Permanent Magnet Market Surges to USD 29.12 Billion by 2033, Propelled by 5.45% CAGR - Verified Market Reports®

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01-04-2025

The Permanent Magnet Market is experiencing significant expansion driven by rising demand across industrial, automotive, and consumer electronics sectors. The shift toward electric vehicles (EVs) and renewable energy solutions has accelerated the adoption of high-performance rare-earth magnets such as neodymium-iron-boron (NdFeB). Technological advancements in magnet manufacturing and miniaturization enhance efficiency, fueling industry growth.
LEWES, Del., April 1, 2025 /PRNewswire/ -- The Global Permanent Magnet Market is projected to grow at a CAGR of 5.45% from 2026 to 2033, according to a new report published by Verified Market Reports®. The report reveals that the market was valued at USD 18.12 Billion in 2024 and is expected to reach USD 29.12 Billion by the end of the forecast period.
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Browse in-depth TOC on Permanent Magnet Market
202 - Pages126 – Tables37 – Figures
Scope of The Report
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2022-2033
BASE YEAR
2024
FORECAST PERIOD
2026-2033
HISTORICAL PERIOD
2022-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Hitachi Metals, TDK, Magnequench, FDK, Vacuumschmelze, Arnold, Philips, Cosmo Ferrites, Nicrra, Nec/Tokin, Tengam Engineering, DMEGC, JPMF Guangdong, Aerospace Magnet & Magneto, Sinomag Technology, Bgrimm Magnetic, Incuan Electronics, Tianyuan Technology, Kaiven Group, Golden South Magnetic
SEGMENTS COVERED
By Product Type, By Application, By End User Industry, By Chemical Composition, By Formulation, By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
Global Permanent Magnet Market Overview
Key Market Drivers Fueling Growth in the Permanent Magnet Market
1. Rising Demand for Electric Vehicles (EVs) and Renewable Energy
The surging adoption of electric vehicles (EVs) and renewable energy solutions is significantly accelerating the expansion of the permanent magnet market. Neodymium-Iron-Boron (NdFeB) magnets are a critical component in high-performance electric motors and wind turbines due to their superior magnetic properties and high energy density. The global EV market is projected to witness a compound annual growth rate (CAGR) exceeding 20%, creating substantial demand for rare-earth magnets. Wind energy installations are expanding rapidly, driving the need for direct-drive permanent magnet generators that enhance efficiency and reduce maintenance costs. The shift towards sustainability and stringent emission regulations are compelling manufacturers to integrate advanced magnetic solutions, fostering industry growth.
2. Technological Advancements in Magnetic Materials
Breakthroughs in material science and magnetic technology are enhancing the performance, durability, and cost-effectiveness of permanent magnets. The development of high-coercivity neodymium magnets, ferrite magnets with improved thermal stability, and samarium-cobalt magnets resistant to demagnetization is propelling market penetration across industrial applications. Advanced manufacturing processes, such as hot deformation and grain boundary diffusion, are optimizing magnetic properties, reducing reliance on critical rare-earth elements, and lowering production costs. The proliferation of miniaturized electronic devices and precision engineering solutions is driving demand for high-performance magnetic components across consumer electronics, automation, and aerospace industries.
3. Expanding Industrial and Consumer Electronics Applications
The rising need for permanent magnets in industrial automation, robotics, medical devices, and consumer electronics is fueling substantial market expansion. Magnetic sensors, actuators, and drive systems are integral to modern automation technologies, enhancing efficiency in manufacturing and logistics. The medical sector is experiencing increased adoption of magnetic resonance imaging (MRI) scanners, drug delivery systems, and implantable medical devices leveraging high-strength magnets. The consumer electronics industry is witnessing a surge in demand for compact and energy-efficient devices, ranging from smartphones and wearables to smart home appliances, further reinforcing permanent magnet consumption. The accelerating pace of digital transformation and industrial modernization is solidifying long-term growth prospects for the global permanent magnet market.
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Market Restraints Limiting Expansion in the Permanent Magnet Market
1. Supply Chain Disruptions and Raw Material Constraints
The Permanent Magnet Market faces significant challenges due to disruptions in the supply chain and raw material scarcity. The market heavily depends on rare earth elements such as neodymium, dysprosium, and samarium, which are predominantly sourced from limited geographic regions, mainly China. Geopolitical tensions, trade restrictions, and export limitations create volatility in the supply chain, affecting production capabilities and cost structures. Fluctuations in raw material availability lead to price instability, making it difficult for manufacturers to maintain cost efficiency. Any restrictions imposed on rare earth exports directly impact global production, creating a supply-demand imbalance that limits market expansion.
2. High Production and Processing Costs
Manufacturing permanent magnets requires advanced processing technologies and specialized refining techniques. The cost-intensive nature of rare earth extraction, purification, and magnet fabrication increases overall production expenses. Energy-intensive refining processes and stringent environmental regulations add financial burdens, further constraining growth potential. Small and mid-sized enterprises find it challenging to compete in this high-cost environment, restricting market entry. Additionally, recycling initiatives for rare earth magnets are still in the early stages, limiting cost-effective alternatives to virgin material procurement. The need for advanced metallurgical processes adds another layer of cost escalation, restricting market scalability and affecting long-term growth prospects.
