Permanent-Magnet-Market Insights and Growth Outlook to 2034

"According to OG Analysis, a renowned market research firm, The Global permanent-magnet market valued at USD 25.4 billion in 2024, is expected to grow by 6.2% CAGR to reach market size worth USD 41.1 billion by 2034"

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permanent-magnet-market Market Report Overview:
The permanent magnet market represents a critical segment of the global materials and components industry, deeply embedded in the fabric of modern technology and industrial development. These magnets-primarily composed of neodymium, samarium-cobalt, alnico, and ferrite materials-are essential for generating persistent magnetic fields without external power, enabling efficient performance in electric motors, generators, sensors, magnetic resonance imaging (MRI), loudspeakers, and consumer electronics. The surging demand for electric vehicles (EVs), wind turbines, robotics, and automation technologies has propelled the market to the forefront of clean energy and smart manufacturing transitions. Neodymium-iron-boron (NdFeB) magnets, known for their high strength-to-weight ratio and compact size, are witnessing particularly strong growth as automakers race to enhance motor efficiency and reduce vehicle emissions. At the same time, ferrite magnets remain dominant in low-cost applications due to their thermal stability and affordability.
The market is shaped by geopolitical dynamics-especially China's dominance in rare earth mining-and supply chain strategies aimed at ensuring resource security through recycling, vertical integration, and alternative material development. With sustainability becoming non-negotiable, innovations in rare earth-free permanent magnets and circular production models are beginning to emerge. Looking forward, the permanent magnet market is poised for robust, innovation-led growth, anchored by its indispensable role in electrification, energy efficiency, and next-generation technologies.

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Key permanent magnet Market Companies Analysed in this Report include -
• Hitachi Metals, Ltd.
• Shin-Etsu Chemical Co., Ltd.
• TDK Corporation
• Arnold Magnetic Technologies
• Adams Magnetic Products Co.
• Electron Energy Corporation
• Daido Steel Co., Ltd.
• Ningbo Yunsheng Co., Ltd.
• Chengdu Galaxy Magnets Co., Ltd.
• Goudsmit Magnetics
• Bunting Magnetics Co.
• Eclipse Magnetics
• Yantai Shougang Magnetic Materials Inc.
• VACUUMSCHMELZE GmbH & Co. KG
• Lynas Rare Earths Ltd.

Key insights from the report -
• Electrification of Transportation
The rapid adoption of electric vehicles (EVs) is accelerating demand for high-performance neodymium magnets in traction motors. These magnets offer superior power-to-weight ratios, crucial for improving vehicle efficiency. With governments setting EV mandates, automakers are scaling up magnet procurement globally.
• Wind Energy Expansion
Permanent magnets are increasingly used in direct-drive wind turbines due to their low maintenance and high reliability. As countries push for renewable energy targets, offshore wind installations are rising. This trend significantly boosts demand for rare-earth magnet materials.
• Miniaturization in Electronics
Consumer electronics are becoming smaller yet more powerful, requiring compact and efficient magnetic components. Permanent magnets play a key role in devices like smartphones, speakers, and wearable gadgets. Their strength and size versatility make them ideal for next-gen electronics.
• Rise of Rare Earth-Free Alternatives
Concerns over rare earth supply and environmental impact are driving innovation in rare earth-free permanent magnets. Research is underway to develop new alloys using iron, cobalt, and other abundant elements. These alternatives aim to balance performance with sustainability and cost.
• Localization and Supply Chain Security
Geopolitical tensions and export restrictions have prompted countries to localize rare earth supply chains. Governments are investing in domestic mining, processing, and recycling of magnet materials. This shift supports long-term resilience and reduces over-reliance on dominant global suppliers.
• Circular Economy and Magnet Recycling
Recycling of rare-earth magnets is gaining attention as a sustainable solution to raw material scarcity. Emerging technologies now allow efficient extraction of magnetic materials from end-of-life electronics. This trend supports environmental goals and creates secondary supply channels for manufacturers.

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Get In-Depth Analysis of Permanent Magnet Market Size, and Market Share split -
Permanent Magnet Market material:
• Neodymium Iron Boron Magnets
• Ferrite Magnets
• Samarium Cobalt Magnets
• AlNiCo Magnets
• Others

Permanent Magnet Market by End-user Industries:
• Consumer Electronics
• General Industrial
• Automotive
• Medical technology
• Environment & Energy
• Aerospace & Defense
• Other end-use industries

Permanent Magnet Market by Region:
• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia-Pacific (China, India, Japan, Australia, and the Rest of APAC)
• The Middle East and Africa (Middle East, Africa)
• South and Central America (Brazil, Argentina, and the Rest of SCA)

DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

https://www.oganalysis.com/industry-reports/ferrite-magnet-market
https://www.oganalysis.com/industry-reports/soft-magnetic-composites-market

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