According to Fortune Business Insights the global permanent magnet market was valued at $17.85 billion in 2018 and is expected to reach $34.70 billion by 2026, growing at a compound annual growth rate (CAGR) of 8.7% during the forecast period from 2019 to 2026. The global permanent magnet market size is expected to reach $34.70 billion by 2026 owing to the rising need for energy and the use of strong magnets for power generation. A permanent magnet is a device that can retain its magnetic properties despite being in an atmosphere with no magnetic field. A permanent magnet can also be called a hard magnet due to properties such as large magnetic moment, and low permeability. Permanent magnets are used in various kinds of loudspeakers, and other home appliances, and are available in variety such as ferrite magnets, alloy magnets, bonded magnets, and others.
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Permanent Magnet Market Segmentation Analysis:
By Type:
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Neodymium Iron Boron (NdFeB): Holds the largest market share due to high performance, compact size, and low cost. Widely used in electric motors and power tools. Government support for green technologies further boosts demand.
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Ferrite: Known for high-temperature resistance, cost-effectiveness, and demagnetization resistance. Commonly used in automotive parts like fuel pumps, engine starters, and windshield wipers.
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Others: Includes samarium cobalt (SmCo), aluminum nickel cobalt (Alnico), and additional magnet types.
By Application:
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aConsumer Electronics: Largest segment, driven by growing demand for products like smartphones, air conditioners, loudspeakers, and cameras. Rising disposable incomes and tech advancements fuel growth.
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Automotive: Expected to grow significantly due to increased use in electric and hybrid vehicles. Hard magnets are essential in battery systems, engines, and various moving parts.
List of Permanent Magnet Market Keyplayers:
- Adams Magnetic Products Co., Inc.
- Arnold Magnetic Technologies Corp.
- TDK Corporation
- Tengam Engineering, Inc.
- Alpha Magnet
- Electron Energy Corporation
- Ningbo Yunsheng Co. Ltd.
- Daido Steel Co., Ltd.
- Shin-etsu Chemical Co., Ltd.
- Hitachi Metals, Ltd.
- Other Players
Key Factors Driving Permanent Magnet Market Growth:
- Rising Demand for Hybrid Electric Vehicles (HEVs):
- HEVs use both internal combustion engines and electric motors, requiring 2–3 kg of rare earth magnets per vehicle.
- Permanent magnets are also used in automotive components such as door locks, windscreen wipers, speakers, and electric window regulators.
- Increasing HEV adoption is boosting demand for hard magnets, fueling market growth.
- Growing Demand for Consumer Electronics:
- Permanent magnets are essential in electronic devices like laptops, TVs, smartphones, music systems, and computers.
- Their properties—such as magnetic attraction/repulsion and energy conversion—make them valuable for these applications.
- Rising consumer preferences and technological advancements are creating lucrative growth opportunities.
- Increasing Use of Neodymium Iron Boron (NdFeB) Magnets:
- NdFeB magnets offer high magnetic strength, stability, and the highest theoretical energy product among hard magnets.
- They are widely used in wind turbines, automotive parts, actuators, speakers, domestic appliances, and electronic devices.
- Growth in these application areas is driving demand for NdFeB magnets.
Competitive Landscape:
China dominates permanent magnet production, accounting for over 70% of global output. To capitalize on this, many companies are expanding operations in China to boost revenue. Additionally, market players are heavily investing in R&D to develop customized magnet solutions. Strategies like collaborations, joint ventures, agreements, and contracts are being adopted to enhance product portfolios and strengthen market position.
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