Permanent Magnets Market Size Worth $ 40.67 Billion By 2032 | CAGR: 8.40%

Permanent Magnets Market Size Worth $ 40.67 Billion By 2032 | CAGR: 8.40%

The global permanent magnets market size is expected to reach USD 40.67 billion by 2032, according to a new study by Polaris Market Research. The report “Permanent Magnets Market Share, Size, Trends, Industry Analysis Report, By Material (Ferrite, NdFeB), By Application (Consumer Goods & Electronics, Energy), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Permanent magnets play an important role in the medical equipment industry, underpinning their significance in healthcare. These magnets are integral to crucial medical instruments such as blood separators, dental equipment, patient monitors, and magnetic Resonance Imaging (MRI) scanners. This technology facilitates the precise functioning of these devices, which is essential for diagnosing, monitoring, and treating patients. Permanent magnets are not limited to essential healthcare equipment; they are also utilized in non-essential devices that contribute to the overall patient care experience.

Increasing implementation of proactive measures aimed at enhancing healthcare infrastructure, particularly in developing nations, is anticipated to contribute to the expansion of the market throughout the forecast period. The product's demand is projected to be influenced by its widespread adoption in industrial automation, which has gained momentum due to the COVID-19 pandemic. Moreover, the healthcare sector's growing requirements are also expected to drive the demand for the product.

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The Indian government has outlined its strategy to increase healthcare expenditure to around 3% of its GDP by 2022. These proactive measures are expected to positively influence the demand for the product within the healthcare sector throughout the projected period. Additionally, the product holds significant importance in wearable electronic devices. The global economy is experiencing profound technological advancements, resulting in the widespread adoption of intelligent electronic devices. This technological evolution has paved the way for the surge in demand for permanent magnets, further contributing to their relevance and application across various industries.

As wearable electronics, smartphones, and other smart technologies become increasingly prevalent, the need for various components, including permanent magnets, also rises. These magnets are essential components in many devices, contributing to their functionality and performance. The growth in adopting these smart technologies amplifies the demand for permanent magnets, as they are integral to the manufacturing and operation of these devices. Furthermore, the advancement and integration of smart technologies in various aspects of daily life stimulate the overall demand for electronic devices, creating a ripple effect on the demand for associated components like permanent magnets.

Permanent Magnets Market Report Highlights

  • Ferrite material segment dominated the market, owing to frequent use of ferrite magnets in medical equipment
  • NdFeB material will grow at rapid pace, as there are higher need advanced smart sensors in consumer electronics products, & autonomous EVs
  • Medical segment will grow at steady pace, as there is as huge key medical equipment in the emerging nations
  • APAC will grow at fastest pace, primarily due to booming consumer electronics with rise in disposable income
  • The key market players include Arnold Magnetic, Daido Steel, Eclipse Magnetics, Ningbo Yunsheng, Ninggang Permanent Magnetic Materials

Polaris Market Research has segmented the permanent magnets market report based on material, application, and region:

Permanent Magnets, Material Outlook (Revenue - USD Billion, 2019 - 2032)

  • Ferrite
  • Neodymium Iron Boron (NdFeB)
  • Aluminum Nickel Cobalt (Alnico)
  • Samarium Cobalt (SmCo)

Permanent Magnets, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Automotive
  • Consumer Goods & Electronics
  • Industrial
  • Aerospace & Defense
  • Energy
  • Medical
  • Others

Permanent Magnets, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Permanent Magnets Market Report Scope

Report Attributes


Market size value in 2024

USD 21.35 billion

Revenue forecast in 2032

USD 40.67 billion


8.40% from 2024 - 2032

Base year


Historical data

2019 - 2022

Forecast period

2024 - 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Material, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa


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