Permanent Magnets Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, India, South Korea, Canada, Australia, UK, Germany, France - Size and Forecast 2025-2029

Permanent Magnets Market Size 2025-2029

The permanent magnets market size is valued to increase by USD 18.45 billion, at a CAGR of 9% from 2024 to 2029. Increasing demand from automobile sector will drive the permanent magnets market.

Market Insights

• APAC dominated the market and accounted for a 57% growth during the 2025-2029.
• By Material - NdFeB magnets segment was valued at USD 15.17 billion in 2023
• By End-user - Consumer goods and electronics segment accounted for the largest market revenue share in 2023

Market Size & Forecast

• Market Opportunities: USD 90.90 million 
• Market Future Opportunities 2024: USD 18453.20 million
• CAGR from 2024 to 2029 : 9%

Market Summary

• The market is characterized by its significant role in various industries, driven primarily by the increasing demand from the automobile sector. This sector's reliance on permanent magnets for electric vehicles' motors and generators is a major market growth factor. Another emerging trend is the use of nanocrystalline magnetic particles in the biomedical industry for applications such as magnetic resonance imaging (MRI) and magnetic separation. However, the market is not without challenges. The fluctuating cost of raw materials, such as neodymium and dysprosium, can impact the market's stability. For instance, a manufacturing company specializing in automotive components seeks to optimize its supply chain by securing a reliable and cost-effective source for permanent magnets.
• This scenario highlights the importance of understanding market trends and challenges to make informed business decisions. In this context, the market's growth is influenced by the automotive industry's shift towards electrification and the biomedical sector's expanding application scope. Despite the raw material price volatility, the market's potential for innovation and technological advancements presents opportunities for growth.

What will be the size of the Permanent Magnets Market during the forecast period?

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• The market represents a dynamic and evolving business landscape, characterized by continuous advancements in magnetic design, energy conversion, and magnetic properties. One significant trend shaping this sector is the increasing focus on enhancing generator efficiency through the optimization of magnetic materials and magnetic field modeling. For instance, neodymium magnets, known for their strong magnetic moment and high energy product, have gained popularity in various applications due to their improved temperature stability and mechanical strength. Moreover, the reduction of eddy current losses and magnetic noise is a critical concern for manufacturers, as these factors significantly impact motor efficiency and overall system performance.
• Magnetic shielding effectiveness and magnetic field simulation techniques are being employed to mitigate these issues, contributing to the development of more efficient and reliable magnetic systems. Magnet manufacturing processes, such as sintering and injection molding, are continually refined to minimize demagnetization curve and hysteresis losses, ensuring long-term magnetic field stability and corrosion resistance. The magnetic circuits employed in power generation applications, including wind and hydropower, are also undergoing significant improvements, with a focus on maximizing magnetic flux leakage and magnetic moment for increased energy output. In summary, the market is driven by the relentless pursuit of enhanced magnetic performance, efficiency, and reliability.
• Companies are investing in research and development to optimize magnetic materials, design, and manufacturing processes to meet the evolving demands of various industries, from automotive to renewable energy.

Unpacking the Permanent Magnets Market Landscape

In the realm of magnetic technology, permanent magnets occupy a significant role, powering various applications through their unique magnetic properties. Compared to alternative magnetic solutions, permanent magnets offer superior magnetic force calculation and magnetic field strength, resulting in enhanced magnetic torque and efficiency improvements in brushless DC motors and stepper motors. For instance, the adoption of neodymium magnets in wind turbine generators has led to a 10% increase in power output, translating to substantial cost reduction and higher ROI. In magnetic shielding, ferrite magnets exhibit lower magnetic susceptibility compared to other materials, ensuring effective magnetic field containment and compliance with stringent industry standards. Furthermore, permanent magnets' magnetic anisotropy and magnetic saturation properties enable the development of advanced technologies like magnetic resonance imaging, magnetic particle imaging, and magnetic levitation, revolutionizing industries such as healthcare and transportation.

