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.
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Executive Summary and ASEAN Permanent Magnet Market Analysis
The ASEAN permanent magnet market is witnessing substantial growth, driven by key industries such as electronics, automotive, renewable energy, and manufacturing. As ASEAN countries modernize their infrastructure and industrial sectors, the demand for high-performance magnets continues to rise, particularly in electric motors, hard drives, wind turbines, and electric vehicles (EVs).
The rapid expansion of the EV market in ASEAN, fueled by government incentives and increasing sustainability efforts, is a major growth driver. High-quality permanent magnets, such as neodymium-iron-boron (NdFeB), are essential in electric motor production. Additionally, the renewable energy sector is accelerating market demand due to the growing use of permanent magnets in wind turbines and other energy-efficient technologies.
ASEAN Permanent Magnet Market Outlook
The ASEAN permanent magnet market is expanding rapidly due to technological advancements, increasing demand for energy-efficient solutions, and the widespread adoption of EVs. Permanent magnets play a crucial role in various industries, including automotive, electronics, energy, and manufacturing. The market primarily consists of magnets made from neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct properties for specific applications.
One of the key growth drivers is the surging EV industry, where permanent magnets are essential for electric motor functionality. With governments across the region enforcing stricter emission regulations and consumers opting for greener transportation alternatives, the demand for EVs—and consequently, permanent magnets—continues to rise. Similarly, the renewable energy sector, particularly wind energy, significantly contributes to market expansion as permanent magnets are integral components in wind turbine generators. Given these factors, the ASEAN permanent magnet market is expected to experience sustained growth, supported by advancements in green technologies, transportation, and industrial manufacturing.
ASEAN Permanent Magnet Market Segments Covered
ASEAN Permanent Magnet Market By Type
Neodymium-Iron-Boron
Ferrite
Samarium Cobalt
Alnico
ASEAN Permanent Magnet Market By Application
Consumer Electronics
Automotive
Aerospace and Defense
Medical
Industrial Machinery
Energy
The key players in the ASEAN Permanent Magnet Market include:
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
These companies employ strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and offer innovative products to consumers.
ASEAN Permanent Magnet Market: Country Insights
The ASEAN permanent magnet market is segmented by country, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Among these, Thailand held the largest market share in 2023.
Thailand’s manufacturing sector is rapidly expanding, particularly in the automotive, electronics, and renewable energy industries. As a growing hub for automotive production, the country is experiencing heightened demand for permanent magnets in EV motors. Additionally, Thailand’s strong electronics sector relies on permanent magnets for critical applications such as motors, sensors, and speakers. The country’s commitment to renewable energy, especially wind power, is further driving market demand, as permanent magnets play a vital role in wind turbines.
Moreover, Thailand's increasing adoption of green technologies is expected to further boost the demand for permanent magnets in the coming years. Manufacturers are expanding their presence in the country to meet this growing demand. For example, Arnold Magnetic Technologies recently announced an expansion of its global footprint with a new 26,250 ft² facility in Amata City, Chonburi, Thailand. Operations began in October 2024, focusing on the production of various permanent magnet assemblies, including rotors, stators, and motors. This expansion highlights Thailand’s growing importance in the ASEAN permanent magnet market and is expected to support further industry growth in the region.
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Nordic Permanent Magnet Market: https://business-news-insights.blogspot.com/2025/03/nordic-permanent-magnet-market-key.html
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights