Permanent Magnet Market worth $88.51 billion by 2030 at 8.5%, says MarketsandMarkets™

Delray Beach, FL, Aug. 24, 2025 (GLOBE NEWSWIRE) -- In terms of value, the Permanent Magnet Market is projected to reach USD 88.51 billion by 2030, from USD 58.87 billion in 2025, with a CAGR of 8.5%, as per the recent study by MarketsandMarkets™. 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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List of Key Players in Permanent Magnet Market:

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),
Dexter Magnetic Technologies (US),

Drivers, Opportunities and Challenges in Permanent Magnet Market:

Drivers: Rise in new installations of wind turbines
Restraint: Fluctuating raw material cost of rare earth magnets.
Opportunity: Increasing demand for electric and hybrid vehicles.
Challenge: High reliance on China for raw materials and magnets.

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Key Findings of the Study:

Neodymium Iron Boron accounted for the largest market share, in terms of value, in 2024.
In terms of value, bonded is expected to be the fastest-growing segment during the forecasted period.
Asia Pacific accounted for the largest market share, in terms of both value and volume, in 2024.

Based on type, the permanent magnet market is segmented into Neodymium Iron Boron (NdFeB), Samarium Cobalt (SmCo), Ferrite magnets, Aluminum Nickel Cobalt (AlNiCo), and others. In terms of both value and volume, Neodymium Iron Boron magnets and Ferrite magnets dominated the market, respectively. The high market share is due to their magnetic properties, such as compressive strength, excellent thermal conductivity, rigidity, electrical resistivity, and corrosion resistance. Neodymium Iron Boron magnets and Ferrite magnets are used in various industries, including consumer electronics, general industry, automotive, medical technology, environment and energy, aerospace and defense, and others.

Based on operating temperature, the permanent magnet market is divided into standard, high, and ultra-high categories. Standard magnets like NdFeB have a maximum operating temperature of 80°C. High-temperature grades, including specialized NdFeB types such as H, SH, UH, and EH, are capable of working between 100°C and 200°C, with specific grades like H (120°C), SH (150°C), UH (180°C), and EH (200°C). Ultra-high temperature magnets are designed for even more demanding environments: SmCo magnets reliably operate up to 300–400°C, Alnico magnets can withstand temperatures up to 525°C, and the latest ultra-high temperature magnets developed for aerospace and military use can operate at temperatures as high as 550°C.

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North America is expected to be the second fastest-growing market in terms of both value and volume during the forecast period. This region has well-established players in the permanent magnet market. Many companies are focusing on technological advancements and shifting toward recyclability to meet the increasing demand for permanent magnets worldwide. These magnets are widely used in applications such as EVs, wind turbines, consumer electronics, and medical devices. Countries like the US and Canada are reducing their dependence on imported rare earth materials, prompting investments in local mining, processing, and magnet manufacturing. This strategic shift is driven by concerns over supply chain security, especially given the dominance of countries like China in the rare earth market. As a result, several initiatives and partnerships between private companies and government agencies have been established to create a resilient domestic ecosystem for permanent magnet production. The region also sees innovation in recycling technologies and the development of alternative materials to ensure long-term sustainability and cost-effectiveness.

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