3. Competition from Alternative Technologies
The Permanent Magnet Market encounters increasing competition from alternative technologies, such as advanced electromagnets and superconductors, which offer high-performance efficiency in specific applications. Industries reliant on magnetic components, such as electric vehicles, wind energy, and industrial automation, continuously explore cost-effective alternatives that reduce dependence on rare earth elements. Innovations in magnetic materials, such as ferrite and hybrid magnet solutions, pose a competitive threat to rare earth-based permanent magnets. The increasing investment in alternative magnetic solutions leads to market fragmentation, slowing down the adoption of traditional permanent magnets across various industrial applications.
Permanent Magnet Market: Key Trends and Opportunities
Key Trends:
1. Rising Demand for Rare Earth Magnets in EVs and Renewable Energy
The permanent magnet market is witnessing exponential growth due to surging demand for neodymium-iron-boron (NdFeB) magnets in electric vehicles (EVs) and wind turbines. With EV sales projected to exceed 40 million units by 2030, the requirement for high-performance magnets in traction motors is escalating. Wind energy installations are also fueling demand, with the global wind power capacity expected to reach 2,000 GW by 2050, significantly impacting magnet consumption.
2. Technological Advancements in Magnetic Materials
Innovation in permanent magnet materials is driving industry expansion, with a focus on high-performance and cost-effective alternatives. Research into recycling rare earth elements and developing samarium-cobalt (SmCo) and ferrite magnets for high-temperature applications is gaining traction. Companies are also investing in magnet-free motor designs, aiming to reduce reliance on China's rare earth supply chain, which currently dominates over 60% of global production.
Key Opportunities
1. Expansion of Localized Rare Earth Supply Chains
Governments worldwide are investing in domestic rare earth extraction and processing to counter supply chain vulnerabilities. The U.S. Department of Energy has allocated over $200 million to rare earth projects, while the European Union is promoting local mining and refining initiatives. These efforts are expected to create a more resilient and diversified supply chain for magnet manufacturers.
2. Growth in Medical and Industrial Automation Applications
The rising adoption of permanent magnets in MRI machines, robotics, and industrial automation presents significant opportunities. The global medical device market, valued at $500 billion in 2023, is witnessing increased demand for high-precision magnetic components. Similarly, industrial robots, projected to reach 5 million units by 2028, are driving magnet integration in automation solutions.
Permanent Magnet Market: Geographic Dominance
The Permanent Magnet Market demonstrates distinct geographic dominance, with Asia-Pacific emerging as the leading region due to its robust industrial base, surging demand from electronics, and extensive rare earth element reserves. China holds a significant share, accounting for over 60% of global rare earth production, strengthening its dominance in the neodymium and samarium-cobalt magnet segments. The region's expanding automotive sector, particularly in electric vehicles, drives substantial market growth. North America follows as a key player, driven by technological advancements and rising adoption of high-performance magnets in aerospace, defense, and renewable energy applications. The United States invests heavily in domestic rare earth production to reduce reliance on imports, fueling regional expansion. Europe maintains a strong presence, supported by stringent environmental regulations promoting sustainable magnet production. Countries such as Germany and France prioritize research initiatives for magnet recycling and rare-earth alternatives, shaping market progression. These geographic trends define the competitive landscape and future market trajectory.
Permanent Magnet Market Key Players Shaping the Future
Major players, including Hitachi Metals, TDK, Magnequench, FDK, Vacuumschmelze, Arnold, Philips, Cosmo Ferrites, Nicrra, Nec/Tokin, Tengam Engineering, DMEGC, JPMF Guangdong, Aerospace Magnet & Magneto, Sinomag Technology, Bgrimm Magnetic, Incuan Electronics, Tianyuan Technology, Kaiven Group, Golden South Magnetic and more, play a pivotal role in shaping the future of the Permanent Magnet Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Permanent Magnet Market Segment Analysis
Based on the research, Verified Market Reports® has segmented the global Permanent Magnet Market into Product Type, Application, End User Industry, Chemical Composition, Formulation and Geography.
By Product Type
Polyester-based Hardener
Epoxy-based Hardener
Polyurethane-based Hardener
Acrylic-based Hardener
By Application
Automotive Industry
Construction and Civil Engineering
Aerospace
Consumer Electronics
Fuiture and Wood Coating
By End-user Industry
Automotive Manufacturers
Construction Firms
Electronics Manufacturers
Aerospace Companies
Fuiture Manufacturers
By Chemical Composition
Aliphatic Compounds
Aromatic Compounds
Cyclic Compounds
Ionic Compounds
By Formulation
Single Component Hardener
Multi-component Hardener
Permanent Magnet Market, By Geography
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Global Rare Earth Permanent Magnet Market Size By Type (Neodymium Iron Boron (NdFeB), Samarium Cobalt (SmCo)), By Application (Electronics, Aerospace), By End-user Industry (Consumer Electronics, Telecommunications), By Magnet Grade (High-Performance Grades, Standard Grades), By Application (Electric Motors, Transformers), By Geographic Scope And Forecast
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Global Neodymium-iron-boron Permanent Magnet Market Size By Application-Based (Consumer Electronics, Automotive), By Product Form (Bonded Magnets, Sintered Magnets), By Grade (N35 to N52 (Standard Grades), High-Temperature Grades (e.g.), By End-User Industry (Electronics Manufacturing, Automotive Production), By Distribution Channel (Direct Sales, Online Retailing), By Geographic Scope And Forecast
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