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

The BRICS Permanent Magnet Market is projected to grow significantly, reaching an estimated size of US$30,936.3 million by 2031, up from US$15,820.5 million in 2024. This growth represents a compound annual growth rate (CAGR) of 10.1% from 2025 to 2031.

Executive Summary and BRICS Permanent Magnet Market Analysis

The demand for permanent magnets in the BRICS countries-Brazil, Russia, India, China, and South Africa-is rapidly increasing, fueled by advancements in key sectors such as automotive, electronics, renewable energy, and industrial manufacturing. China, being the largest producer and consumer of permanent magnets, plays a crucial role in this growth, particularly through its expanding electric vehicle (EV) and renewable energy industries. These sectors require high-performance magnets, especially neodymium-iron-boron (NdFeB) magnets for motors and wind turbines.

India and Brazil are also witnessing rising demand, particularly in electric mobility and solar energy, driven by government initiatives promoting cleaner and more sustainable technologies. Additionally, Russia's growing aerospace and defense sectors are creating a need for specialized permanent magnets.

As these countries industrialize and transition toward green energy solutions, the requirement for permanent magnets in robotics, consumer electronics, and energy storage continues to increase. The BRICS region's expanding focus on innovation and sustainability ensures a sustained upward trend in permanent magnet demand.

BRICS Permanent Magnet Market Segmentation Analysis

Key segments that influence the permanent magnet market analysis include type and application. The market is segmented by type into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. In 2024, the neodymium-iron-boron segment dominated the market.

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

BRICS Permanent Magnet Market Outlook

The BRICS permanent magnet market is experiencing substantial growth, driven by technological advancements, increasing demand for energy-efficient solutions, and widespread adoption of electric vehicles (EVs). Permanent magnets are essential components across various industries, including automotive, electronics, energy, and manufacturing. They are primarily made from materials such as neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct properties tailored for specific applications.

One of the principal drivers of market growth is the booming electric vehicle industry, where permanent magnets are critical for the motors powering these vehicles. As governments in the region enforce stricter emission regulations and consumers increasingly favor green solutions, the demand for EVs-and consequently for permanent magnets-continues to rise. The renewable energy sector, especially wind energy, also significantly contributes to this growth, as permanent magnets are integral to wind turbine generators. Thus, the permanent magnet market is expected to expand further, supported by increasing demand for green technologies, transportation, and advanced manufacturing.

BRICS Permanent Magnet Market Country Insights

The BRICS permanent magnet market can be further divided by country into the Russian Federation, Brazil, South Africa, India, and China. China accounted for the largest market share in 2024.

The permanent magnet market in China is experiencing rapid growth, driven by the country's industrial and technological advancements. As the largest manufacturer and consumer of permanent magnets globally, China is pivotal to the worldwide market, particularly in EVs, renewable energy, and consumer electronics. The renewable energy sector, especially wind power, also plays a critical role in this growth, as permanent magnets are essential for generators.

China's automotive manufacturing industry is among the largest globally. Permanent magnet and induction motors are most commonly used in electric vehicle applications. According to the China Association of Automobile Manufacturers, automotive sales in China fell by 8.4% year over year to 2.56 million units in December 2022. Nevertheless, sales soared to 26.86 million units over the entirety of 2022, driven by the increasing demand for EVs, which is fueling market growth in China.

BRICS Permanent Magnet Market Company Profiles

Key players in the 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 and offer innovative products to their consumers.