly used in devices like loudspeakers, motors, and generators.
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