The global permanent magnet market size was valued at USD 33.18 billion in 2024. The market is projected to grow from USD 32.07 billion in 2025 to USD 56.22 billion by 2032 at a CAGR of 8.3% during the forecast period of 2025-2032. A permanent magnet is an object that possesses magnetic properties even in the absence of a magnetic field. They have two magnetic ends called the north pole and south pole respectively. They are used in different types of motors such as loudspeakers, various appliances, HVAC, and others.
Fortune Business Insights™ provides this information in its research report, titled “Permanent Magnet Market, 2025-2032”.
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Regional Segmentation:
Asia Pacific to Continue Dominating Market with Increasing Preference Towards Electric Vehicles
In 2018, Asia Pacific earned a revenue of USD 13.82 Billion and emerged dominant with the increasing demand for permanent magnets for various applications such as energy, consumer electronics, and automotive. China emerges as the leading producer attributed to the availability of abundant rare-earth deposits. This, coupled with the rise in popularity of electric vehicles will help Asia Pacific continue dominating the market in the forthcoming years.
On the other side, the market in North America will gain impetus from the rise in demand for consumer electronics such as personal computers, wearable devices, mobile phones, and medical devices. Additionally, the Europe market will rise steadily on account of the rise in demand for hybrid and electric vehicles.
Market Drivers:
Increasing Popularity of Hybrid Vehicles will Add Impetus to Market
Various factors are responsible for the permanent magnet market growth. These include the increasing demand for various electronic devices such as television, laptops, music systems, and smartphones, coupled with the rise in need for more energy for consumption. This, coupled with the growing demand from the automotive sector will also aid in the expansion of the market in the forecast period. Besides this, the advancement in technology and use of neodymium iron boron (NdFeB) for various applications such as domestic appliances and wind turbines, and other electronic equipment such as speakers are likely to bode well for the market in the coming years.
Competitive Landscape:
Companies Expanding Base in China to Earn High Revenue
A large portion of permanent magnets is produced in China, thus making this region account for more than 70% of the overall production volume. Owing to this factor, a large number of producers in the market are aiming at expanding their territory in this nation for earning better revenues. Besides this, players are investing massively on resources and development of customized permanent magnet products to suffice to the needs of their consumers. Apart from this, manufacturers are adopting various strategies such as collaborations with other companies, joint ventures, agreements, and contracts for increasing their product portfolio, thereby gaining a competitive edge in the market.
List of Permanent Magnet Market Manufacturers include: