Permanent Magnets Industry Overview

The global permanent magnets market size was valued at USD 22.18 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2030.

The rising prominence of renewable energy sources, such as wind and solar, is anticipated to positively aid the market growth over the forecast period. At present, permanent magnets are used in wind turbine generators for increasing their efficiency. Rare earth magnets, such as Neodymium Ferrite Boron (NdFeB), are being predominantly used in wind turbines owing to benefits, such as increased reliability and reduction in maintenance costs.

Gather more insights about the market drivers, restrains and growth of the Permanent Magnets Market

The permanent magnet market in U.S. is expected to grow at a higher rate than its ferrite counterpart over the forecast period owing to its wide usage in high-end applications like robotics, wearable devices, electric vehicles, and wind power. Since the economic meltdown of 2008-09, the automotive industry in the U.S. has grown steadily. The country has been witnessing a significant rise in the adoption of plug-in electric cars, primarily driven by the advanced products offered by key players, such as Tesla, Chevy, Nissan, Ford, Audi, and BMW, among others. In early 2018, Tesla became one of several electric carmakers to use motors with neodymium magnets.

However, due to fewer permanent motor magnet manufacturers in the country, it imported 4 million pounds of automotive parts from China, with the bulk of them being electric motors. The escalating trade war with China is likely to represent a significant challenge for the U.S., as it threatens to cut off its supply of rare earth and associated products to the U.S. To reduce its reliance on raw material sourcing of rare earth materials, the government has taken various steps including funding mining projects under the Defense Production Act. Such initiatives are likely to strengthen the raw material supply for the domestic industry in the U.S.

As per IMF, the GDP growth of North America for 2023 is anticipated to be 1.6%. The growth can be attributed to the U.S. economy, which witnessed growth in Q2 2023 despite high rates and inflation. The U.S. GDP grew by 2.4% (seasonally adjusted) for the April–June 2023 period due to government purchases, consumer spending, and investments in business inventory. On account of the massive fiscal packages offered by the U.S. government to uphold industrial production, the domestic market for permanent magnets witnessed gradual growth in 2023.

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Permanent Magnets Market Segmentation

Grand View Research has segmented the global permanent magnets market based on material, application, and region:

Permanent Magnets Material Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• Ferrite
• Neodymium Iron Boron (NdFeB)
• Aluminum Nickel Cobalt (Alnico)
• Samarium Cobalt (SmCo)

Permanent Magnets Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• Automotive
• Consumer goods electronics
• Industrial
• Aerospace Defense
• Energy
• Medical
• Others

Permanent Magnets Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • Russia
  • UK
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
• Central South America
  • Brazil
  • Argentina
• Middle East Africa
  • KSA

Key Companies profiled:

• Adams Magnetic Products Co.
• Earth-Panda Advance Magnetic Material Co., Ltd.
• Arnold Magnetic Technologies
• Daido Steel Co., Ltd.
• Eclipse Magnetics Ltd.
• Electron Energy Corp.
• Goudsmit Magnetics Group
• Hangzhou Permanent Magnet Group
• Hangzhou Permanent Magnet Group
• Magnequench International, LLC
• Ningbo Yunsheng Co., Ltd.
• Ninggang Permanent Magnetic Materials Co., Ltd.
• Shin-Etsu Chemical Co., Ltd.
• TDK Corporation

Order a free sample PDF of the Permanent Magnets Market Intelligence Study, published by Grand View Research.