Permanent Magnet Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Permanent Magnet Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Global Permanent Magnet Market will register a 10.2% CAGR from 2024 to 2032, bolstered by the increasing adoption of electric vehicles. EVs require high-performance magnets for their motors and components. Additionally, advancements in renewable energy technologies, such as wind turbines, rely on permanent magnets to enhance efficiency and power generation. Against this backdrop, in April 2023, TDK announced a major expansion at its Asama Techno Factory in Japan, doubling its TMR magnetic sensor production capacity. This boost addresses rising demand across automotive, consumer, and industrial sectors, significantly increasing output by approximately 2X by mid-2025. The expanding use of consumer electronics, including smartphones and laptops, further fuels market growth, as these devices utilize permanent magnets for their compact and reliable components.

The permanent magnet market is grouped based on product, application, and region.

The Samarium-Cobalt (SmCo) magnets will witness robust growth over the study period, due to their superior performance characteristics, particularly in high-temperature and high-performance applications. SmCo magnets offer exceptional magnetic strength and stability, even in extreme temperatures, making them ideal for use in aerospace, defense, and high-precision industrial applications. The resistance to corrosion and demagnetization further enhances the appeal of SmCo magnets in demanding environments.

The electronics segment will grab a remarkable revenue share by 2032. Permanent magnets are essential components in a wide range of electronics, including smartphones, hard drives, and speakers, where they enable compact designs and enhanced performance. As technological advancements drive the demand for more sophisticated and miniaturized electronic devices, the need for high-quality magnets with improved magnetic properties increases. This growing reliance on permanent magnets in electronics boosts demand as well as encourages innovation and development in magnet technology.

North America permanent magnet market will show prominent growth trends through 2032. The region's significant investment in the electric vehicle (EV) sector is a primary driver, as EVs require advanced magnets for efficient motor performance. Additionally, the increasing focus on renewable energy sources, such as wind and solar power, is boosting demand for permanent magnets used in generators and other energy systems. The expansion of the electronics industry, with rising consumer demand for high-performance gadgets, further supports market growth. Government initiatives and incentives promoting green technologies and energy efficiency are contributing to the burgeoning demand for permanent magnets in North America.