Permanent Magnet Market Report 2026

The permanent magnet market size has grown rapidly in recent years. It will grow from $41.8 billion in 2025 to $46.8 billion in 2026 at a compound annual growth rate (CAGR) of 12%. The growth in the historic period can be attributed to rising demand from automotive industry, growth of consumer electronics market, increasing renewable energy projects, adoption of neodymium iron boron magnets, expansion of industrial automation.

The permanent magnet market size is expected to see rapid growth in the next few years. It will grow to $71.68 billion in 2030 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to growth in electric vehicle production, rising demand from medical technology, increasing aerospace and defense applications, expansion of environment and energy sector, adoption of advanced magnet grades in electronics. Major trends in the forecast period include development of high-performance neodymium magnets, advancements in samarium cobalt magnet technologies, customized magnetic solutions for industrial applications, integration of permanent magnets in consumer electronics, enhanced thermal and corrosion resistance of magnets.

The growing demand for automotive applications is expected to drive the growth of the permanent magnet market in the coming years. Permanent magnets are materials that produce a continuous magnetic field and are extensively used in electric motors, generators, sensors, and actuators, making them essential components in modern vehicles - particularly electric and hybrid models. Rising automotive demand is driven by factors such as rapid urbanization, increasing disposable incomes, and the accelerating adoption of electric vehicles as governments and manufacturers work to reduce emissions and improve fuel efficiency. Permanent magnets contribute to automotive advancement by enabling high-efficiency electric drivetrains, advanced driver-assistance systems, and energy-saving vehicle technologies. For example, in 2024, the International Energy Agency (IEA) - a France-based organization that provides information and guidance on global and clean energy policies - reported that electric cars accounted for about 18% of all vehicles sold in 2023, up from 14% in 2022. Therefore, the rising demand for automotive applications is supporting the expansion of the permanent magnet market.

Leading companies in the protein purification and isolation market are developing innovative products such as earth-free permanent magnets. An earth-free permanent magnet is a type of magnet that does not contain rare-earth elements like neodymium, samarium, or dysprosium, which are commonly used for their strong magnetic properties. For example, in June 2024, Materials Nexus, a UK-based quantum mechanics company, introduced MagNex, a groundbreaking permanent magnet that is free from rare-earth elements. This innovation reduces costs, minimizes supply chain risks, and delivers high performance with environmental benefits, representing a major advancement for industries such as electric vehicles and renewable energy. MagNex also lowers carbon emissions, reduces costs, and improves supply chain security by eliminating the reliance on rare-earth elements.

In November 2023, High Street Capital, a US-based private equity investment firm, acquired Adams Magnetic Products for an undisclosed sum. Through this acquisition, High Street Capital aims to collaborate with Adams' management team to foster organic revenue growth, expand into new markets and product lines, and uphold operational excellence through ongoing improvements. Adams Magnetic Products is a US-based company specializing in the manufacturing of permanent magnets and magnetic assemblies.

Major companies operating in the permanent magnet market report are Hitachi Ltd., Shin-Etsu Chemical Co. Ltd., Daido Steel Co. Ltd., Arnold Magnetic Technologies Corp., Electron Energy Corporation, Hangzhou Permanent Magnet Group, Hengdian Group DMEGC Magnetics Co. Ltd., Yantai Shougang Magnetic Materials Inc., Chengdu Galaxy Magnets Co. Ltd., Ningbo Vastsky Magnet Co. Ltd., Adams Magnetic Products Co. Inc., TDK Corporation, Dura Magnetics Inc., MagnaWorks Technology Inc., Eclipse Magnetics Ltd., Goudsmit Magnetics Ltd., Tengam Engineering Inc., Bunting Magnetics Co., Tokyo Magnetic Printing Co. Ltd., Zhong Ke San Huan Hi-Tech Co. Ltd., JL MAG Rare-Earth Co. Ltd., Proterial Ltd.

Asia-Pacific was the largest region in the permanent magnet market in 2025.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the permanent magnet market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the permanent magnet market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The permanent magnets market consists of sales of ceramic magnets, injection magnets, aluminum nickel cobalt magnets, and flexible magnets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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