Permanent Magnet Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Permanent Magnet Market is segmented by material type (neodymium-iron-boron, ferrite, samarium cobalt, and Alnico), end-user industry (automotive, electronics, industrial, power generation, and other end-user industries), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market size and forecasts for Permanent Magnet in terms of revenue (USD million) for all the above segments.

Permanent Magnet Market Size

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Permanent Magnet Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 6.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Permanent Magnet Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Permanent Magnet Market Analysis

The permanent magnet market is projected to register a CAGR of over 6% during the forecast period.

The market was negatively affected by the outbreak of COVID-19. During the pandemic situation, various industries such as automotive and electronics halted production for quite a long period. That restricted the growth of the market. However, in 2022, the situation started coming on track and now the market is stable and growing steadily.

  • Over the medium term, the increasing electro-mechanical applications are the major factor driving the growth of the market studied.
  • On the flip side, competition from substitutes is hindering the growth of the market studied.
  • Growing demand from electric vehicles acts as an opportunity in the growth of the market.
  • Asia-Pacific is expected to account for the largest share and is likely to dominate the market studied during the forecast period.

Permanent Magnet Market Trends

Growing Demand from Electronics Industry

  • Permanent magnets are increasingly being used in electro-mechanical products for better efficiency purposes. Permanent magnets have wide applications in electronics such as refrigerators, electric motors, loudspeakers, and sensors, among others.
  • The electronics industry is continuously making remarkable progress and development, and the demand for the market studied is growing rapidly. The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices will continue to spark the demand for electronic components, which is expected to further boost the demand for permanent magnets.
  • Computers use permanent magnets to store data on hard drives. Permanent magnets and electromagnets are widely used in electronic devices such as generators, speakers, televisions, MRI scanners, and motors, among others. These magnets are used in computers to store data on hard drives.
  • According to the reports published by companies, in 2021, approximately 342 million PCs were shipped around the world. However, in 2022, PC shipments reached 286.2 million units, a 16.2% decrease from the previous year.
  • Europe is also witnessing significant growth owing to the increasing investments in the region. Germany has the largest electronic industry in Europe. According to the Germany Electrical and Electronic Association, in December 2021, the sales of the domestic electro and digital industry in Germany amounted to USD 19.17 billion, registering a growth rate of 8.5% compared to the same period last year.
  • The global demand for smart consumer electronics is increasing exponentially, providing potential for the permanent magnet market to expand. According to the German Electrical and Electronic Manufacturers' Association (ZVEI), in 2021, the global electrical market reached USD 4.9 trillion.
  • In 2022, the worldwide shipment of televisions amounted to 202 million units. According to a UK-based industry information provider, Broadband TV News, in Germany, around 1.45 million TV sets were sold in the first quarter of 2021.
  • Germany is also considered one of the world's leading producers of generators, transformers, and electric motors. According to the statistics provided by the Statistisches Bundesamt, the revenue from the manufacture of electric motors, generators, and transformers in Germany will amount to approximately USD 19.5 billion by 2025.
  • The United Kingdom is one of the largest markets for high-end consumer electronics products in Europe, with about 18,000 UK-based electronics companies in the market. According to the Department for International Trade, the electronics sector in the United Kingdom is worth USD 19.3 billion each year to the local economy.
  • All the aforementioned factors are expected to significantly impact the demand for the market studied during the forecast period.
Permanent Magnet Market - Top Exporters of Computer Devices, in USD Billion, by Country, 2021

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is expected to dominate the market owing to the growing population and expanding industrial production activities in the region. This increased the production and demand for electricity through various energy sources. This, in turn, has been supporting the demand for permanent magnets in multiple applications.
  • According to JEITA (the Japan Electronics and Information Technology Industries Association), in November 2022, the total production of the electronics industry reached USD 7,098.34 million. In December 2022, Japan exported a total electronics worth of USD 8,395.45 million.
  • In India, the electronics market witnessed a growth in demand, with market size increasing at a rapid rate. India's electronic goods exports fetched USD 16.67 billion in December 2022, as compared to USD 10.99 billion in the same month of 2021. The growing electronics and appliances market in India and China may push market growth further in Asia-Pacific. India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025.
  • Permanent magnet motors and induction motors are the most commonly used in electric motor applications in vehicles. The Chinese automotive manufacturing industry is the largest in the world. According to the China Association of Automobile Manufacturers (CAAM), automotive sales in China fell by 8.4% year over year to 2.56 million units in December 2022, whereas they grew to 26.86 million units for the full year 2022.
  • The growth of the automotive sector can be attributed to the fact that many companies are investing to establish manufacturing units in the region. For instance, in January 2022, Honda's Chinese joint venture with Dongfeng Motor Corporation Ltd. announced the development of an electric-vehicle manufacturing factory in Wuhan. The new Dongfeng-Honda Automobile facility will be opened in 2024 with a production capacity of 120,000 units per year.
  • The Asia-Pacific market registered a growth of more than 7% in 2022. Countries such as China, India, and Japan are the top manufacturers of electronics globally. According to IDC (International Data Corporation), the Indian PC market grew 37.7% in Q1 2022. Total PC and laptop shipments increased from 3.1 million to 4.2 million units.
  • Permanent magnet generators are useful in the process of generating electricity. The Indian government announced an exceptionally ambitious plan to double installed capacity over the coming decade and to do so primarily through accelerated deployment of renewable energy. In 2021, India installed 9.7 gigawatts (GW) of power generation capacity.

