Permanent Magnets Market Analysis, Growth Trends, and Segment Forecasts, 2012 to 2020

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Permanent Magnets Market Analysis, Growth Trends and

Segment Forecasts, 2012 To 2020

The global market for permanent magnets is expected to reach USD 31.18 billion by 2020. Growth of

global automobile industry is expected to be a key driving factor for permanent magnets market over

the forecast period. Permanent magnets are widely used for numerous applications in automobile


Various components such as motors, alternators and gearbox require permanent magnets for their

mechanism. Grand View Research further observes that the shift in trend towards developing renewable

energy generation including solar and wind energy is also expected to drive the market for permanent


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Permanent magnets are used in the stator of the wind turbine which is responsible for producing AC

electricity. Ferrite magnets dominated the global market, accounting for over 80% of total volumes in

2012. However, in terms of revenue, ferrite magnets accounted for just over 20% of the total revenue

for the same year.

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Ferrite magnets are relatively cheaper than other permanent magnets such as NdFeB magnets, SmCO

and Alnico magnets and hence account for a relatively smaller revenue share in the overall market.

NdFeB is expected to be the fastest growing product segment, at an estimated CAGR of 9.4% from 2013

to 2020. Growing awareness regarding the benefits offered by NdFeB over other magnets in high

performance automotive applications is expected to drive its demand over the forecast period.

Further key findings from the study suggest:

Global permanent magnets demand is expected to reach...