Permanent Magnet Market Size

Statistics for the 2023 & 2024 Permanent Magnet market size, created by Mordor Intelligence™ Industry Reports. Permanent Magnet size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Permanent Magnet Industry

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