Permanent Magnets Market Is Expected To Reach Approximately USD 26.57 Billion By 2023 With a Compound Annual Growth Rate (CAGR) of 8.72%

Industry Trend Analysis

In 2014, the global permanent magnets market was evaluated around USD 12.52 billion and is expected to reach approximately USD 26.57 billion by 2023 while registering itself at a compound annual growth rate (CAGR) of 8.72% over the forecast period. Rising permanent magnets demand for medical devices that are used for disease discovery, and efficient drug placing is anticipated to boost the market demand. Additionally, the rising demand of extraordinary earth magnets for magnetic therapy devices and products utilized for separating white and red blood cells is projected to impact the growth positively. Growing requirement for rare earth metals like Dysprosium and Neodymium due to its advanced properties like superior saturation magnetization has contributed to extensive use in compact products with augmented pull force and superior magnetic strength. Also, growing rare earth mining in Australia and China has anticipated ensuing as a plenty of feedstock, hence promoting the market growth during the forecast years. Growing acceptance of low-cost production techniques like hydrogen decrepitation and powder method is projected to boost demand during the forecast period. Moreover, rising spending on research and development for the manufacturing of efficient low-cost production technologies and high strength magnets is predicted to drive the products to demand over the forecast years.

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Product Outlook and Trend Analysis

According to the product, the global market is split as; SmCo, NdFeB, AlNiCo, and Ferrite. In 2015, Neodymium Iron Boron (NdFeB) permanent magnets reported for the highest market revenue share of around 60%. The growing use of the product in consumer goods, renewable energy, and aerospace industries is likely to boost the market demand. Moreover, advanced properties demonstrated by the product like the ability to resist demagnetization and advanced magnetic strength are anticipated to boost the demand during the forecast years. These products are being used widely in magnetic levitation devices, door-catchers, and lifting devices due to their capability to produce well defined magnetic lines of force and high pulling force. AlNiCo permanent magnets are anticipated to experience significant growth due to their capability to endure high temperatures. Additionally, AlNiCo magnets have a small coercive factor that contributes to the easy demagnetization and magnetization of product, which makes them an ideal choice for expert magnetic testing tools like spectrometers that need constant tuning of the product.

Application Outlook and Trend Analysis

On the basis of the application, the market is segmented into energy, electronics, automotive, medical, industrial, and aerospace. The electronics section is anticipated to grow at a compound annual growth rate of over 9.0% during the projected period, propelled by rising demand for sensors, electrodynamic speakers, and smartphones. Also, a major reduction in the product size is anticipated to ensue in a growing utilization of the product in compact electronic instruments. Energy production section is projected to experience a growth rate of around 9.0% during the forecast period due to rising utilization of high-strength magnets in generators of a wind turbine is predicted to boost the growth of the market over the projected period. Moreover, rising awareness about the alternative energy source along with encouraging governmental policies for wind energy production systems is likely to act as key drivers for market demand.

Regional Outlook and Trend Analysis

In 2015, China reported for a highest market share of over USD 8.0 Billion and is anticipated to play a role of a major driving factor for the market during the forecast years owing to the plenty of iron and rare earth metals ores in this region. Additionally, the availability of advanced production techniques and low-cost labor is projected to boost the growth of the global market during the forecast years. The requirement for the product for automotive applications is anticipated to fuel the European market growth. Moreover, the existence of key automobile makers in Germany is estimated to boost the Neodymium magnets demand in this region. Rising demand for the magnets in industrial applications like metal & mining, chemicals, power utilities, and oil & gas along with speedy industrialization in emerging countries like Japan and India are anticipated to propel the Asia Pacific market growth. Also, growing demand for ferrite magnets due to the plenty of raw materials in the India is likely to augment the market demand during the forecast years.

Competitive Outlook and Trend Analysis

The market is distinguished by product innovations and capacity increases, and mergers & acquisitions to boost the industry share. Major market players in the global market are Shin-Etsu Chemical Co. Ltd., Daido Steel Co., Ltd, Arnold Magnetic Technologies, Hangzhou Permanent Magnet Group, Electron Energy Corporation, Molycorp Magnequench, Anhui Earth-Panda Advance Magnetic Material Co. Ltd., Hitachi Metals Ltd, TDK Corporation and Adams Magnetic Products Co.

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The global permanent magnets market is segmented as follows –

By Material


Neo (NdFeB)



By Application



Energy Generation


By Region

North America










Rest of Europe






South Korea

Rest of Asia Pacific

Rest of the World


South Africa

Saudi Arabia

United Arab Emirates


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Some of the key questions answered by the report are:

  • What was the market size in 2014 and forecast from 2014 to 2023?
  • What will be the industry market growth from 2014 to 2023?
  • What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
  • What are the major segments leading the market growth and why?
  • Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

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