Industria
Permanent Magnet Market worth $88.51 billion by 2030 - Exclusive Report by MarketsandMarkets™
Permanent magnets are materials that generate a persistent magnetic field without needing an external source. Even after the removal of a magnetic force, these magnets can retain their magnetism for a long time. They are made from hard ferromagnetic materials that attract or repel certain metals or other magnets. The demand for high-performance magnets is expected to grow rapidly, driven by increasing needs from the environmental and energy sectors for grid storage applications. The global push for the adoption of EVs is another major factor contributing to the rising demand for permanent magnets.
The permanent magnet market, by type, has been segmented into Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (AlNiCo), and others. In 2024, Neodymium Iron Boron magnets dominated the market in terms of value, contributing the highest market share. These rare earth magnets offer high magnetic strength, excellent thermal conductivity, a maximum energy product, and resistance to moisture and corrosion. They are also cost-effective, making them suitable for various end-use industries. To address the growing demand for Neodymium Iron Boron magnets in electric motors and hybrid vehicles, Trafalgar Group plans to establish India's first rare earth metals, alloy, and magnet plant. The goal is to supply 20% of the domestic demand for sintered Neodymium Iron Boron magnets by 2027.
The permanent magnet market, by manufacturing process, has been segmented into sintered and bonded. The bonded manufacturing process is expected to be the fastest-growing segment in the permanent magnet market during the forecast period. Bonded magnets provide lightweight structures, design flexibility, and compatibility with high-precision components, making them ideal for compact motors and sensors, especially as industries shift toward miniaturization and automation. The process enables the creation of complex shapes and intricate designs through methods like injection molding and compression bonding, which are both cost-effective and scalable, supporting the increasing demand for customized magnet solutions in the automotive, consumer electronics, and environmental & energy industries.
In 2024, Asia Pacific held the largest market share in terms of both value and volume. Due to rising urban populations and industrialization, consumer spending in this region is fueling growth in the consumer electronics, general industrial, automotive, medical technology, environment & energy, and aerospace & defense industries. Additionally, an increasing focus on recyclability and environmentally friendly materials is boosting the use of permanent magnets across various industries. Major players in the permanent magnet market are concentrating on the Asia Pacific region because of its strong market potential. The Indian government is actively encouraging private sector involvement in rare earth magnet production to reduce reliance on China and strengthen domestic supply chains. Many manufacturers are relocating their production bases to this region due to the availability of low-cost manufacturing facilities. For example, JL Mag Rare-Earth, a Chinese manufacturer, plans to invest CNY 1 billion ( USD 143.6 million ) in building a new factory for high-performance rare earth permanent magnetic materials to meet the rising demand from emerging sectors like humanoid robotics and new energy vehicles.
Prominent companies in the permanent magnet market include are Proterial, Ltd. ( Japan ), Arnold Magnetic Technologies (US), TDK Corporation ( Japan ), Yantai Dongxing Magnetic Materials Inc. ( China ), Shin-Etsu Chemical Co., Ltd. ( Japan ), Electron Energy Corporation (US), Adams Magnetic Products, LLC (US), Bunting Magnetics Co. (US), Tengam Engineering, Inc. (US), Ningbo Yunsheng Co., Ltd. ( China ), Chengdu Galaxy Magnets Co., Ltd. ( China ), Goudsmit Magnetics ( Netherlands ), Eclipse Magnetics (UK), Dexter Magnetic Technologies (US), and Earth Panda Advance Magnetic Material Co., Ltd. ( China ).
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