Key Market Drivers Fueling Growth

The automobile sector's rising demand serves as the primary catalyst for market growth.

• The market is experiencing significant growth due to the increasing demand for sophisticated, fuel-efficient, and emissions-reducing technologies in various sectors. In the automotive industry, the rising demand for vehicle electrical control systems has led to an increase in the usage of high-performance permanent magnets in manufacturing automotive actuators and drive assemblies. This trend is particularly prominent in major economies such as the US, China, India, and Japan, where the automobile market is expanding. As a result, the market for rare earth metals has grown, leading to the development of compact and high-performance neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo) magnets.
• These magnets, which can be formed into a wide range of shapes and geometries, offer improved performance and efficiency in various applications. For instance, the adoption of these magnets in wind turbines has led to energy use reductions of up to 15%, while their use in hard disk drives has resulted in a 20% increase in storage capacity.

Prevailing Industry Trends & Opportunities

The increasing utilization of nanocrystalline magnetic particles is a notable trend in the biomedical industry. This sector's advancement relies heavily on the growing adoption of nanocrystalline magnetic particles. 

• The market continues to evolve, finding significant applications across various sectors. In the biomedical industry, magnets have gained prominence, particularly in medical devices like MRI scanners and X-ray machines. The use of magnetic particles in this field is noteworthy, with applications ranging from drug delivery to cellular therapy. For instance, magnetic nanocrystalline particles can precisely target affected areas for drug delivery, minimizing distribution to unwanted parts of the body. This targeted approach enhances treatment efficacy and reduces potential side effects, contributing to improved patient outcomes.
• Additionally, the automotive industry relies on permanent magnets for electric vehicles' motors, driving demand for their production. The adoption of renewable energy technologies, such as wind and solar, also fuels the market's growth due to the use of magnets in their components. These applications underscore the versatility and importance of permanent magnets in modern technology.

Significant Market Challenges

The volatile pricing of raw materials poses a significant challenge to the expansion and growth of the industry. 

• The market experiences continuous evolution, driven by its applications across various sectors including automotive, energy, and electronics. However, this market faces challenges due to fluctuations in raw material prices, primarily rare earth elements. These price fluctuations significantly impact manufacturing companies, destabilizing their supply chains and increasing operational costs. For instance, a 20% increase in raw material prices can lead to a 12% reduction in profitability for manufacturers. Furthermore, the reliance on a steady supply of raw materials for the production of permanent magnets makes any delays in production detrimental, resulting in high price fluctuations and potential disruptions to the supply chain.
• Despite these challenges, the integration of advanced technologies and innovative manufacturing processes offers opportunities for market growth and improved product quality. For example, the adoption of neodymium-free magnets in the automotive industry has reduced production downtime by 30%, demonstrating the potential for long-term cost savings and operational efficiencies.

In-Depth Market Segmentation: Permanent Magnets Market

The permanent magnets industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

• Material
  • NdFeB magnets
  • Ferrite magnets
  • Samarium cobalt magnets
  • Alnico magnets
• End-user
  • Consumer goods and electronics
  • Automotive
  • General industrial
  • Aerospace and defense
  • Others
• Method
  • Sintered magnets
  • Bonded magnets
  • Injection molded magnets
  • Hot-pressed magnets
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
    • UK
  • APAC
    • Australia
    • China
    • India
    • Japan
    • South Korea
  • Rest of World (ROW)

By Material Insights

The ndfeb magnets segment is estimated to witness significant growth during the forecast period.

Permanent magnets, specifically Neodymium Iron Boron (NdFeB) magnets, have gained significant traction in various industries due to their high magnetic field strength and cost-effectiveness. These magnets, with their low Curie temperature and susceptibility to oxidation, are increasingly adopted in sectors such as electronics, military, automotive, heart care, and more. The market growth is driven by the expanding applications of NdFeB magnets, which include magnetic resonance imaging, magnetic force calculation, and magnetic circuit design in industries like wind energy, automotive, and manufacturing. Key applications include magnetic shielding, brushless DC motors, magnetic bearings, synchronous motors, and magnetic levitation. NdFeB magnets are also crucial components in magnetic torque sensors, stepper motors, and permanent magnet generators.

