Growing demand for high-performance permanent magnets due to electric vehicle adoption

From GlobeNewswire: 2024-12-12 09:00:00

The SNS Insider report forecasts the permanent magnet market to reach USD 51.01 billion by 2032, with a CAGR of 8.41% from 2024 to 2032. Electric vehicle adoption is a key driver of this growth, as permanent magnets are essential for the functionality of electric motors.

Permanent magnets play a crucial role in various industries such as electronics, telecommunications, and healthcare. They enhance the performance of electronic devices like electric motors and MRI machines. With governments promoting greener technologies, the demand for high-performance permanent magnets is set to increase significantly.

Technological innovations in the permanent magnet market include the development of rare-earth-free magnets and advancements in manufacturing processes. 3D printing technology is also impacting the market by enabling custom-designed magnets for specialized applications in aerospace and defense.

Asia Pacific dominated the global permanent magnet market in 2023, accounting for around 58% of the market share. China leads in production and consumption of permanent magnets, driven by its manufacturing of electric vehicles and electronics. The U.S. and Europe are also key markets due to the growing demand for electric vehicles and renewable energy.

The ferrite magnet segment held the largest revenue share in 2023, accounting for approximately 40% of the market. Its cost-effectiveness, accessibility, and versatile applications make the ferrite magnet segment a leader in the permanent magnet market. Ferrite magnets, made from iron oxides and barium or strontium carbonate, are cost-effective alternatives to rare-earth magnets like NdFeB. With good magnetic properties and durability, they are ideal for low-cost electronics, toys, vehicles, and household appliances.

Consumer electronics dominate the permanent magnet market, with over 27% revenue share in 2023. These magnets are crucial for devices like smartphones, TVs, and electric vehicles, driving demand for high-performance magnets in modern technology.

Hitachi Metals launched new NdFeB magnets for electric vehicles and renewable energy in 2023, meeting industry demands for improved energy density. Molycorp Inc. plans to expand neodymium and dysprosium production, key components for high-performance magnets in electric motors and wind turbines.



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