Permanent Magnet Market Analysis, Gross Profit, Business Distribution 2031


The Permanent Magnet Market size is expected to reach US$ 47,309.65 million by 2031 from US$ 25,035.19 million in 2024. The market is estimated to record a CAGR of 10.0 % from 2025 to 2031.

Executive Summary and Global Market Overview

The global permanent magnet market is witnessing robust growth, fueled by technological advancements, a surge in energy-efficient solutions, and the rapid adoption of electric vehicles (EVs). Permanent magnets—made primarily from neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite—are indispensable in industries such as automotive, electronics, energy, and manufacturing due to their unique magnetic properties.

A key growth driver is the expanding EV sector, where permanent magnets are vital in electric motors. With governments worldwide tightening emission regulations and consumers shifting toward environmentally friendly transportation, EV adoption is accelerating, thereby boosting magnet demand. Similarly, the renewable energy industry—particularly wind power—is contributing significantly, as permanent magnets are essential components in wind turbine generators. These trends position the permanent magnet market for continued global expansion, particularly across green energy, transportation, and high-tech manufacturing sectors.

Rising Demand in Consumer Electronics

Permanent magnets are integral to modern consumer electronics, supporting the operation of a wide range of components. Their ability to maintain magnetism without external power makes them ideal for devices such as audio systems, computing hardware, air conditioning units, and digital cameras. They're also widely used in loudspeakers, microphones, mobile phones, voice coil motors, hard disk drives (HDDs), printers, and gaming consoles.

As demand for portable computing devices, smartphones, and entertainment systems continues to rise, so does the need for high-performance magnetic components. Computers, for instance, rely on permanent magnets for data storage, while other electronics—ranging from MRI scanners to televisions—utilize both permanent and electromagnets. According to the International Data Corporation (IDC), after a two-year slump, global PC shipments grew 1.5% year-over-year in Q1 2024, totaling 59.8 million units—underscoring the ongoing relevance of permanent magnets in electronic products.

Technological Advancements Driving Market Growth

Innovations in material science have significantly improved the performance and sustainability of permanent magnets. Enhancements in alloy composition—such as the inclusion of dysprosium and terbium in NdFeB magnets—have improved thermal stability and resistance to demagnetization, making them more suitable for demanding applications like EV motors and wind turbines.

Efforts to recycle rare earth elements (REEs) from used magnets are also gaining traction, addressing both environmental concerns and supply chain vulnerabilities. Additionally, research into alternative magnet materials like iron-nitride and cobalt-iron alloys is advancing, offering promising performance with better environmental and resource efficiency.

New manufacturing techniques, such as 3D printing and advanced coatings, are enabling greater precision in magnet design and enhancing durability. These technological breakthroughs are reducing production costs, expanding application scope, and promoting the sustainable growth of industries reliant on permanent magnets.

Market Size and Segment Analysis

By type, the permanent magnet market is segmented into neodymium-iron-boron (NdFeB), ferrite, samarium-cobalt (SmCo), alnico, and others. NdFeB magnets dominated the market in 2024, thanks to their high magnetic strength and superior performance in compact sizes. These magnets are commonly used in applications such as sensors, hard disk drives, audio equipment, MRI scanners, and electric motors.

By application, the market is categorized into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment led the market in 2023, driven by widespread magnet use in products like mobile phones, printers, earbuds, cameras, and household appliances. Properties like magnetic attraction, repulsion, and energy conversion are driving increased usage across various electronics, with growing consumer demand and technological progress further propelling market expansion.

Segments Covered

permanent magnet market By Type

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

permanent magnet market By Application

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

permanent magnet market Regions and Countries Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South and Central America

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:

BRIC Permanent Magnet Market: https://sites.google.com/view/bric-permanent-magnet-market/home 

ASEAN Permanent Magnet Market: https://business-news-insights.blogspot.com/2025/05/asean-permanent-magnet-market.html 

Benelux Permanent Magnet Market: https://github.com/SuryakantGadekar/Business-Market-Insights/issues/6 

Western Europe Permanent Magnet Market: https://penzu.com/p/008e3f5db9243774  

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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