From Rare Earths to Market Leadership: Permanent Magnet Forecast (2025–2031)

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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 significant growth driven by advancements in technology, increasing demand for energy-efficient solutions, and the widespread adoption of electric vehicles (EVs). Permanent magnets are essential components in various industries, including automotive, electronics, energy, and manufacturing. These magnets are primarily made from materials such as neodymium (NdFe, samarium-cobalt (SmCo), and ferrite, each offering unique properties suited to specific applications.

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Permanent Magnet Market Outlook (2021-2031) by Type, Application, and Geography

Permanent Magnet Market was valued at US$ 25,035.19 Million in 2024 and is projected to reach US$ 47,309.65 Million by 2031 with a CAGR of 10.0 % from 2025 to 2031 segmented into Type, Application, Geography.

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