All the factors, in turn, are projected to have a significant impact on the market growth in the region during the forecast period.

Permanent Magnet Market - Growth Rate by Region, 2023-2028

Permanent Magnet Industry Overview

The permanent magnet market is fragmented in nature. Some of the major players of the market studied include Hitachi Metals, Ltd., Shin-Etsu Chemical Co., Ltd., TDK Corporation, Daido Steel Co., Ltd., and Lynas Rare Earths Ltd., among others (not in any particular order).

Permanent Magnet Market Leaders

  1. Hitachi Metals, Ltd

  2. Shin-Etsu Chemical Co., Ltd

  3. TDK Corporation

  4. Daido Steel Co., Ltd.

  5. Lynas Rare Earths Ltd.

*Disclaimer: Major Players sorted in no particular order

Permanent Magnet Market Concentration
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Permanent Magnet Market News

  • September 2022: Solvay announced plans to expand its rare earths operations in La Rochelle, France to enter the value chain for rare earths permanent magnets in Europe and serve customers in the wind power, electric vehicles, and electronics markets.
  • July 2022: GKN Powder Metallurgy, a provider of powder metal solutions, entered the permanent magnets for the electric vehicle (EV) market. An investment is being planned to establish a capacity to produce up to 4,000 tons of permanent magnets per year for the EV market by 2024. 

Permanent Magnet Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Electro-mechanical Applications

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Competition from Substitutes

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Material Type

      1. 5.1.1 Neodymium-Iron-Boron

      2. 5.1.2 Ferrite

      3. 5.1.3 Samarium Cobalt

      4. 5.1.4 Alnico

    2. 5.2 End-user Industry

      1. 5.2.1 Automotive

      2. 5.2.2 Electronics

      3. 5.2.3 Industrial

      4. 5.2.4 Power Generation

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis**/ Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Anhui Earth Bear New Materials Co., Ltd.

      2. 6.4.2 Arnold Magnetic Technologies

      3. 6.4.3 Daido Steel Co. Ltd.

      4. 6.4.4 Hitachi Metals, Ltd.

      5. 6.4.5 Galaxymagnets

      6. 6.4.6 GKN Powder Metallurgy

      7. 6.4.7 Goudsmit Magnetics

      8. 6.4.8 Lynas Rare Earths Ltd

      9. 6.4.9 Shin-Etsu Chemical Co., Ltd.

      10. 6.4.10 TDK Corporation

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Demand from Electric Vehicles

    2. 7.2 Other Opportunities

**Subject to Availability
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Permanent Magnet Industry Segmentation

Permanent magnets are manufactured from special alloys such as iron, nickel, and cobalt, several alloys of rare-earth metals, and minerals such as lodestone. They generate a persistent magnetic field without the need for any external source of magnetism or electrical power. The permanent magnet market is segmented by material type, end-user industry, and geography. By material type, the market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, and alnico. By end-user industry, the market is segmented into automotive, electronics, industrial, power generation, and other end-user industries. The report also covers the market size and forecasts for the permanent magnet market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Material Type
Neodymium-Iron-Boron
Ferrite
Samarium Cobalt
Alnico
End-user Industry
Automotive
Electronics
Industrial
Power Generation
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Permanent Magnet Market Research FAQs

The Permanent Magnet Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Hitachi Metals, Ltd, Shin-Etsu Chemical Co., Ltd, TDK Corporation, Daido Steel Co., Ltd. and Lynas Rare Earths Ltd. are the major companies operating in the Permanent Magnet Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Permanent Magnet Market.

The report covers the Permanent Magnet Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Permanent Magnet Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Permanent Magnet Industry Report

Statistics for the 2024 Permanent Magnet market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Permanent Magnet analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Permanent Magnet Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)