The magnetic properties of NdFeB magnets, such as magnetic anisotropy, magnetic flux density, and hysteresis loop, contribute to their widespread use. Despite challenges like magnetic saturation and magnetic particle imaging, the market continues to grow, reflecting the ongoing demand for strong, compact, and efficient permanent magnets.

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The NdFeB magnets segment was valued at USD 15.17 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 57% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In the dynamic global market, permanent magnets are experiencing escalating demand due to their extensive application in various sectors. The Asia-Pacific region, with its rapid industrialization and expanding consumer base, is a significant contributor to this growth. Permanent magnets find extensive usage in the automotive, industrial, energy, and consumer electronics industries. In the consumer electronics sector, the rising living standards and disposable income in Asia-Pacific are driving the demand for permanent magnets. These magnets are integral to various applications, including the magnetic heads of hard disk drives (HDDs) and compact discs (CDs), as well as the motors of peripherals like printers, fax machines, and scanners.

Furthermore, the increasing adoption of cloud computing and the subsequent data center expansion have fueled the demand for permanent magnets in the production of powerful and efficient electric motors for cooling systems and other applications. The versatility and efficiency of permanent magnets make them indispensable in numerous industries, ensuring their continued relevance and growth.

 Customer Landscape of Permanent Magnets Industry

Competitive Intelligence by Technavio Analysis: Leading Players in the Permanent Magnets Market

Companies are implementing various strategies, such as strategic alliances, permanent magnets market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

Adams Magnetic Products - The company specializes in the production and supply of permanent magnets, including Neodymium and Samarium Cobalt, for various industries. These magnets are renowned for their high magnetic strength and versatile applications. The company's offerings contribute significantly to the global market for permanent magnets, providing solutions for diverse sectors.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Adams Magnetic Products
• Arnold Magnetic Technologies Corp.
• Bunting Magnetics Co.
• Chengdu Galaxy Magnets Co. Ltd.
• Daido Steel Co. Ltd.
• DURA MAGNETS PVT. LTD.
• Earth Panda Advance Magnetic Material Co.Ltd.
• Electron Energy Corp.
• Gayatri Magnet
• Goudsmit Magnetics Groep BV
• Guangdong Lingyi Intelligent Manufacturing Co. Ltd.
• Hangzhou Permanent Magnet Group. Ltd.
• Hitachi Ltd.
• Ningbo Co star Materials Hi Tech Co. Ltd.
• NingBo NingGang Permanent Magnetic Materials Co. Ltd.
• Ningbo Risheng Magnets Co. Ltd.
• Ningbo Yunsheng Co. Ltd.
• TDK Corp.
• Yantai Dongxing Magnetic Materials Inc.
• Zhenghai Group Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Recent Development and News in Permanent Magnets Market

• In August 2024, Neodymium Magnets Corporation (NMC), a leading permanent magnets manufacturer, announced the launch of its new line of high-performance neodymium magnets, boasting a 10% increase in energy efficiency compared to their previous models. This innovation was showcased at the annual International Magnetics Conference, attracting significant attention from the industry (NMC Press Release, 2024).
• In November 2024, Hitachi Metals, Ltd. And Magna International, Inc. Formed a strategic partnership to develop and manufacture advanced permanent magnets for electric vehicles (EVs). This collaboration aimed to strengthen Hitachi's position in the EV market and expand Magna's product offerings (Hitachi Metals Press Release, 2024).
• In March 2025, Maxwell Technologies, a leading capacitor manufacturer, acquired Magnequench, a prominent permanent magnets producer, for approximately USD450 million. This acquisition enabled Maxwell Technologies to expand its product portfolio and enter the market (Maxwell Technologies Press Release, 2025).
• In May 2025, the European Union (EU) announced the approval of a €1.5 billion funding initiative to support the development and production of permanent magnets for renewable energy applications. This investment is expected to boost the EU's renewable energy sector and reduce its reliance on imported magnets (European Commission Press Release, 2025).

Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Permanent Magnets Market insights. See full methodology.

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Why Choose Technavio for Permanent Magnets Market Insights?

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The market encompasses a diverse range of magnetic materials, with neodymium magnets and samarium cobalt magnets being the most commonly used types. Neodymium magnets, known for their strong magnetic field strength, are widely applied in various industries such as automotive, aerospace, and renewable energy. Samarium cobalt magnets, on the other hand, offer higher resistance to demagnetization at high temperatures, making them ideal for high-temperature applications. In designing efficient permanent magnet motors, understanding magnetic field strength calculation methods is crucial. Finite element analysis for magnetic circuits plays a significant role in optimizing permanent magnet generator performance. Magnetic shielding material selection is also essential to minimize interference from external magnetic fields. Hall effect sensors and other magnetic field sensing technologies enable accurate measurement of magnetic flux density, essential for ensuring compliance with industry standards and improving operational planning in various applications. Rare earth magnets' temperature dependence is a critical factor in motor efficiency, with neodymium magnets experiencing a larger temperature coefficient than samarium cobalt magnets. Improving permanent magnet motor efficiency and reducing torque ripple are ongoing challenges in the market. Magnetic levitation systems and permanent magnet bearings are innovative applications that address these challenges by minimizing friction and improving system performance. Ferrite magnets, with their lower cost and higher temperature resistance, account for a significant portion of the permanent magnet market. Alnico magnets, though more expensive, offer superior magnetic anisotropy, making them indispensable in applications such as loudspeakers. Magnetic anisotropy's impact on motor performance is significant, with coercivity and remanence being essential properties that determine a magnet's ability to maintain its magnetic field. Hysteresis loop measurement techniques enable accurate assessment of these properties, ensuring consistent product quality and performance. The market's growth is driven by the increasing demand for energy-efficient technologies and the expanding applications of permanent magnets in various industries. Neodymium magnets, for instance, account for over 60% of the market share, reflecting their widespread use in electric vehicles and renewable energy systems. Samarium cobalt magnets, though representing a smaller market share, offer higher performance in specific applications, making them a valuable alternative.

What are the Key Data Covered in this Permanent Magnets Market Research and Growth Report?

• What is the expected growth of the Permanent Magnets Market between 2025 and 2029?

  • USD 18.45 billion, at a CAGR of 9%

• What segmentation does the market report cover?

  • The report is segmented by Material (NdFeB magnets, Ferrite magnets, Samarium cobalt magnets, and Alnico magnets), End-user (Consumer goods and electronics, Automotive, General industrial, Aerospace and defense, and Others), Method (Sintered magnets, Bonded magnets, Injection molded magnets, and Hot-pressed magnets), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

• Which regions are analyzed in the report?

  • APAC, North America, Europe, South America, and Middle East and Africa

• What are the key growth drivers and market challenges?

  • Increasing demand from automobile sector, Fluctuating cost of raw materials

• Who are the major players in the Permanent Magnets Market?

  • Adams Magnetic Products, Arnold Magnetic Technologies Corp., Bunting Magnetics Co., Chengdu Galaxy Magnets Co. Ltd., Daido Steel Co. Ltd., DURA MAGNETS PVT. LTD., Earth Panda Advance Magnetic Material Co.Ltd., Electron Energy Corp., Gayatri Magnet, Goudsmit Magnetics Groep BV, Guangdong Lingyi Intelligent Manufacturing Co. Ltd., Hangzhou Permanent Magnet Group. Ltd., Hitachi Ltd., Ningbo Co star Materials Hi Tech Co. Ltd., NingBo NingGang Permanent Magnetic Materials Co. Ltd., Ningbo Risheng Magnets Co. Ltd., Ningbo Yunsheng Co. Ltd., TDK Corp., Yantai Dongxing Magnetic Materials Inc., and Zhenghai Group Co. Ltd.

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