Permanent Magnet Market Size was valued at USD 34.8 Billion in 2022. The permanent magnet market industry is projected to grow from USD 38.01 Billion in 2023 to USD 76.839 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.20% during the forecast period (2023 - 2032). The primary market driver for the industry revenue growth is the increasing need for permanent magnets in many industries, such as the electronics, automotive, and energy-generating domains.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
A primary driver of the permanent magnet market's expansion is the growing relevance of storage technology. There are several benefits of using permanent magnets in energy storage technology. These magnets make it possible to create energy storage systems that are lightweight, small, highly efficient, and reasonably priced. Furthermore, permanent magnets are a great option for incorporating renewable energy sources into power grids because of their stability, dependability, and quick response times. Furthermore, the creation and application of cutting-edge energy storage technologies has fueled the market for permanent magnets. In addition, the necessity for stable and effective energy storage systems has grown as the number of renewable energy installations rises in order to manage inconsistent power and maintain network stability. Permanent magnets serve a variety of industries by facilitating the effective conversion, transportation, and storage of electric cars as well as the generation of renewable energy, grid stabilization, and industrial automation. Therefore, over the projected period, these elements propel the rise of the permanent magnet market size.
The market for permanent magnets is anticipated to expand at a rapid pace due to the growing need for automotive applications. The most popular application for permanent-magnet motors is in variable-speed drives, where an electronically controlled source with varying voltage and frequency powers the stator. For instance, the sales of electric vehicles in India were reported to have reached 50,866 units in December 2021, a 240% increase from the same month the previous year. Furthermore, 176,276 cars were sold in Norway in 2021, with 65% of those vehicles being electric. This is a 54% increase over 2020 sales. Thus, the market for permanent magnets is expanding due to the rising demand for automotive applications.
Another significant trend that is becoming more and more popular in the permanent magnet industry is the technical change. The process of moving information, designs, ideas, materials, software, technical know-how, or trade secrets from one organization or goal to another is called a technological transfer. For instance, a third-party charger for Apple Airpods Max was introduced in December 2021 by Max Stand, an Italian business that specializes in the design and construction of show stands. The magnets serve as both the battery connection and the charger. Despite the fact that the AirPods Max have a lightning port on the bottom, the Max Stand replaces it with a MagSafe-style charging solution that fits within the AirPods Max's lightning port. The headphones dock magnetically within the Max Stand when they are positioned correctly, and the moment the magnets line up, charging starts. Thus, driving the permanent magnet market revenue.
The Permanent Magnet Market segmentation, based on type includes Neodymium Iron Boron Magnets, Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, and Others. The ferrite magnets segment dominated the market. The ferrite magnets are inexpensive, offer resistance to demagnetization, and can operate at high temperatures. Due to these qualities, it is used more often in automobile parts such fuel pumps, engine starters, door closing mechanisms, windshield wipers, and antenna lifts. As a result, significant growth is anticipated throughout the projection period.
Figure 1: Permanent Magnet Market by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Permanent Magnet Market segmentation, based on end-use, includes Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense, and Others. The consumer electronics category generated the most income. The increased demand for consumer electronics devices is linked to the growth in the use of magnets in this application. The increasing demand for various electronic devices including air conditioners, cameras, compressors, loudspeakers, and mobile phones is driven by advances in technology as well as rising disposable money among consumers.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American permanent magnet market area will dominate this market. The increasing use of renewable energy sources and the growing demand for electric vehicles are the two primary factors propelling the market rise in the region. The North American permanent magnet business is growing due in part to the necessity for permanent magnets in medical devices like MRI scanners and pacemakers.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Permanent Magnet Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe permanent magnet market accounts for the second-largest market share because of the quickly expanding automobile sector. The market in Europe will also be driven by the growing demand for hybrid and electric vehicles as well as government laws encouraging the usage of these vehicles instead of conventional ones. Further, the German permanent magnet market held the largest market share, and the UK permanent magnet market was the fastest growing market in the European region
The Asia-Pacific Permanent Magnet Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the region's developing industrial output activity and growing population. Due to this, there was a rise in both the supply and demand for electricity from different energy sources. Consequently, the need for permanent magnets in a variety of applications has been bolstered. Moreover, China’s permanent magnet market held the largest market share, and the Indian permanent magnet market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the permanent magnet market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, permanent magnet industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global permanent magnet industry to benefit clients and increase the market sector. In recent years, the permanent magnet industry has offered some of the most significant advantages to medicine. Major players in the permanent magnet market are attempting to increase market demand by investing in research and development operations includes Hitachi Metals, Ltd. (Japan), TDK Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Electron Energy Corporation (US), Adams Magnetic Products Co., Inc. (US), Yantai Shougang Magnetic Materials Inc. (China), Ningbo Yunsheng Co. Ltd. (China), Chengdu Galaxy Magnets Co., Ltd. (China), Goudsmit Magnetics (US), Bunting Magnetics Co.(US), Tengam Engineering, Inc.(US), Eclipse Magnetics (UK), and Arnold Magnetic Technologies (US).
