North America Permanent Magnet Market Report (2021–2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The Permanent Magnet Market size is expected to reach US$ 5,615.29 million by 2031 from US$ 3,208.93 million in 2024. The market is estimated to record a CAGR of 8.8% from 2025 to 2031.

Executive Summary and North America Permanent Magnet Market Analysis:

The permanent magnet market in North America is experiencing significant growth driven by several key factors, including increasing demand for clean energy technologies, electric vehicles (EVs), industrial automation, and renewable energy applications. The automotive industry in North America is a significant consumer of permanent magnets. These magnets are essential components in EV motors, where their high magnetic strength and stability are critical for efficient performance. According to the International Energy Agency, between August 2022 (when the Inflation Reduction Act was passed) and March 2023, major EVs and battery manufacturers announced investments of US$ 52 billion in EV supply chains in North America. Thus, with growing investments in the EV sector across the region, the demand for permanent magnets has surged.

North America Permanent Magnet Market Strategic Insights

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North America 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 held a larger share of 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.

North America Permanent Magnet Market Outlook

The ongoing demand for consumer electronics such as smartphones, wearables, and other personal gadgets in the region drives the need for small and efficient permanent magnets. These are found in speakers, headphones, vibration motors, and other components. The sector is a significant contributor to overall market growth, registering a slower growth rate than automotive or renewable energy sectors. Moreover, North America is moving toward cleaner energy sources and the growing installation of wind turbines, especially offshore and onshore wind farms. Magnets are widely used in wind turbine generators, particularly in direct-drive turbines that do not require a gearbox.

Manufacturers are making various strategic initiatives such as technological developments, partnerships, and collaborations. For instance, in January 2023, Vacuumschmelze (VAC) signed an agreement with General Motors, a US-based automaker, to build a permanent magnets manufacturing plant in North America, using locally sourced raw materials. Such initiatives also boost the demand for permanent magnets across the region.

North America Permanent Magnet Market Country Insights

Based on Geography, the North America permanent magnet market comprises of US, Canada, and Mexico. The US held the largest share in 2024.

The permanent magnet market is significantly growing in the US owing to the surging demand from various end-use industries such as automotive, aerospace, and consumer electronics. The significant shift toward electric vehicles (EV) is driving the application of permanent magnets in the automotive sector, with automakers incorporating permanent magnet-based motors into their EV models. Permanent magnets, particularly rare-earth magnets, are essential components in electric motors used in EVs, wind turbines, and other renewable energy systems, thus driving demand for high-performance materials. The increasing push for decarbonization, along with the US government's incentives for EV adoption and initiatives of renewable energy projects, is accelerating the market expansion in the country.

North America Permanent Magnet Market Report Highlights

North America Permanent Magnet Market Company Profiles

Some of the key players operating in the market includes 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, NINGBO YUNSHENG co., Ltd among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisition to provide innovative products to their consumers and increase their market share.

North America 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:

• Primary Research

The Insight Partners’ conduct a significant number of primary interviews each year with industry stakeholders and experts to validate its data, analysis, and gain valuable insights. These research interviews are designed to:

• Validate and 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, encompassing various markets, categories, segments, and sub-segments across 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

North America Permanent Magnet Market Country and Regional Insights

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North America Permanent Magnet 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)