BRIC Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The BRIC Permanent Magnet Market size is expected to reach US$ 30,476.70 million by 2031 from US$ 15,855.78 million in 2024. The market is estimated to record a CAGR of 10.6% from 2025 to 2031.

Executive Summary and BRIC Permanent Magnet Market Analysis:

The demand for permanent magnets in the BRIC countries (Brazil, Russia, India, and China) is growing rapidly due to advancements in key sectors such as automotive, electronics, renewable energy, and industrial manufacturing. China, the largest producer and consumer of permanent magnets, drives much of the growth, with its booming electric vehicle (EV) and renewable energy industries requiring high-performance magnets, particularly neodymium-iron-boron (NdFeB) magnets for motors and wind turbines. India and Brazil are also seeing increasing demand, especially in electric mobility and solar energy, as governments push for cleaner, more sustainable technologies. Russia's expanding aerospace and defense sectors are fueling demand for specialized permanent magnets.

As these countries industrialize and there is transition toward green energy solutions, the need for permanent magnets in sectors like robotics, consumer electronics, and energy storage grows. The BRIC region’s growing focus on innovation and sustainability ensures a sustained upward trend in permanent magnet demand.

BRIC Permanent Magnet Market Strategic Insights

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BRIC 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.

BRIC Permanent Magnet Market Outlook

The BRIC 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.

BRIC Permanent Magnet Market Country Insights

Based on region, the BRIC permanent magnet market is further segmented into the Russian Federation, Brazil, South Africa, India, China. The China held the largest share in 2023.

The permanent magnet market in China is experiencing rapid growth, driven by the country's industrial and technological advancements. Being the largest manufacturer and consumer of permanent magnets in the world, China plays a pivotal role in the global market, particularly in EVs, renewable energy, and consumer electronics. The renewable energy sector also contributes to this growth, particularly in wind power, where permanent magnets are critical for generators.

The Chinese automotive manufacturing industry is one of the largest in the world. Permanent magnet motors and induction motors are most commonly used in electric motor applications in vehicles. According to the China Association of Automobile Manufacturers, automotive sales in China reduced by 8.4% year over year to 2.56 million units in December 2022. In contrast, sales propelled by 26.86 million units during 2022. Thus, growing sales of EVs are fueling the market growth in China. 

BRIC Permanent Magnet Market Report Highlights

BRIC 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.

BRIC 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 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

BRIC Permanent Magnet Market Country and Regional Insights

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BRIC 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)