Permanent Magnet Market Size By Product (Ferrite, Neodymium [NdFeB], Samarium–Cobalt [SmCo], Aluminum–Nickel–Cobalt [AlNiCo]), By Application (Automotive, Electronics, Energy Generation, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

Industry Overview

Permanent Magnet market size was valued at around USD 27.97 billion in 2021 and is anticipated to depict a CAGR of 7.4% from 2022 to 2030. Growing number of electric car registrations and government initiatives supporting advanced EV charging infrastructure will be key drivers for the business growth.
 

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The growing automotive business and acceptance of electric vehicles serve as key contributors to the permanent magnet market expansion. Variable speed motor drives utilize permanent-magnet motors, where the rotor is powered by an electronically controlled, variable-frequency source, and variable voltage.
 

In many of the Asia Pacific countries such as China, the demand for electric vehicles has risen considerably. The rate of plug-in electric car registrations, for instance, rose to around 3.2 million in 2021, representing a hike of over 153% from a year earlier. The country is also the largest electric vehicle industry growth contributor, with over 257,000 units added to the total of 645,000 units during the first half of 2021, according to statistics from EV-Volumes.
 

Despite the promising growth environments, challenges associated with raw material prices act as a major roadblock to steady permanent magnet market growth, particularly in North America and Europe. In these regions, the price of raw materials has increased due to the expansion of the rare-earth metal reserves across China and other APAC countries.
 

Economical attributes to strengthen the permanent ferrite magnet industry outlook

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Based on product, the global permanent magnet market is bifurcated into ferrite, neodymium (NdFeB), samarium-cobalt (SmCo), and aluminum-nickel-cobalt (AlNiCo). Among these, the ferrite segment will register revenue worth USD 8.6 billion by 2030.
 

The manufacturing procedures of ferrite magnets are economical, simple, and less likely to result in demagnetization or corrosion. These notable attributes increase the scope of product applications, including wireless connectors, automobile components, refrigerators, and microphones, accelerating permanent ferrite magnet industry landscape.
 

Permanent magnet recycling research to fuel the electronics application segment growth

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With regards to the application spectrum, the industry is divided into automotive, energy generation, electronics, and others. Research activities are conducted to efficiently recycle permanent magnets from end-use industries such as consumer electronics. This will proliferate the growth of the global permanent magnet market from the electronics segment, which is poised to depict a CAGR of 7.2% through 2030.
 

Apart from electronics, other industry verticals including aerospace are prominent end-users of permanent magnets. With the air travel recovery and the escalating defense spending, product adoption for aircraft manufacturing applications will rise considerably.
 

Electric mobility to drive the Europe market share

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Europe permanent magnet market is projected to record revenue of around USD 6.5 billion by 2030. The sales of plug-in electric cars have witnessed an upsurge in European countries. In Germany, electric car sales rose from 22.1% to 24.3% Y-o-Y in April 2022.
 

The European Union also promotes electric mobility in varied ways, ranging from pushing car makers to design low-emission vehicles to supporting the development of charging infrastructure. For example, the EU’s stimulus package of around USD 768 billion, which includes USD 20 billion to boost the sales of clean vehicles.
 

Design modification strategies to increase the global permanent magnet market size

Some of the key permanent magnet industry participants include Advance Magnetic Material, Anhui Earth-Panda, Molycorp Magnequench, Hangzhou Permanent Magnet Group, TDK Corporation, Electron Energy Corporation, Arnold Magnetic Technologies, Hitachi Metals, Adams Magnetic Products, and others. These players are incorporating strategies such as product modifications, business expansions, and innovative product developments to gain a competitive edge over rivals across the global market.
 

For instance, in July 2022, Goudsmit Magnetics modified the design of the palletizing magnet. This magnet is suitable for palletizing and depalletizing cans, canisters, aerosols, and glass jars with steel lids, ensuring safety and durability with long service life.
 

Impact of COVID-19 on the permanent magnet market dynamics

The COVID-19 pandemic has posed several challenges to the global auto industry in recent years, mainly due to supply chain constraints and other pandemic-induced factors. In the United Kingdom, the pandemic has disrupted the auto industry following the shutdown of several manufacturing facilities, creating an adverse impact on labor and supply.
 

However, the continued evolution of the EV category will present a range of growth opportunities worldwide. EV makers are constantly targeting to ensure continuous operations of assembly lines. In addition, original product manufacturers are focusing on meeting the environmental expectations in the auto sector.
 

The Permanent magnet market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2022 to 2030 for the following segments:

By Product

• Ferrite
• Neodymium [NdFeB]
• Samarium–Cobalt [SmCo]
• Aluminum–Nickel–Cobalt [AlNiCo]

By Application

• Automotive
• Electronics
• Energy Generation
• Others

The above information is provided on a regional and country basis for the following:

North America

• U.S.
• Canada

Europe

• Germany
• UK
• France
• Spain
• Italy 

Asia Pacific

• China
• India
• Japan
• Australia
• Indonesia
• Malaysia

Latin America

• Brazil
• Mexico

Middle East & Africa

• South Africa
• GCC