ASEAN Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The ASEAN Permanent Magnet Market is projected to reach USD 2,972.3 million by 2031, up from USD 1,712.6 million in 2024. The market is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2025 to 2031.

Executive Summary and Market Analysis:

The demand for permanent magnets in the ASEAN (Association of Southeast Asian Nations) region is experiencing significant growth, driven by key sectors such as electronics, automotive, renewable energy, and manufacturing. As ASEAN countries modernize their infrastructure and industries, the need for high-performance magnets used in electric motors, hard drives, wind turbines, and electric vehicles (EVs) is increasing.

The rapid expansion of the EV market in ASEAN, supported by government incentives and a growing emphasis on sustainability, is significantly driving the demand for high-quality permanent magnets, particularly neodymium-iron-boron (NdFeB), which are essential for electric motor production. Furthermore, the renewable energy sector is contributing to growth due to increased demand for magnets in wind turbines and other energy-efficient technologies.

Market Segmentation Analysis:

The permanent magnet market analysis is segmented by type and application.

The market includes neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others by type. The neodymium-iron-boron segment dominated in 2024.

The market is divided by application into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. In 2024, the consumer electronics segment held the largest market share.

Market Outlook:

The ASEAN permanent magnet market is experiencing substantial growth due to technological advancements, increasing demand for energy-efficient solutions, and the widespread adoption of electric vehicles (EVs). Permanent magnets are critical components in various industries, including automotive, electronics, energy, and manufacturing. These magnets are primarily made from materials such as neodymium (NdFeB), samarium cobalt (SmCo), and ferrite, each offering distinct properties suited for specific applications.

The booming electric vehicle industry is a primary driver for the market, as permanent magnets are essential for the motors powering these vehicles. As governments in the region enact stricter emission regulations and consumers seek greener solutions, the demand for EVs-and consequently, for permanent magnets-continues to rise. The renewable energy sector, particularly wind energy, is also a significant contributor, as permanent magnets are vital for the functioning of wind turbine generators. Therefore, the permanent magnet market is expected to keep expanding, supported by rising demand in green technologies, transportation, and advanced manufacturing sectors.

Country Insights:

The ASEAN permanent magnet market is further segmented by countries, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Thailand held the largest market share in 2024.

Thailand is expanding its manufacturing sector, especially in automotive, electronics, and renewable energy. As a growing hub for automotive production, Thailand is experiencing increased demand for magnets in EV motors. The electronics sector, an essential part of Thailand's industrial base, also relies heavily on permanent magnets for motors, sensors, and speakers. Additionally, Thailand's push for renewable energy, particularly in wind power, is driving demand for magnets used in wind turbines. The country is rapidly adopting green technologies, which is expected to further boost the demand for permanent magnets in the coming years. Manufacturers are expanding their footprint in the country due to this growing demand. For instance, Arnold Magnetic Technologies announced an expansion of its global presence with a new facility in Amata City, Chonburi, Thailand. This state-of-the-art 26,250-square-foot facility commenced operations in October 2024, producing various types of permanent magnet assemblies, including rotors, stators, and motors, thereby aiding market growth in the country.

Company Profiles:

Key players in the ASEAN permanent magnet market include Hitachi Ltd., Shin-Etsu Chemical Co. Ltd., TDK Corp., Arnold Magnetic Technologies, Galaxymagnets, Goudsmit Magnetics, Electron Energy Corporation, Dexter Magnetic Technologies, Adams Magnetic Products, LLC, and NINGBO YUNSHENG Co., Ltd. These companies adopt strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive in the market and deliver innovative products to consumers.