The permanent magnet market is projected to grow from USD 58.87 billion in 2025 to USD 88.51 billion by 2030, at a CAGR of 8.5% during the forecast period.This report provides a comprehensive analysis of industry, including permanent magnet market size, trends, drivers and constraints, competitive aspects, and prospects for future growth.
Permanent magnets are materials that generate a persistent magnetic field without needing an external source. Even after the removal of a magnetic force, these magnets can retain their magnetism for a long time. They are made from hard ferromagnetic materials that attract or repel certain metals or other magnets. The demand for high-performance magnets is expected to grow rapidly, driven by increasing needs from the environmental and energy sectors for grid storage applications. The global push for the adoption of EVs is another major factor contributing to the rising demand for permanent magnets.
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Neodymium Iron Boron accounted for the largest market share, in terms of value, in 2024.
The permanent magnet market, by type, has been segmented into Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (AlNiCo), and others. In 2024, Neodymium Iron Boron magnets dominated the market in terms of value, contributing the highest market share. These rare earth magnets offer high magnetic strength, excellent thermal conductivity, a maximum energy product, and resistance to moisture and corrosion. They are also cost-effective, making them suitable for various end-use industries. To address the growing demand for Neodymium Iron Boron magnets in electric motors and hybrid vehicles, Trafalgar Group plans to establish India’s first rare earth metals, alloy, and magnet plant. The goal is to supply 20% of the domestic demand for sintered Neodymium Iron Boron magnets by 2027.
In terms of value, bonded is expected to be the fastest-growing segment during the forecasted period.
The permanent magnet market, by manufacturing process, has been segmented into sintered and bonded. The bonded manufacturing process is expected to be the fastest-growing segment in the permanent magnet market during the forecast period. Bonded magnets provide lightweight structures, design flexibility, and compatibility with high-precision components, making them ideal for compact motors and sensors, especially as industries shift toward miniaturization and automation. The process enables the creation of complex shapes and intricate designs through methods like injection molding and compression bonding, which are both cost-effective and scalable, supporting the increasing demand for customized magnet solutions in the automotive, consumer electronics, and environmental & energy industries.
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Asia Pacific accounted for the largest market share, in terms of both value and volume, in 2024.
In 2024, Asia Pacific held the largest market share in terms of both value and volume. Due to rising urban populations and industrialization, consumer spending in this region is fueling growth in the consumer electronics, general industrial, automotive, medical technology, environment & energy, and aerospace & defense industries. Additionally, an increasing focus on recyclability and environmentally friendly materials is boosting the use of permanent magnets across various industries. Major players in the permanent magnet market are concentrating on the Asia Pacific region because of its strong market potential. The Indian government is actively encouraging private sector involvement in rare earth magnet production to reduce reliance on China and strengthen domestic supply chains. Many manufacturers are relocating their production bases to this region due to the availability of low-cost manufacturing facilities. For example, JL Mag Rare-Earth, a Chinese manufacturer, plans to invest CNY 1 billion (USD 143.6 million) in building a new factory for high-performance rare earth permanent magnetic materials to meet the rising demand from emerging sectors like humanoid robotics and new energy vehicles.
Prominent companies in the permanent magnet market include are Proterial, Ltd. (Japan), Arnold Magnetic Technologies (US), TDK Corporation (Japan), Yantai Dongxing Magnetic Materials Inc. (China), Shin-Etsu Chemical Co., Ltd. (Japan), Electron Energy Corporation (US), Adams Magnetic Products, LLC (US), Bunting Magnetics Co. (US), Tengam Engineering, Inc. (US), Ningbo Yunsheng Co., Ltd. (China), Chengdu Galaxy Magnets Co., Ltd. (China), Goudsmit Magnetics (Netherlands), Eclipse Magnetics (UK), Dexter Magnetic Technologies (US), and Earth Panda Advance Magnetic Material Co., Ltd. (China).
Proterial, Ltd. (Japan)
Proterial, Ltd. is a leading Japanese company specializing in the manufacture of high-performance materials. The company operates through several segments, including Magnetic Materials/Power Electronics Materials, Functional Components & Equipment, Specialty Steel Products, and Wires, Cables, and Related Products. Through its Magnetic Materials segment, Proterial produces rare earth magnets, ferrite magnets, and other applied products. The company emphasizes sustainability and aims for carbon neutrality by 2050. With a strong global presence, it has operations in North America, Europe, and Asia Pacific, supported by extensive R&D efforts and a commitment to advancing material technologies for energy efficiency and environmental solutions.
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Arnold Magnetic Technologies (US)
Arnold Magnetic Technologies is a leading manufacturer of high-performance permanent magnets, flexible composites, electromagnets, magnetic assemblies, and precision thin materials. The company produces high-quality permanent magnets that are utilized across a wide range of industries, including aerospace and defense, oil and gas, industrial applications, motors and motion control, electric and hybrid motors, motorsports, medical devices, alternative energy, and consumer electronics. It operates manufacturing and technology centers in the US, the UK, Switzerland, and China, serving a diverse global customer base of over 2,000 clients worldwide.
TDK Corporation (Japan)
TDK Corporation is a Japanese multinational electronics company that produces electronic materials, electronic components, and recording and data-storage media. The company operates in the following segments: Passive Components, Sensor Application Products, Magnetic Application Products, Energy Application Products, and Others. The Magnetic Application Products segment includes HDD heads, HDD suspension assemblies, and magnets, which serve various industries such as automotive, infrastructure, and industrial equipment. It offers high-performance magnetic heads and HDD suspension assemblies. TDK has a global presence across the Americas, Europe, Asia Pacific, and other regions.
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