ASEAN Permanent Magnet Market Manufacturers, Comprehensive Analysis 2031


The ASEAN Permanent Magnet Market size is expected to reach US$ 2,972.30 million by 2031 from US$ 1,782.97 million in 2024. The market is estimated to record a CAGR of 8.7% from 2025 to 2031.

Executive Summary and ASEAN Permanent Magnet Market Analysis

The ASEAN region is witnessing robust growth in the demand for permanent magnets, fueled by rapid industrialization and the advancement of key sectors such as automotive, electronics, renewable energy, and manufacturing. These magnets—vital for applications ranging from electric motors and wind turbines to hard drives and consumer electronics—are becoming increasingly essential as ASEAN countries pursue infrastructure modernization and energy efficiency.

A major driver of this growth is the accelerating adoption of electric vehicles (EVs) across the region, supported by government incentives and growing environmental awareness. High-performance permanent magnets, especially neodymium-iron-boron (NdFeB), are critical components in EV motors. Additionally, the renewable energy sector is playing a pivotal role, with wind energy installations increasing the demand for magnets used in turbine generators.

ASEAN Permanent Magnet Market Outlook

The ASEAN permanent magnet market is poised for sustained growth, propelled by technological advancements, rising energy efficiency demands, and the expanding EV market. Permanent magnets—made from materials such as neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite—are integral to a wide array of applications across industries.

The EV sector remains a primary growth engine, as governments across ASEAN adopt stricter emission standards and incentivize clean transportation. Likewise, the renewable energy sector, particularly wind energy, continues to drive significant demand due to the use of magnets in wind turbine generators. The shift toward green technologies and advanced manufacturing processes is expected to further boost market expansion in the coming years.

Country Insights: ASEAN Permanent Magnet Market

The ASEAN permanent magnet market is segmented by country, with key markets including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Among these, Thailand held the largest market share in 2023.

Thailand’s growth is anchored in its expanding automotive, electronics, and renewable energy sectors. As a regional hub for automotive production, particularly in EV manufacturing, the country is experiencing heightened demand for permanent magnets in electric motor applications. Thailand’s well-established electronics industry also relies heavily on these magnets for use in motors, sensors, and audio components.

Moreover, the government’s push toward clean energy—especially in wind power—continues to drive demand for high-performance magnets. The adoption of green technologies across industries is further accelerating this trend. Notably, manufacturers are ramping up local production capacity to meet rising demand. For instance, Arnold Magnetic Technologies inaugurated a new 26,250-square-foot facility in Amata City, Chonburi, in October 2024. This facility manufactures a range of permanent magnet assemblies, including rotors, stators, and motors, strengthening the domestic supply chain and supporting market growth.

ASEAN Permanent Magnet Market Segments Covered

ASEAN Permanent Magnet Market By Type

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

ASEAN Permanent Magnet Market By Application

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

ASEAN Permanent Magnet Market Regions and Countries Covered

ASEAN

  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam

ASEAN Permanent Magnet Market leaders and key company profiles

  • Shin-Etsu Chemical
  • Hitachi Metals
  • Toyota Tsusho Corporation
  • General Electric
  • TDK Corp
  • Armold Magnetic technologies
  • Galaxy Magnets
  • Goudsmit Magnetics
  • Electron Energy Corporation
  • Dexter Magnetic Technolgies

Other Reports:

Asia Pacific Permanent Magnet Market: https://www.findit.com/bxzmqbokeeacpdc/RightNow/asia-pacific-permanent-magnet-markets/80f6c3a8-c1db-4835-b391-5c47fe202f7b 

Nordic Permanent Magnet Market: https://penzu.com/p/0b1336c73d47dfd9  

GCC Permanent Magnet Market: https://business-news-insights.blogspot.com/2025/05/gcc-permanent-magnet-market-growth.html

ASEAN Graphite Market: https://sites.google.com/view/asean-graphite-market/home 

Europe Pharmaceutical Continuous Manufacturing Market: https://www.blogbursts.in/europe-pharmaceutical-continuous-manufacturing-market-analysis-by-business-methodologies-2027/ 

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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