BRIC Permanent Magnet Market Business Growth, Trends, and Opportunities 2031

The BRIC Permanent Magnet Market size is expected to reach US$ 30,476.70 million by 2031 from US$ 15,855.78 million in 2024. The market is estimated to record a CAGR of 10.6% from 2025 to 2031.


Executive Summary and BRIC Permanent Magnet Market Analysis

The demand for permanent magnets in BRIC countries (Brazil, Russia, India, and China) is rapidly increasing, driven by advancements in key sectors such as automotive, electronics, renewable energy, and industrial manufacturing. China, the largest producer and consumer of permanent magnets, is at the forefront of this growth, with its booming electric vehicle (EV) and renewable energy industries driving demand—particularly for neodymium-iron-boron (NdFeB) magnets used in motors and wind turbines.

India and Brazil are also witnessing rising demand, especially in electric mobility and solar energy, as government initiatives promote cleaner and more sustainable technologies. Meanwhile, Russia’s expanding aerospace and defense sectors are fueling the need for specialized permanent magnets.

As BRIC nations continue to industrialize and shift towards green energy solutions, demand for permanent magnets in robotics, consumer electronics, and energy storage is also on the rise. The region’s commitment to innovation and sustainability is expected to sustain long-term growth in the permanent magnet market.

BRIC Permanent Magnet Market Segments Covered

BRIC Permanent Magnet Market By Type

  • Neodymium-Iron-Boron
  • Ferrite
  • Samarium Cobalt
  • Alnico

BRIC Permanent Magnet Market By Application

  • Consumer Electronics
  • Automotive
  • Aerospace and Defense
  • Medical
  • Industrial Machinery
  • Energy

BRIC Permanent Magnet Market Company Profiles

  1. Hitachi Ltd
  2. Shin-Etsu Chemical Co Ltd
  3. TDK Corp
  4. Arnold Magnetic Technologies.
  5. Galaxymagnets
  6. Goudsmit Magnetics
  7. Electron Energy Corporation
  8. Dexter Magnetic Technologies
  9. Adams Magnetic Products, LLC
  10. NINGBO YUNSHENG co., Ltd

are among the key players operating in the market. These players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.

BRIC Permanent Magnet Market Outlook

The BRIC permanent magnet market is undergoing significant expansion, driven by technological advancements, the growing need for energy-efficient solutions, and the widespread adoption of electric vehicles (EVs). Permanent magnets play a crucial role across multiple industries, including automotive, electronics, energy, and manufacturing. These magnets—primarily composed of neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite—offer unique properties suited to specific applications.

A key driver of market growth is the surging EV industry, where permanent magnets are essential for electric motors. As governments implement stricter emissions regulations and consumers increasingly favor green mobility solutions, demand for EVs—and consequently, permanent magnets—continues to rise. Similarly, the renewable energy sector, particularly wind power, remains a major contributor, as permanent magnets are vital components in wind turbine generators.

With increasing adoption of green technologies, transportation electrification, and advanced manufacturing, the BRIC permanent magnet market is poised for sustained expansion.

BRIC Permanent Magnet Market: Country Insights

The BRIC permanent magnet market is segmented by country, including Brazil, Russia, India, China, and South Africa. In 2023, China held the largest market share, driven by its industrial and technological advancements.

As the world’s leading manufacturer and consumer of permanent magnets, China plays a critical role in the global market, particularly in sectors such as EVs, renewable energy, and consumer electronics. The country’s thriving wind power sector also fuels demand, as permanent magnets are essential for wind turbine generators.

China’s automotive industry is one of the largest in the world, with permanent magnet motors and induction motors commonly used in electric vehicles. According to the China Association of Automobile Manufacturers, automotive sales in China decreased by 8.4% year-over-year in December 2022, reaching 2.56 million units. However, annual sales in 2022 surged to 26.86 million units, highlighting the growing momentum of EV adoption. This upward trend in EV sales continues to drive the expansion of China’s permanent magnet market.

Other Reports:

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Europe POS Software Market: https://business-news-insights.blogspot.com/2025/03/europe-pos-software-market-key.html  

Europe Pharmaceutical Drug Delivery Market: https://sites.google.com/view/europepharmaceuticaldrugdelive/home 

Europe Nuclear Decommissioning Service Market: https://postyourarticle.com/europe-nuclear-decommissioning-service-market-regional-trends-development-status-till-2027/ 

Europe Liquid Biopsy Market: https://businessnews46.wordpress.com/2025/03/20/europe-liquid-biopsy-market-development-policies-and-future-growth-2027/ 

Europe Pharmaceutical Continuous Manufacturing Market: https://www.findit.com/bxzmqbokeeacpdc/RightNow/europe-pharmaceutical-continuous-manufacturing-markets/2dc8fb5d-62d8-4b1c-96d1-2a64fb7bd5ac 

About Us:

Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights

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