Highlights

• The global permanent magnet market is set to double by 2032.
• The expected growth rate is at 8.41% CAGR.
• The Asia-Pacific region leads with a 58% market share.
• Key growth areas include electric vehicles and consumer electronics.
• NdFeB and SmCo rare-earth magnets are critical for electrification across multiple high-tech industries.

According to a new market report by SNS Insider, published via Newstrail.com, the global permanent magnet market is projected to surge from USD 24.6 billion in 2023 to USD 51.01 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.41%. This explosive growth is driven by increasing demand for electric vehicles (EVs), renewable energy, consumer electronics, and industrial automation.

Key Findings

• NdFeB and SmCo rare-earth magnets are central to the electrification boom, being critical for EV motors, wind turbines, and robotics.
• Ferrite magnets still lead by volume (40% of 2023 revenue), especially in cost-sensitive applications.
• Consumer electronics remain the largest application segment (27% of 2023 revenue).
• The Asia-Pacific region dominates with a 58% market share, led by China, Japan, South Korea, and India.
• North America is accelerating domestic magnet manufacturing to reduce reliance on Chinese REE inputs.

The report identifies key manufacturers, including TDK, Shin-Etsu, Hitachi Metals, VACUUMSCHMELZE, and China Northern Rare Earth Group, many of which rely heavily on the upstream Chinese rare earth supply.

Objectivity & Ownership

SNS Insider is a commercial market research and consulting firm. While the report provides valuable forecasts and market breakdowns, it reflects a promotional tone, omits cost or supply chain risk data, and avoids addressing China’s monopolistic grip on rare earth refining—a critical market vulnerability.

(Source: SNS Insider and NewsTrail June 23, 2025)