Permanent Magnet Industry Outlook (2025–2031): Key Drivers & Restraints

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 Analysis:

The global permanent magnet market is undergoing robust growth, fueled by technological advancements, a rising emphasis on energy efficiency, and the rapid expansion of the electric vehicle (EV) sector. Permanent magnets play a vital role across a range of industries—including automotive, electronics, renewable energy, and industrial manufacturing—thanks to their ability to enhance performance and reduce energy consumption. These magnets are primarily composed of materials such as neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct advantages depending on the application.

A major growth driver is the accelerating adoption of electric vehicles, which rely heavily on permanent magnets for their electric motors. With governments enforcing stricter emissions standards and consumers seeking sustainable transportation options, global EV demand is surging—directly boosting the need for high-performance magnets. In parallel, the renewable energy sector, especially wind power, is contributing significantly to market expansion, as permanent magnets are essential components in wind turbine generators. Given these trends, the global permanent magnet market is poised for continued growth, driven by its critical role in advancing clean energy, sustainable mobility, and next-generation manufacturing technologies.

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Permanent Magnet Market 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

• US

• Canada

• Mexico

Europe

• Germany

• Italy

• France

• U.K.

• Spain

• Belgium

• Netherlands

• Luxembourg

• Norway

• Finland

• Denmark

• Sweden

• Switzerland

• Austria

• Greece

• Portugal

• Russia

• Poland

• Romania

• Czech Republic

• Ukraine

• Slovakia

• Bulgaria

Asia-Pacific

• China

• Japan

• South Korea

• India

• Australia

• New Zealand

• Indonesia

• Malaysia

• Philippines

• Singapore

• Thailand

• Vietnam

• Taiwan

• Bangladesh

South and Central America

• Brazil

• Argentina

• Chile

• Colombia

• Peru

Middle East and Africa

• Saudi Arabia

• United Arab Emirates

• Kuwait

• Bahrain

• Qatar

• Oman

• Turkiye

• South Africa

• Egypt

• Nigeria

• Algeria

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

Permanent Magnet Market Drivers and Opportunities:

Rising Demand for Permanent