Permanent Magnet Global Market Report 2024

A permanent magnet is a magnetized material that generates a strong magnetic field on its own and retains its magnetic characteristics in the absence of an external magnetizing force, such as a current or inducing field. These magnets find applications in various electronic products.

The main types of permanent magnets include ferrite magnets, samarium cobalt magnets, alnico magnets, and neodymium iron boron magnets. Ferrite magnets are composed of ceramic materials and iron oxide, making them widely used in transformers, electronic inductors, and electromagnets due to their availability and cost-effectiveness. Sales channels for permanent magnets include direct sales and distribution. Permanent magnets are utilized by end-users in diverse industries such as general industrial, automotive, medical technology, environment and energy, aerospace and defense, and consumer electronics.

The permanent magnet market research report is one of a series of new reports that provides permanent magnet market statistics, including permanent magnet industry global market size, regional shares, competitors with a permanent magnet market share, detailed permanent magnet market segments, market trends and opportunities, and any further data you may need to thrive in the permanent magnet industry. This permanent magnet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The permanent magnet market size has grown rapidly in recent years. It will grow from $33.91 billion in 2023 to $38.31 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth observed in the historic period can be attributed to factors such as the growth of the electronics and IT industry, increased demand from consumer electronics, government policies and regulations, industrial automation, and a focus on clean energy initiatives.

The permanent magnet market size is expected to see rapid growth in the next few years. It will grow to $60.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period can be attributed to the expansion of the electric vehicle market, increasing demand for smart devices, the growth of industrial robotics, a rising demand for permanent magnet generators, and a growing focus on wind energy. Major trends expected in the forecast period include the development of magnetic levitation technology, efforts toward rare earth-free magnets, the miniaturization of electronic devices, increased customization, and design flexibility, as well as advancements in magnetic refrigeration.

The growth of the permanent magnet market is expected to be fueled by the increasing demand for automobile applications. Permanent-magnet motors, commonly used in variable-speed drives, are powered by a variable-frequency, variable-voltage, electronically controlled source in these applications. For instance, in December 2021, India reported a total of 50,866 electric vehicle sales, marking a 240% increase from the previous year. Moreover, Norway witnessed the sale of 176,276 cars in 2021, with 65% being electric cars, indicating a 54% rise. This surge in demand for automobile applications is a significant driver for the growth of the permanent magnet market.

The permanent magnet market is also expected to experience growth due to the increasing demand for consumer electronics. Consumer electronics encompass electronic devices designed for everyday use, contributing to personal entertainment, communication, and productivity. The use of permanent magnets in consumer electronics enhances efficiency, reliability, and overall device performance, while also offering advantages in terms of size, durability, and sustainability. For instance, LG, a South Korea-based consumer electronics company, reported its highest annual revenue ever in 2022, a 12.9% increase from 2021. The revenue for LG Home Appliance & Air Solution Company in 2022 reached $22.5 billion, reflecting a 10.3% increase from the previous year. This increasing demand for consumer electronics is a driving force behind the growth of the permanent magnet market.

A key trend gaining popularity in the permanent magnet market is technological transition. This involves the movement of data, designs, inventions, materials, software, technical expertise, or trade secrets between organizations or purposes. For example, Max Stand, an Italy-based company specializing in exhibition stand design, introduced a third-party charger for Apple Airpods Max in December 2021. The charger utilizes magnets to function both as a charger and a connection between the batteries, providing a MagSafe-style charging solution.

Major companies in the permanent magnet market are focusing on developing permanent magnets for onshore wind turbines to boost their market revenues. Onshore wind turbines, large structures with rotating blades, are situated on land. For instance, in September 2022, Enercon GmbH, a Germany-based wind turbine manufacturer, launched a 6MW onshore wind turbine with a permanent magnet generator. The E-175 EP5 model features a 175-meter-diameter rotor and a 6-megawatt nominal capacity, designed for low- to medium-wind locations. This innovation aligns with the company's focus on utilizing direct drive principles and advanced electrical technologies.

In October 2021, Bunting, a Chicago-based magnets manufacturer, acquired MagDev Ltd. Through this acquisition, Bunting aims to provide a broader range of magnetic solutions and technological expertise. MagDev Ltd, based in the UK, specializes in industrial magnets, including permanent magnets, magnetic assemblies, and soft magnetic solutions tailored to specific needs.

Major companies operating in the in the permanent magnet market report are Siemens AG, Mitsubishi Electric Corporation, Toshiba Corp., Hitachi Ltd., Asea Brown Boveri, Robert Bosch GmbH, Meidensha Corp., Continental AG, Alstom SA, Broad-Ocean Motor Co. Ltd., Xizi Forvorda ELECTRICAL MACHINERY CO. LTD., DRS Technologies Pvt. Ltd., Emerson Electric Co., Johnson Electric Holdings Limited, Leonardo DRS, Nidec Motor Corporation, Hangzhou Permanent Magnet Group, Arnold Magnetic Technologies Corp., Tokyo Denki Kagaku Kōgyō, Shin-Etsu Chemical Co. Ltd., Electron Energy Corporation, Adams Magnetic Products Co. Inc., Bunting Magnetics Co., Tengam Engineering Inc., Yantai Shougang Magnetic Materials Inc., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics Ltd., Eclipse Magnetics Ltd., MagnaWorks Technology Inc., Dura Magnetics Inc., Daido Steel Co. Ltd., Hengdian Group DMEGC Magnetics Co. Ltd., Ningbo Vastsky Magnet Co. Ltd.

Asia-Pacific was the largest region in the permanent magnet market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the permanent magnet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The permanent magnets market consists of sales of ceramic magnets, injection magnets, aluminum nickel cobalt magnets, and flexible magnets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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