Growing inclination towards magnetic systems for producing goods for space applications including military helicopters and jets

Market Research Future (MRFR) has published a cooked research report on the “Global Permanent Magnet Market” that contains information from 2018 to 2032. The permanent magnet market is estimated to register a CAGR of 9.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global permanent magnet market - 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).

Market Highlights

The global permanent magnet market is accounted to register a CAGR of 9.20% during the forecast period and is estimated to reach USD 76.839 billion by 2032.

One of the key drivers propelling the permanent magnet market's growth is the globalization of the automobile sector, particularly in emerging countries. The electronics and consumer goods industries, in which permanent magnets are widely used in many applications, such as the manufacturing of smartphones and personal electronics, and the consumer electronics industry's high rate of production, are driving up demand for these products and propelling the market's expansion. Moreover, the market is influenced by the expansion and modernization of infrastructure, the surge in association and regulatory body efforts, and the growing desire for efficiency and miniaturization. Further factors that support the permanent magnet market are the expansion of end-use industries, urbanization, industrialization, and R&D initiatives.

Segment Analysis

The global permanent magnet market has been segmented into type and end-use.

On the basis of type, the market is segmented into Neodymium Iron Boron Magnets, Ferrite Magnets, Samarium Cobalt Magnets, Alnico Magnets, and Others. The ferrite magnets segment was attributed to holding the largest market share in 2022. Ferrite magnets are made using low-cost, straightforward manufacturing processes that are less prone to corrosion or demagnetization. These noteworthy characteristics broaden the range of product applications, driving the permanent ferrite magnet business landscape and encompassing wireless connectors, automotive components, freezers, and microphones.

Based on end-use, the global permanent magnet market has been segmented into Consumer Electronics, General Industrial, Automotive, Medical Technology, Environment & Energy, Aerospace & Defense, and Others. The consumer electronics segment was expected to hold the largest market share in 2022 because of the expanding tendency of downsizing of electronic equipment and the increasing demand for consumer electronics. Permanent magnets are found in a variety of electrical devices, such as hard drives, speakers, headphones, microphones, and cellphones. The electronics industry's growing need for these devices and the requirement for more compact and efficient components are what are driving the demand for permanent magnets.

Regional Analysis

The global permanent magnet market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe permanent magnet market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The permanent magnet market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World permanent magnet market comprises of Middle East, Africa, and Latin America.

The largest market share for permanent magnet was maintained by the North American regional sector. The fast rising demand for consumer electronics including wearables, PCs, medical equipment, and cell phones is thought to be the reason behind the expansion of permanent magnets in North America.

Moreover, the Europe market has been persistently growing over the forecast period. Growing regional demand for renewable energy sources is driving the need for permanent magnets in wind turbines. In addition, the automotive industry's shift to electric vehicles is driving growth in the permanent magnet market in the region.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period due to the growing need for permanent magnets in the consumer electronics, automotive, and energy sectors. Because rare-earth resources are so plentiful in this area, China is the world's largest producer and consumer of these magnets.

Furthermore, the rest of the world's permanent magnet market is divided into the Middle East, Africa, and Latin America. Due to rising permanent magnet demand as well as investments in a variety of industries, including consumer electronics, environment and energy, and automotive, the global permanent magnet market is expanding significantly in terms of revenue over the forecast period in the rest of the world.

Key Findings of the Study

• The global permanent magnet market is expected to reach USD 76.839 billion by 2032, at a CAGR of 9.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because the automotive, energy, and consumer electronics industries have an increasing demand for permanent magnets.


• Based on type, the ferrite magnets segment was attributed to holding the largest market in 2022, with an approximate market share of 43%.


• 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).