Asia Pacific Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
Description
The Asia Pacific Permanent Magnet Market is projected to reach approximately USD 36,285.1 million by 2031, up from USD 18,743.5 million in 2024. This growth represents a compound annual growth rate (CAGR) of 10.4% from 2025 to 2031.
Executive Summary and Market Analysis
The permanent magnet market in the Asia Pacific region is undergoing rapid expansion, largely fueled by a strong commitment to green energy, electrification, and technological innovations. A significant driver of this growth is the increasing demand for electric vehicles (EVs). Stricter environmental regulations and policies by the Asia Pacific Union are promoting a shift towards sustainable transportation. Permanent magnets, especially those utilized in high-efficiency permanent magnet synchronous motors (PMSMs), are vital components in EVs, making the automotive sector a major contributor to market growth.
Market Segmentation Analysis
The permanent magnet market can be segmented by type and application:
By Type: The market includes neodymium-iron-boron, ferrite, samarium cobalt, alnico, and other types. In 2024, the neodymium-iron-boron segment led the market.
By Application: The applications are divided into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment held the largest market share in 2024.
Market Outlook
Investment in renewable energy, particularly wind power, is significantly boosting the demand for permanent magnets in wind turbine generators, as these components are essential for efficient direct-drive turbines. The Asia Pacific Green Deal, which aims for carbon neutrality by 2050, is accelerating the adoption of renewable energy and electrification technologies, directly impacting the need for permanent magnets across various applications. Furthermore, the region is focusing on developing a more resilient and sustainable supply chain for rare earth elements, critical for permanent magnet production. This includes establishing domestic mining and recycling facilities to reduce reliance on external sources, particularly China. Additionally, sectors such as robotics, automation, and aerospace are driving the demand for high-performance permanent magnets in motors, actuators, and sensors.
Country Insights
Regionally, the Asia Pacific permanent magnet market is segmented into Australia, China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, Vietnam, New Zealand, Bangladesh, the Philippines, and the rest of APAC. China is expected to hold the largest share in 2024.
The permanent magnet market in China is expanding rapidly, driven by the country’s industrial and technological advancements. As the largest manufacturer and consumer of permanent magnets globally, China plays a crucial role in the market, particularly in the fields of EVs, renewable energy, and consumer electronics. The renewable energy sector, especially wind power, significantly contributes to this growth by relying on permanent magnets for generators. The Chinese automotive manufacturing industry is one of the largest worldwide, with permanent magnet motors and induction motors commonly used in electric vehicles. According to the China Association of Automobile Manufacturers, automotive sales in China dropped by 8.4% year-on-year to 2.56 million units in December 2022, although overall sales for 2022 reached approximately 26.86 million units. The increasing sales of EVs are driving market growth in China.
Company Profiles
Key players in the Asia Pacific 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 employ strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and provide innovative products to consumers.
Executive Summary and Market Analysis
The permanent magnet market in the Asia Pacific region is undergoing rapid expansion, largely fueled by a strong commitment to green energy, electrification, and technological innovations. A significant driver of this growth is the increasing demand for electric vehicles (EVs). Stricter environmental regulations and policies by the Asia Pacific Union are promoting a shift towards sustainable transportation. Permanent magnets, especially those utilized in high-efficiency permanent magnet synchronous motors (PMSMs), are vital components in EVs, making the automotive sector a major contributor to market growth.
Market Segmentation Analysis
The permanent magnet market can be segmented by type and application:
By Type: The market includes neodymium-iron-boron, ferrite, samarium cobalt, alnico, and other types. In 2024, the neodymium-iron-boron segment led the market.
By Application: The applications are divided into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment held the largest market share in 2024.
Market Outlook
Investment in renewable energy, particularly wind power, is significantly boosting the demand for permanent magnets in wind turbine generators, as these components are essential for efficient direct-drive turbines. The Asia Pacific Green Deal, which aims for carbon neutrality by 2050, is accelerating the adoption of renewable energy and electrification technologies, directly impacting the need for permanent magnets across various applications. Furthermore, the region is focusing on developing a more resilient and sustainable supply chain for rare earth elements, critical for permanent magnet production. This includes establishing domestic mining and recycling facilities to reduce reliance on external sources, particularly China. Additionally, sectors such as robotics, automation, and aerospace are driving the demand for high-performance permanent magnets in motors, actuators, and sensors.
Country Insights
Regionally, the Asia Pacific permanent magnet market is segmented into Australia, China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, Vietnam, New Zealand, Bangladesh, the Philippines, and the rest of APAC. China is expected to hold the largest share in 2024.
The permanent magnet market in China is expanding rapidly, driven by the country’s industrial and technological advancements. As the largest manufacturer and consumer of permanent magnets globally, China plays a crucial role in the market, particularly in the fields of EVs, renewable energy, and consumer electronics. The renewable energy sector, especially wind power, significantly contributes to this growth by relying on permanent magnets for generators. The Chinese automotive manufacturing industry is one of the largest worldwide, with permanent magnet motors and induction motors commonly used in electric vehicles. According to the China Association of Automobile Manufacturers, automotive sales in China dropped by 8.4% year-on-year to 2.56 million units in December 2022, although overall sales for 2022 reached approximately 26.86 million units. The increasing sales of EVs are driving market growth in China.
Company Profiles
Key players in the Asia Pacific 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 employ strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and provide innovative products to consumers.
