No. of Pages: 200 | Report Code: BMIPUB00031699 | Category: Chemicals and Materials
The alnico permanent magnet market size is expected to reach US$ 1,137.02 million by 2031 from US$ 612.49 million in 2024. The market is estimated to record a CAGR of 9.1% from 2025 to 2031.
The global alnico permanent magnet market is experiencing steady growth, driven by the unique combination of high temperature stability, durability, and robust magnetic properties that alnico magnets provide. These magnets, composed of aluminum, nickel, cobalt, and iron, are widely utilized across a range of industries, including electronics, automotive, aerospace, wind energy, and medical devices. The market is buoyed by increasing demand for reliable and efficient magnetic solutions in advanced technologies, as well as the ongoing push for energy efficiency and sustainability in manufacturing and industrial processes.
The alnico magnet market is distinguished by its broad applicability and resilience in demanding environments. The electronics sector is a major driver, with alnico magnets used in sensors, actuators, and various electronic components that require stable magnetic performance across a wide temperature range. The proliferation of consumer electronics, smart devices, and Internet of Things (IoT) technologies is further fueling demand, as these applications increasingly rely on high-performance magnetic materials.
Key segments that contributed to the derivation of the alnico permanent magnet market analysis are drive type, propulsion, sales channel, and geography.
The automotive industry is a major driver for the alnico permanent magnet market, especially with the rapid adoption of electric vehicles (EVs) and hybrid vehicles. Alnico magnets are valued for their excellent thermal stability and resistance to demagnetization, making them ideal for use in electric motors, sensors, and actuators within EVs. As governments and consumers increasingly prioritize sustainable transportation, the demand for reliable and efficient magnetic materials is surging. The automotive sector’s focus on energy efficiency and performance is further accelerating the integration of alnico magnets into advanced powertrain and electronic systems, supporting robust market growth.
The growing emphasis on sustainability and energy efficiency presents significant opportunities for the alnico magnet market. Industries are increasingly seeking high-performance magnetic materials that can operate efficiently in renewable energy systems, electric vehicles, and green industrial applications. Alnico magnets, with their proven stability and durability, are well-suited for these emerging markets. Investments in recycling and sustainable manufacturing practices can further enhance the appeal of alnico magnets, supporting their adoption in environmentally conscious industries and helping companies differentiate themselves in a competitive landscape.
By type, the cast alnico segment dominated the alnico permanent magnet market by type. This dominance is rooted in the superior magnetic properties and higher energy product that cast alnico magnets offer compared to sintered alnico and other variants. The casting process allows for the production of magnets with enhanced microstructure and stability, resulting in stronger and more reliable magnetic performance, especially in demanding, high-temperature environments.
By application, the automotive segment was the dominant application area for alnico permanent magnets. This leadership is driven by the rapid expansion of the electric vehicle (EV) and hybrid vehicle markets, which increasingly rely on high-performance magnets for critical components such as motors, sensors, and actuators. Alnico magnets are particularly valued in automotive applications due to their exceptional thermal stability, resistance to demagnetization, and ability to perform reliably under harsh conditions—qualities that are essential for the efficiency and longevity of modern vehicle systems.
Alnico Permanent Magnet Market Report Highlights
Report Attribute
Details
Market size in 2024
US$ 640.53 Million
Market Size by 2031
US$ 1,137.02 Million
Global CAGR (2025 - 2031)
9.1%
Historical Data
2021-2023
Forecast period
2025-2031
Segments Covered
By Type
By Application
Regions and Countries Covered
North America
Europe
Asia-Pacific
South and Central America
Middle East and Africa
Market leaders and key company profiles
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The "Alnico permanent magnet market Outlook (2021–2031)" report provides a detailed analysis of the market covering below areas:
The geographical scope of the Alnico permanent magnet market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. In 2024, the Asia-Pacific region dominated the global permanent magnet market, including alnico, ferrite, and rare earth magnets. This leadership is primarily attributed to the region’s rapid industrialization, strong manufacturing base, and robust demand from key sectors such as automotive, electronics, and renewable energy. China is the central driver within Asia-Pacific, leveraging its vast rare earth resources, advanced production capabilities, and significant domestic consumption. Japan, South Korea, and India also play important roles, contributing to the region’s technological innovation and industrial growth. Government policies supporting electric vehicles, wind energy, and advanced manufacturing further reinforce Asia-Pacific’s market dominance.
Looking ahead, Asia-Pacific is also expected to be the fastest-growing region in the permanent magnet market during the forecast period. This continued growth is fueled by ongoing investments in technology, infrastructure, and renewable energy projects, as well as the region’s expanding automotive and electronics industries. The push for electrification, industrial automation, and smart manufacturing is creating sustained demand for high-performance magnets. While other regions such as North America and Europe are also experiencing growth—driven by similar trends—the scale, pace, and momentum of Asia-Pacific’s industrial and technological expansion ensure it remains both the largest and the fastest-growing market for permanent magnets..
The Alnico permanent magnet market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the Alnico permanent magnet market are:
The Alnico Permanent Magnet Market is valued at US$ 640.53 Million in 2024, it is projected to reach US$ 1,137.02 Million by 2031.
As per our report Alnico Permanent Magnet Market, the market size is valued at US$ 640.53 Million in 2024, projecting it to reach US$ 1,137.02 Million by 2031. This translates to a CAGR of approximately 9.1% during the forecast period.
The Alnico Permanent Magnet Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Alnico Permanent Magnet Market report:
The Alnico Permanent Magnet Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Alnico Permanent Magnet Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Alnico Permanent Magnet Market value chain can benefit from the information contained in a comprehensive market report.
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