The ASEAN Permanent Magnet Market size is expected to reach US$ 2,972.30 million by 2031 from US$ 1,782.97 million in 2024. The market is estimated to record a CAGR of 8.7% from 2025 to 2031.
Executive Summary and ASEAN Permanent Magnet Market Analysis:
The demand for permanent magnets in the ASEAN (Association of Southeast Asian Nations) region is experiencing significant growth, driven by key sectors such as electronics, automotive, renewable energy, and manufacturing. As ASEAN countries modernize their infrastructure and industries, there is an increasing need for high-performance magnets used in electric motors, hard drives, wind turbines, and electric vehicles (EVs).
In particular, the rapid expansion of the EV market in ASEAN, fueled by government incentives and a growing focus on sustainability, is driving demand for high-quality permanent magnets, such as neodymium-iron-boron (NdFeB), used in electric motor production. Additionally, the renewable energy sector is fueling growth due to the increased demand for magnets in wind turbines and other energy-efficient technologies.
ASEAN Permanent Magnet Market Segmentation Analysis:
Key segments that contributed to the derivation of the permanent magnet market analysis are type and application.
- By type, the permanent magnet market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. The neodymium-iron-boron segment dominated the market in 2024.
- In terms of application, the market is segmented into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment held the largest share of the market in 2024.
ASEAN Permanent Magnet Market Outlook
The ASEAN permanent magnet market is experiencing significant growth driven by advancements in technology, increasing demand for energy-efficient solutions, and the widespread adoption of electric vehicles (EVs). Permanent magnets are essential components in various industries, including automotive, electronics, energy, and manufacturing. These magnets are primarily made from materials such as neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering unique properties suited to specific applications.
One of the primary drivers of the market is the booming electric vehicle industry, where permanent magnets are crucial for the motors that power these vehicles. As governments in the region implement stricter emission regulations and consumers increasingly opt for green solutions, the demand for EVs—and consequently, for permanent magnets—continues to rise. Similarly, the renewable energy sector, particularly wind energy, is another key contributor, as permanent magnets are integral to the functioning of wind turbine generators. Thus, the permanent magnet market is expected to continue expanding, supported by rising demand in green technologies, transportation, and advanced manufacturing sectors.
ASEAN Permanent Magnet Market Country Insights
Based on region, the ASEAN permanent magnet market is further segmented into the Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam. The Thailand held the largest share in 2023.
Thailand is expanding its manufacturing sector, particularly in automotive, electronics, and renewable energy. As a growing hub for automotive production, Thailand is experiencing a higher demand for magnets in EV motors. The electronics sector, a key part of Thailand's industrial base, also relies heavily on permanent magnets for motors, sensors, and speakers. Additionally, Thailand's push for renewable energy, especially in wind power, is driving the demand for magnets used in wind turbines. Moreover, the country is highly adopting green technologies which is expected to boost the demand for permanent magnets in the coming years. Manufacturers are expanding their presence in the country with the growing demand. For instance, Arnold Magnetic Technologies announced an expansion in its global footprint with a new facility in Amata City, Chonburi, Thailand. The state-of-the-art 26,250 ft2 facility has begun operations as of October 2024 with the production of various types of permanent magnet assemblies, including rotors, stators, and motors, which is aiding market growth in the country.
ASEAN Permanent Magnet Market Company Profiles
Hitachi Ltd; Shin-Etsu Chemical Co Ltd; TDK Corp; Arnold Magnetic Technologies.; Galaxymagnets; Goudsmit Magnetics; Electron Energy Corporation; Dexter Magnetic Technologies; Adams Magnetic Products, LLC; and NINGBO YUNSHENG co., Ltd are among the key players operating in the market. These players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.
ASEAN Permanent Magnet Market Research Methodology:
The following methodology has been followed for the collection and analysis of data presented in this report:
- Secondary Research
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
- Company websites, annual reports, financial statements, broker analyses, and investor presentations
- Industry trade journals and other relevant publications
- Government documents, statistical databases, and market reports
- News articles, press releases, and webcasts specific to companies operating in the market
Note: All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.
- Primary Research
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate and analyze the data and gain valuable insights. These research interviews are designed to:
- Refine findings from secondary research
- Enhance the expertise and market understanding of the analysis team
- Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects
Primary research is conducted via email interactions and telephone interviews with industry experts across various markets, categories, segments, and sub-segments in different regions. Participants typically include:
- Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
- External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise
Key Sources Referred:
- US Magnetic Materials Association
- Permanent Magnet Division (PMD)
- The Magnetics Society (TMS)
- The American Magnetics Society (AMS)
- Rare Earth Industry Association (REIA)
ASEAN Permanent Magnet Market Strategic Insights
ASEAN Permanent MagnetMarket Report Highlights
| Report Attribute | Details |
| Market size in 2024 | US$ 1,782.97 Million |
| Market Size by 2031 | US$ 2,972.30 Million |
| CAGR (2025 - 2031) | 8.7% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
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Regions and Countries Covered
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| ASEAN | Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam |
| Market leaders and key company profiles |
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ASEAN Permanent Magnet Market Country and Regional Insights
