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Permanent Magnet Market Analysis

Report ID: GMI1113
Published Date: Jul 2024
Report Format: PDF

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Permanent Magnet Market Analysis

Global Permanent Magnet Market Size, By Type, 2021 - 2032 (USD Billion)

The ferrite segment was crossed USD 53.20 billion in 2023 and is set to register about 9.9% CAGR through 2032, due to the cost-effectiveness and versatility of ferrite magnets across various applications. As industries increasingly demand efficient and durable magnet solutions, ferrite magnets offer a compelling combination of performance and affordability. Their robustness in high-temperature environments, in line with their stability over time, makes them ideal for the automotive, electronics, and renewable energy sectors. With ongoing advancements in manufacturing techniques enhancing their magnetic properties, ferrite magnets will maintain their prominence, meeting the evolving needs of modern technological and industrial landscapes.

Global Permanent Magnet Market Revenue Share, By Application, (2023)

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The automotive segment size surpassed USD 50.22 b 2023 billion in 2023 and is likely to attain gains at nearly 10.3% CAGR from 2024 to 2032, owing to the growing adoption of electric vehicles (EVs) and hybrid vehicles worldwide. Permanent magnets are essential for electric motors used in EVs, providing efficient power conversion and compact design advantages. As automotive manufacturers continue to shift towards electrification to meet stringent emission regulations, the demand for permanent magnets will surge. This trend underscores the automotive segment's pivotal role in driving the market growth.

Asia Pacific Permanent Magnet Market Size, 2021 - 2032 (USD Billion)

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Asia Pacific permanent magnet market will record 11.3% CAGR during 2024 and 2032, driven by robust industrialization, technological advancements, and substantial investments in sectors like automotive, electronics, and renewable energy. Countries such as China, Japan, and South Korea are leading producers and consumers of permanent magnets, supported by strong manufacturing capabilities and increasing application scope in consumer electronics and automotive industries. With ongoing infrastructural developments and rising demand for energy-efficient technologies, Asia Pacific will stand as a significant contributor of permanent magnet.

Authors: Kiran Pulidindi, Manish Verma

Frequently Asked Questions (FAQ) :

The market size of permanent magnet was reached USD 41.51 billion in 2023 and is expected to register 10.2% CAGR from 2024 to 2032, owing to the expanding application scope of permanent magnets in aerospace propulsion and defense technologies, coupled with the shift toward REE-free alternatives worldwide.

Permanent magnet industry from the ferrite segment is expected to register 9.9% CAGR from 2024-2032 due to cost-effectiveness and versatility of ferrite magnets across various applications.

Asia Pacific permanent magnet industry is expected to register 11.3% CAGR from 2024-2032 due to robust industrialization, technological advancements, and substantial investments in sectors like automotive, electronics, and renewable energy in the region.

Daido Steel Co. Ltd., Molycorp Magnequench, Thomas & Skinner Inc., Vacuumschmelze GmbH & Co. KG, Electron Energy Corporation, Hangzhou Permanent Magnet Group, Goudsmit Magnetics Group, and TDK Corporation, are some of the major permanent magnet companies worldwide.