BRIC Permanent Magnet Market Size, Share, Growth Factors, Competitive Landscape 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 BRIC Permanent Magnet Market countries—Brazil, Russia, India, and China—is witnessing robust growth, propelled by advancements in sectors such as automotive, electronics, renewable energy, and industrial manufacturing. China remains the dominant force, being the world's largest producer and consumer of permanent magnets. The country's thriving electric vehicle (EV) and renewable energy industries are particularly dependent on high-performance neodymium-iron-boron (NdFeB) magnets, widely used in motors and wind turbines.

India and Brazil are also experiencing rising demand, driven by the expansion of electric mobility and solar energy projects supported by government initiatives aimed at sustainable development. Meanwhile, Russia’s growing aerospace and defense sectors are creating a strong demand for specialized permanent magnets.

As BRIC nations continue to industrialize and prioritize green energy, the use of permanent magnets in emerging applications such as robotics, consumer electronics, and energy storage is increasing. A regional shift toward innovation and sustainability is expected to sustain this upward trend in magnet demand.

BRIC Permanent Magnet Market Outlook

The BRIC permanent magnet market is undergoing significant expansion, driven by rapid technological advancement, rising demand for energy-efficient solutions, and the accelerated adoption of electric vehicles. Permanent magnets—composed mainly of neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite—are critical components across industries including automotive, electronics, energy, and manufacturing.

The electric vehicle sector is a key growth driver, as permanent magnets are essential for EV motors. Government regulations promoting lower emissions and the consumer shift toward sustainable transportation continue to boost EV production and magnet demand. Likewise, the renewable energy sector, particularly wind power, heavily relies on permanent magnets for turbine generators. As green technologies gain traction, the market for permanent magnets in BRIC countries is set to grow steadily, driven by evolving transportation systems and advanced manufacturing needs.

BRIC Permanent Magnet Market: Country Insights

The BRIC permanent magnet market is segmented by country: China, India, Brazil, Russia, and South Africa. In 2023, China held the largest market share.

China's permanent magnet industry is expanding rapidly, supported by its leadership in manufacturing, technology, and innovation. As the global hub for permanent magnet production and consumption, China’s market is fueled by strong demand from the EV, renewable energy, and consumer electronics sectors.

In particular, wind power has emerged as a key growth area, with permanent magnets playing a vital role in turbine generator systems. China also boasts the world’s largest automotive manufacturing industry, where both permanent magnet and induction motors are widely used in EVs. According to the China Association of Automobile Manufacturers, despite an 8.4% year-over-year drop in sales to 2.56 million units in December 2022, overall automotive sales reached 26.86 million units in 2022—a clear indication of the market's resilience. The continued growth in EV adoption is expected to further propel the demand for permanent magnets across the country.

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 Regions and Countries Covered

BRIC

  • Russian Federation
  • Brazil
  • India
  • China

BRIC 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:

Europe Security Advisory Services Market: https://sites.google.com/view/advisory-services-e/home 

Europe Malware Analysis Market: https://business-news-insights.blogspot.com/2025/05/europe-malware-analysis-market.html 

Europe Dental Surgery Instruments Market: https://postyourarticle.com/europe-dental-surgery-instruments-market-size-share-trends-segmentation-2027/ 

Europe Car Rental Service Market: https://penzu.com/p/12d8763d14d1ad6d 

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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