Table of Contents
128 Pages
- 1. Introduction
- 1.1 Business Market Insights Research Report Guidance
- 1.2 Market Segmentation
- 2. Executive Summary
- 2.1 Key Market Insights
- 2.2 Market Attractiveness
- 3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
- 4. Asia Pacific Permanent Magnet Market Landscape
- 4.1 Market Overview
- 4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturers
- 4.3.3 Distributors/Suppliers
- 4.3.4 End Users
- 5. Asia Pacific Permanent Magnet Market – Key Market Dynamics
- 5.1 Growth Drivers
- 5.1.1 The Growth of Electric Vehicles
- 5.1.2 The Role of Permanent Magnets in Renewable Energy
- 5.1.3 Permanent Magnets in Consumer Electronics
- 5.2 Market Opportunities
- 5.2.1 Electric Vehicles Driving Demand for High-Performance Permanent Magnets in Motors
- 5.2.2 Renewable Energy Growth
- 5.2.3 Automation and Robotics
- 5.3 Future Trends
- 5.3.1 Rising Demand for Rare-Earth Permanent Magnets
- 5.3.2 Advancements in Magnet Recycling
- 5.3.3 Miniaturization and Efficiency
- 5.4 Impact of Drivers and Restraints
- 6. Asia Pacific Permanent Magnet Market Regional Analysis
- 6.1 Asia Pacific Permanent Magnet Market Overview
- 6.2 Asia Pacific Permanent Magnet Market Revenue 2021-2031 (US$ Million)
- 6.3 Asia Pacific Permanent Magnet Market Forecast Analysis
- 7. Asia Pacific Permanent Magnet Market Analysis – by Type
- 7.1 Neodymium-Iron-Boron
- 7.1.1 Overview
- 7.1.2 Neodymium-Iron-Boron: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Ferrite
- 7.2.1 Overview
- 7.2.2 Ferrite: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.3 Samarium Cobalt
- 7.3.1 Overview
- 7.3.2 Samarium Cobalt: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.4 Alnico
- 7.4.1 Overview
- 7.4.2 Alnico: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8. Asia Pacific Permanent Magnet Market Analysis – by Application
- 8.1 Consumer Electronics
- 8.1.1 Overview
- 8.1.2 Consumer Electronics: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Automotive
- 8.2.1 Overview
- 8.2.2 Automotive: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.3 Aerospace and Defense
- 8.3.1 Overview
- 8.3.2 Aerospace and Defense: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.4 Medical
- 8.4.1 Overview
- 8.4.2 Medical: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.5 Industrial Machinery
- 8.5.1 Overview
- 8.5.2 Industrial Machinery: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.6 Energy
- 8.6.1 Overview
- 8.6.2 Energy: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9. Asia Pacific Permanent Magnet Market – Asia Pacific Analysis
- 9.1 Asia Pacific
- 9.1.1 Asia Pacific Permanent Magnet Market Breakdown, by Key Country, 2025 and 2031 (%)
- 9.1.1.1 Asia Pacific Permanent Magnet Market – Revenue and Forecast Analysis – by Country
- 9.1.1.1 China: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.1.1 China: Asia Pacific Permanent Magnet Market Breakdown, by Type
- 9.1.1.1.2 China: Asia Pacific Permanent Magnet Market Breakdown, by Application
- 9.1.1.2 India: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.2.1 India: Asia Pacific Permanent Magnet Market Breakdown, by Type
- 9.1.1.2.2 India: Asia Pacific Permanent Magnet Market Breakdown, by Application
- 9.1.1.3 Japan: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.3.1 Japan: Asia Pacific Permanent Magnet Market Breakdown, by Type
- 9.1.1.3.2 Japan: Asia Pacific Permanent Magnet Market Breakdown, by Application
- 9.1.1.4 Australia: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.4.1 Australia: Asia Pacific Permanent Magnet Market Breakdown, by Type
- 9.1.1.4.2 Australia: Asia Pacific Permanent Magnet Market Breakdown, by Application
- 9.1.1.5 Rest of Asia-Pacific: Asia Pacific Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.5.1 Rest of Asia-Pacific: Asia Pacific Permanent Magnet Market Breakdown, by Type
- 9.1.1.5.2 Rest of Asia-Pacific: Asia Pacific Permanent Magnet Market Breakdown, by Application
- 10. Competitive Landscape
- 10.1 Heat Map Analysis
- 10.2 Company Positioning and Concentration
- 11. Asia Pacific Permanent Magnet Market Industry Landscape
- 11.1 Overview
- 11.2 Mergers and Acquisitions
- 11.3 Agreements, Collaborations, and Joint Ventures
- 11.4 New Product Launches
- 11.5 Expansions and Other Strategic Developments
- 12. Company Profiles
- 12.1 Shin-Etsu Chemical
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
- 12.2 Hitachi Metals
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
- 12.3 Toyota Tsusho Corporation
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
- 12.4 General Electric
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
- 12.5 TDK Corp
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
- 12.6 Armold Magnetic technologies
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
- 12.7 Galaxy Magnets
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
- 12.8 Goudsmit Magnetics
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
- 12.9 Electron Energy Corporation
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
- 12.10 Dexter Magnetic Technolgies
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments
- 12.11 Adams Magnetic Products
- 12.11.1 Key Facts
- 12.11.2 Business Description
- 12.11.3 Products and Services
- 12.11.4 Financial Overview
- 12.11.5 SWOT Analysis
- 12.11.6 Key Developments
- 13. Appendix
- 13.1 About Business Market Insights
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