Permanent Magnet Market Size, Share, Growth Analysis, By Type(Neodymium Iron Boron (NdFeB), Ferrite, Samarium Cobalt (SmCo), Aluminum Nickel Cobalt (Alnico)), By Application(Consumer Electronics, Automotive, General Industrial, Medical Devices), By Region - Industry Forecast 2024-2031

Permanent Magnet Market size was valued at USD  35.20 Billion in 2019 and is poised to grow from USD 38.19 billion in 2023 to USD 73.35 billion by 2031, at a CAGR of 8.5% during the forecast period (2024-2031).

The Global Permanent Magnet market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'Hitachi Metals, Ltd. (Tokyo, Japan)', 'Adams Magnetic Products Co., Inc. (Elmhurst, US)', 'Shin-Etsu Chemical Co., Ltd. (Tokyo, Japan)', 'Arnold Magnetic Technologies Corp. (New York, US)', 'Daido Steel Co., Ltd. (Aichi, Japan)', 'TDK Corporation (Tokyo, Japan)', 'Electron Energy Corporation (New Jersey, US)', 'Hangzhou Permanent Magnet Group (Duisburg, Germany)', 'Anhui Earth-Panda Advance Magnetic Material Co., Ltd. (Anhui, China)', 'Tengam Engineering, Inc. (Michigan, US)', 'Bunting Magnetics Co. (Kansas, US)', 'Alpha Magnet (California, US)', 'Tridus Magnetics and Assemblies (California, US)', 'Ningbo Yunsheng Co. Ltd. (Zhejiang, China)', 'Magnequench International, LLC, (Singapore)', 'Integrated Magnetics (Arizona, US)'

The need for permanent magnets will rise as consumer electronics demand rises. These magnets' advantageous traits, including attraction, repulsion, and energy conversion, will increase their demand in a variety of consumer gadgets, including laptops, televisions, music systems, computers, and smartphones. Customer electronics are in high demand due to changing consumer tastes and technological improvements, which will fuel the market's expansion throughout the forecast period.

The market expansion would be aided by the rising demand for magnets in hybrid electric cars. In addition, hybrid electric cars need between 2 and 3 kg of rare earth magnets because they have both an internal combustion engine and an electric motor. Additionally, it is utilized in a number of other parts, including speakers, electric window regulators, door locks, and windshield wipers. Thus, the steadily growing demand for hybrid electric vehicles will propel the automotive sector and thus support the expansion of the hard magnet market.

The Asia Pacific dominated the permanent magnet market in 2021. Due to the increasing demand for permanent magnets from automotive, consumer electronics, and energy applications, it is also the market segment that is expanding at the highest rate. Due to a large number of rare-earth resources in this area, China is the world's largest producer and user of these magnets. Hard magnet demand is expected to increase in North America due to the fast-rising need for consumer electronics such as wearable technology, personal computers, medical equipment, and mobile phones. A rapidly expanding automobile sector is predicted to significantly boost the hard magnet market in Europe. The market in Europe will also be driven by the increased demand for electric and hybrid cars as well as government rules that encourage the usage of these vehicles over conventional automobiles.