Permanent Magnets Market To Reach $47.40 Billion By 2033

Permanent Magnets Market Growth & Trends

The global permanent magnets market size is estimated to reach USD 47.40 billion by 2033, registering a CAGR of 6.8% from 2026 to 2033, according to a new report by Grand View Research, Inc. The rising number of supportive initiatives to promote healthcare infrastructure, especially in developing countries, is projected to aid the market growth over the forecast period. The demand for the product is expected to be driven by the extensive usage in industrial automation amidst the COVID-19 outbreak and rising demand from the healthcare sector. Permanent magnets are used in various medical devices, such as blood separators, surgical devices, dental equipment, patient monitoring systems, drug delivery systems, and Magnetic Resonance Imaging (MRI) scanners, and other essential & non-essential healthcare devices. The COVID-19 outbreak in 2020 played a key role in driving the investments in developing healthcare infrastructure.

For instance, the Government of India laid out the plan to upend its healthcare spending by nearly 3% of its total GDP by 2022. Such initiatives are likely to drive the product demand in the healthcare sector over the predicted timeline. The product is also significantly used in wearable electronic devices. The global economy is currently witnessing drastic developments in technology, which has led to the proliferation of smart electronic devices. The market for wearable electronics devices, smartphones, and other smart technologies in advanced as well as emerging economies is likely to witness significant growth. This is likely to indirectly benefit the product demand over the forecast period. The global market is fragmented and is characterized by regional concentration. On account of the presence of large-scale rare earth metal deposits in China, numerous small, medium, and large-scale manufacturers are located in close vicinity.

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Permanent Magnets Market Report Highlights

• Based on material, the NdFeB segment led the market with the largest revenue share of 71.2% in 2025, primarily driven by global transition toward electrification and clean energy.

• Based on application, the consumer goods segment led the market with the largest revenue share of 26.1% in 2025, driven by rapid expansion in portable electronics and audio devices that require stronger, smaller magnets to deliver higher performance in ever smaller packages.

• Asia Pacific dominated the global permanent magnets market with the largest revenue share of 75.6% in 2025 and is anticipated to grow at the fastest CAGR during the forecast period, driven by strong end-market demand from electric vehicles, wind power, and consumer electronics.

Permanent Magnets Market Segmentation

Grand View Research has segmented the global permanent magnets market based on the application, material, and region:

Permanent Magnets Material Outlook (Volume, Kilotons; Revenue, USD Million; 2021 - 2033)

• Ferrite

• Neodymium Iron Boron (NdFeB)

• Aluminum Nickel Cobalt (Alnico)

• Samarium Cobalt (SmCo)

Permanent Magnets Application Outlook (Volume, Kilotons; Revenue, USD Million; 2021 - 2033)

• Automotive

• Consumer Goods & Electronics

• Industrial

• Medical

• Aerospace & Defense

• Others

Permanent Magnets Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

List of Key Players in the Permanent Magnets Market

• Adams Magnetic Products Co.

• Earth-Panda Advance Magnetic Material Co., Ltd.

• Arnold Magnetic Technologies

• Daido Steel Co., Ltd.

• Eclipse Magnetics Ltd.

• Electron Energy Corp.

• Goudsmit Magnetics Group

• Hangzhou Permanent Magnet Group

• Magnequench International, LLC

• Ningbo Yunsheng Co., Ltd.