Permanent Magnet Market

Expanded storage technology applicability in permanent magnets is driving the market growth

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.

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 Global Permanent Magnet Market Industry is experiencing robust growth, with projections indicating a market value of 41.5 USD Billion in 2024 and an anticipated increase to 109.3 USD Billion by 2035. This growth trajectory reflects a compound annual growth rate of 9.2% from 2025 to 2035, driven by various factors including advancements in technology, increasing demand for electric vehicles, and the expansion of renewable energy sources. The market dynamics suggest a favorable environment for investment and innovation in permanent magnet technologies, which are likely to play a crucial role in various applications across multiple sectors.

The increasing global emphasis on sustainable transportation solutions drives the demand for electric vehicles, which utilize permanent magnets in their motors. The Global Permanent Magnet Market Industry is poised to benefit significantly from this trend, as electric vehicles are projected to account for a substantial share of the market. In 2024, the market is valued at approximately 41.5 USD Billion, with expectations of reaching 109.3 USD Billion by 2035. This growth indicates a compound annual growth rate of 9.2% from 2025 to 2035, highlighting the pivotal role of permanent magnets in enhancing the efficiency and performance of electric vehicles.

The rapid advancement of consumer electronics, including smartphones, laptops, and smart home devices, significantly influences the Global Permanent Magnet Market Industry. Permanent magnets are integral to various electronic components, such as speakers, motors, and sensors, enhancing their performance and miniaturization. As consumer demand for more efficient and compact devices grows, manufacturers are increasingly relying on permanent magnets. The market is projected to grow from 41.5 USD Billion in 2024 to 109.3 USD Billion by 2035, reflecting a CAGR of 9.2% from 2025 to 2035. This trend suggests that ongoing innovations in electronics will continue to drive the demand for permanent magnets.

The expansion of the industrial automation sector is a significant driver for the Global Permanent Magnet Market Industry. Permanent magnets are widely used in automation equipment, including motors, sensors, and actuators, which are essential for enhancing operational efficiency and productivity. As industries increasingly adopt automation technologies, the demand for permanent magnets is expected to rise. The market is valued at 41.5 USD Billion in 2024, with projections indicating a growth to 109.3 USD Billion by 2035. This growth trajectory, characterized by a CAGR of 9.2% from 2025 to 2035, highlights the critical role of permanent magnets in facilitating advancements in industrial automation.

The shift towards renewable energy sources, such as wind and solar power, is a critical driver for the Global Permanent Magnet Market Industry. Permanent magnets are essential components in wind turbine generators and solar inverters, contributing to improved energy conversion efficiency. As global energy policies increasingly favor renewable sources, the demand for permanent magnets is expected to rise. This trend aligns with the projected market growth, with a valuation of 41.5 USD Billion in 2024 and an anticipated increase to 109.3 USD Billion by 2035. The CAGR of 9.2% from 2025 to 2035 further underscores the importance of permanent magnets in supporting the transition to sustainable energy.

The global push for energy efficiency across various sectors is a key driver for the Global Permanent Magnet Market Industry. Permanent magnets contribute to the development of energy-efficient motors and generators, which are increasingly favored in industrial and commercial applications. As organizations strive to reduce energy consumption and operational costs, the adoption of energy-efficient technologies that utilize permanent magnets is likely to rise. The market is expected to grow from 41.5 USD Billion in 2024 to 109.3 USD Billion by 2035, indicating a CAGR of 9.2% from 2025 to 2035. This trend suggests that energy efficiency will remain a priority, further bolstering the demand for permanent magnets.

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.