Permanent Magnets Market Size, Share & Trends Analysis By Type (Neodymium Iron Boron Magnets, Ferrite Magnets, Samarium Cobalt Magnets), By End-use (Automotive, Consumer Electronics, General Industries, Medical), By Region, And Segment Forecasts, Market Size, Market Share, and Forecast Analysis, 2025 – 2032

Permanent Magnets Market Overview

According to Novatrends Market Intelligence, the global permanent magnets market is valued at USD 37,775.0 million in 2024.The global permanent magnets market is influenced by the growing popularity of renewable energy sources such as wind and solar and is expected to boost the market in the coming years. Wind turbines currently rely on permanent magnets, particularly Neodymium Ferrite Boron (NdFeB) magnets to improve their efficiency. These magnets are widely used since they make turbines more reliable and require less maintenance.

Furthermore, the role of permanent magnets is expanding within the electronics industry due to their ability to enhance efficiency. Appliances and electronics including refrigerators, electric motors, loudspeakers, sensors, and others majorly utilize permanent magnets. The electronics industry is experiencing a constant surge in innovation, fueling a rapidly growing market for the components analyzed in this report.

The relentless production of smartphones, portable computers, gaming systems, and a plethora of personal electronic devices continues to drive demand for electronic components, with permanent magnets expected to be a key beneficiary of this trend.

Permanent Magnets Market Recent Developments

The permanent magnets market is anticipated to propel at a compounded annual growth rate (CAGR) of 8.5% from 2025-2032. The permanent magnets market is witnessing significant expansion, driven by rising demand for electric vehicles from growing population especially across emerging economies such as China, India, and others.

The permanent magnets market is highly competitive due to the presence of major market players actively engaged in implementing strategic initiatives such as increasing investments, production expansion, enlarging distribution networks, and others. For instance,

• In May 2024, Heraeus Group launched their recycling plant for rare earth magnets in Europe. This new facility in Bitterfeld is designed for a production capacity of 600 tons per annum of nanocrystalline rare earth magnetic powders from recycled End-of-Life electronic devices. This product is further used for the manufacturing of bonded NdFeB magnets, hot formed NdFeB magnet and rare earth hydrogen storage components.
• In May 2024, MagNeo announced their launch of manufacturing of rare earth elements (REE)-free permanent magnets. The production facility has been planned with an investment of USD 8.49 million (EUR 7.7 million).
• In July 2024, Neo Magnequench, a division of Neo Performance Materials Inc., announced the construction of their first rare earth magnet manufacturing facility in Europe designed to produce specialized rare earth permanent magnets for use in electric vehicles, wind turbines, and other clean energy technologies. This facility is anticipated to produce 5,000 tonnes/year of permanent rare Earth magnets and be fully functional by 2025 to support the production of 1.5 million electric vehicles in Europe.

Regional Overview

Asia Pacific dominated the global permanent magnets market in 2024 with a market revenue share of above 46.0%. The region serves as a global manufacturing powerhouse, with automotive and electronics production forming the backbone of its industrial activity. China, Japan, and South Korea have emerged as prominent centers for computer hardware, churning out hard drives, computer chips, and microprocessors. This has fueled the demand for permanent magnets, which are essential components widely utilized by electronics and hardware manufacturers in the region.

Europe is witnessing a rapid transition towards electric vehicles (EVs). Permanent magnets are a cornerstone technology in EV motors, generating torque and enabling high efficiency. This surge in EV adoption translates directly to an increased demand for permanent magnets across the continent.

Furthermore, Europe is at the forefront of the green revolution, heavily invested in renewable energy sources like wind power. Permanent magnets are a vital component in wind turbine generators, contributing significantly to their efficiency and reliability. As Europe expands its wind farm capacity, the demand for permanent magnets will inevitably rise.

U.S. Permanent Magnets Market Overview

The U.S. is witnessing a significant shift towards electric vehicles (EVs) as concerns about climate change and energy independence take hold. Permanent magnets are the silent power behind the scenes, forming the core of EV motors. Their ability to generate torque and achieve high efficiency makes them indispensable for this clean transportation revolution. As EV adoption accelerates, the demand for permanent magnets in the US is sure to follow suit.

The country is actively pursuing renewable energy sources like wind power, a sector heavily reliant on permanent magnets. These magnets are crucial components in wind turbine generators, boosting their efficiency and reliability. As wind farms sprout across the American landscape, the demand for permanent magnets to power them will undoubtedly increase.

Type Overview

The ferrite magnets dominated the type segmentation across the global permanent magnets market in 2024 with a market revenue share of 65.6%. Ferrite magnets reign supreme in motors used for powering car engines, operating appliances, and industrial equipment. Additionally they are used across loudspeakers, separation equipment, MRI machines, relays, and various other applications.

Neodymium Iron Boron (NdFeB) magnets are on the rise, projected to become the second-largest player in terms of both volume and revenue. NdFeB magnets have experienced a significant application expansion in recent years.  Beyond their traditional uses, they are now making a substantial impact in electric and hybrid vehicle motors, wind turbine generators, air conditioning systems, and energy storage solutions.

End-use Overview

Automotive industry dominated the end-use segmentation across the global market space in 2024 with a market revenue share of 32.7%. Electric vehicles (EVs) are rapidly changing the landscape of transportation, and a hidden hero in this transformation is the permanent magnet. Unlike traditional gasoline-powered vehicles, EVs rely on electric motors for propulsion. Permanent magnets are a key component of these motors, generating the torque needed for smooth and efficient operation.

Followed by rising demand for permanent magnets across the renewable energy industry owing to a revenue market share of 25.6% in 2024. Wind turbines rely heavily on permanent magnets within their generators. These magnets convert the kinetic energy of wind into electricity, and their performance directly impacts the efficiency and output of the turbine. Furthermore, similar to wind turbines, permanent magnets can improve the efficiency of hydropower generators, maximizing electricity production from the power of moving water.

Market Characteristics

The global permanent magnet market is experiencing a surge in demand, fueled by growth in electric vehicles, renewable energy, and consumer electronics. However, this surge has also attracted a growing number of players, creating a dynamic and competitive environment.

Currently, Asia dominates the permanent magnet market, with China being the undisputed leader. Chinese manufacturers benefit from economies of scale, established infrastructure, and access to crucial raw materials. Japanese companies hold a strong position in the high-performance permanent magnet segment, particularly those used in electronics and high-end machinery. Their focus on innovation and quality allows them to compete effectively.

Western nations, recognizing the strategic importance of permanent magnets, are investing in domestic production capabilities. The U.S. and Europe are actively supporting research and development of alternative materials and improved production processes to reduce reliance on Asian suppliers.

Global Permanent Magnets Market Report- Scope (Customizable)