A corporation that manufactures chemicals is called Shin-Etsu Chemical Co Ltd (Shin-Etsu). It produces and distributes electronics components, functional materials, and organic and inorganic chemicals. The company offers a range of products such as rare earth magnets, semiconductor silicon, silicones, cellulose derivatives, epoxy molding compounds, synthetic quartz, and polyvinyl chloride (PVC). Products from the company are used in mobile phones, everyday items, electrical cables, digital home appliances, agricultural equipment, and infrastructural components. In 2020, Shin-Etsu Chemical Co. Ltd. and Toyota Motor Corporation have established a partnership to produce magnet wires using high-performance, low-viscosity silicon resin. It is anticipated that the wires will find use in wind turbines, electric cars, and other industrial settings.
Manufacturer of specialist steel and metal products is Hitachi Metals Ltd. Premium metal products and materials, magnetic materials, high-performance industrial products, premium functional components and equipment, cables, wires, and associated products are all part of its product line. Aside from semiconductor package components, the company also sells energy-related goods, injection molding machine parts, rare-earth magnets, automotive castings and components, pipeline components, industrial equipment, and rolling stock products. In 2021, with better magnetic qualities than conventional neodymium magnets, Hitachi Metals Ltd. introduced Neomax, a new type of neodymium magnet. It is anticipated that the new magnet would find use in high-performance applications such as industrial motors and electric vehicles.
September 2022: Expanding its facilities in La Rochelle, France, Solvay intends to service customers in the wind power, electric vehicle, and electronics sectors as well as join the European rare earth permanent magnet value chain.
July 2022: Permanent magnets for electric vehicles (EVs) are a new product line for powder metal solutions supplier GKN Powder Metallurgy. By 2024, an investment is intended to build a capacity to produce 4,000 tons of permanent magnets annually for the EV industry.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 34.8 Billion |
| Market Size 2023 | USD 38.01 Billion |
| Market Size 2032 | USD 76.839 Billion |
| Compound Annual Growth Rate (CAGR) | 9.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Hitachi Metals, Ltd. (Japan), TDK Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Electron Energy Corporation (US), Adams Magnetic Products Co., Inc. (US), Yantai Shougang Magnetic Materials Inc. (China), Ningbo Yunsheng Co. Ltd. (China), Chengdu Galaxy Magnets Co., Ltd. (China), Goudsmit Magnetics (US), Bunting Magnetics Co.(US), Tengam Engineering, Inc.(US), Eclipse Magnetics (UK), and Arnold Magnetic Technologies(US) |
| Key Market Opportunities | Technological developments in manufacturing |
| Key Market Dynamics | Increasing demand from the automobile industry global transition to renewable energy production |
Permanent Magnet Market Highlights:
Frequently Asked Questions (FAQ) :
The Permanent Magnet Market size was valued at USD 34.8 Billion in 2022.
The global market is projected to grow at a CAGR of 9.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Hitachi Metals, Ltd. (Japan), TDK Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), Electron Energy Corporation (US), Adams Magnetic Products Co., Inc. (US), Yantai Shougang Magnetic Materials Inc. (China), Ningbo Yunsheng Co. Ltd. (China), Chengdu Galaxy Magnets Co., Ltd. (China), Goudsmit Magnetics (US), Bunting Magnetics Co.(US), Tengam Engineering, Inc.(US), Eclipse Magnetics (UK), and Arnold Magnetic Technologies(US).
The ferrite magnets category dominated the market in 2022.
The consumer electronics category had the largest share in the global market.
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Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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