Permanent Magnet Industry Forecast and Growth Trends (2025–2031)
The Permanent Magnet Market size is expected to reach US$ 47,309.65 million by 2031 from US$ 25,035.19 million in 2024. The market is estimated to record a CAGR of 10.0 % from 2025 to 2031.
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Executive Summary and Global Market Analysis:
The global permanent magnet market is experiencing robust growth, fueled by technological advancements, a rising emphasis on energy efficiency, and the accelerating adoption of electric vehicles (EVs). Permanent magnets play a critical role across a broad range of industries, including automotive, electronics, renewable energy, and manufacturing. These magnets are commonly produced from materials such as neodymium (NdFe, samarium-cobalt (SmCo), and ferrite, each tailored to specific performance and application needs.
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