Executive Summary

The global permanent magnet market is witnessing rapid expansion, driven by breakthroughs in technology, the surge in electric vehicles (EVs), and a growing emphasis on energy efficiency. From consumer gadgets to wind turbines, permanent magnets are now indispensable across multiple industries.

Composed mainly of neodymium (NdFeB), samarium-cobalt (SmCo), ferrite, and alnico, these magnets each offer unique strengths, making them suitable for diverse applications in automotive, electronics, energy, and industrial manufacturing.

Market Overview: A Magnetized Growth Story

The electrification of transportation is one of the market’s key growth engines. As EV adoption accelerates globally, so does the need for high-performance magnets that power electric motors. Governments tightening emission standards and consumers leaning towards sustainable mobility solutions further propel this demand.

In addition, the renewable energy sector—especially wind power—relies heavily on permanent magnets for wind turbine generators. This integration into clean energy infrastructure is shaping a promising future for the magnet industry.

Permanent Magnet Market Report Coverage and Deliverables

The "Permanent Magnet Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Permanent magnet market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Permanent magnet market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed Porter's Five Forces and SWOT analysis
• Permanent magnet market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the permanent magnet market
• Detailed company profiles

Permanent Magnet Market Segmentation

By Type:

• Neodymium-Iron-Boron (NdFeB) – Leading in 2024 due to its superior magnetic strength and energy efficiency.

• Ferrite

• Samarium Cobalt

• Alnico

• Others

By Application:

• Consumer Electronics – Largest market share in 2024

• Automotive

• Aerospace & Defense

• Medical

• Industrial Machinery

• Energy

• Others

Key Market Drivers & Opportunities

Soaring Demand in Consumer Electronics

Permanent magnets play a vital role in modern electronic devices. Thanks to their ability to maintain magnetism without external power, they are widely used in:

• Loudspeakers

• Earbuds and microphones

• Smartphones and tablets

• Printers and scanners

• Cameras and DVDs

• Computer HDDs and cooling fans

The resurgence of the traditional PC market—with 59.8 million units shipped in Q1 2024 (IDC)—is also fueling magnet demand in components like hard drives and system fans.

Technological Advancements in Magnet Manufacturing

New innovations are transforming how magnets are made and used:

• Improved temperature stability with rare-earth additions (like dysprosium, terbium).

• Recycling and sustainability initiatives to reduce reliance on rare earth elements.

• Development of eco-friendly alternatives like iron-nitride and cobalt-iron alloys.

• Integration of 3D printing for precision shaping and advanced coatings for durability.

These advances are broadening magnet applications and cutting costs—boosting market adoption even further.

Permanent Magnet Market Size & Share Highlights

• NdFeB magnets lead in both volume and performance, widely applied in motors, MRI machines, headphones, and high-end audio systems.

• The consumer electronics segment dominates application-based revenue, as demand for smarter, smaller, and more efficient devices rises.

• Permanent magnets are foundational in products such as:

  • Smartphones

  • Gaming consoles

  • Laptops and PCs

  • Wearable tech

  • Smart home appliances