ASEAN Permanent Magnet Market Opportunities and Growth Forecast to 2031

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: ASEAN Permanent Magnet Market Analysis

The ASEAN permanent magnet market is experiencing robust growth, propelled by the region's rapid industrialization and increasing adoption of advanced technologies. Key sectors driving this demand include electronics, automotive (particularly electric vehicles - EVs), renewable energy, and general manufacturing. The shift towards sustainable solutions and government initiatives promoting green technologies are significantly boosting the demand for high-performance magnets, notably neodymium-iron-boron (NdFeB). The burgeoning EV market and the expansion of renewable energy infrastructure, particularly wind power, are pivotal in shaping the market's trajectory.

ASEAN Permanent Magnet Market Outlook

The ASEAN permanent magnet market is poised for continued expansion, fueled by technological advancements and the escalating demand for energy-efficient solutions. Permanent magnets, essential in various applications across automotive, electronics, energy, and manufacturing sectors, are primarily derived from materials like NdFeB, samarium-cobalt (SmCo), and ferrite. The electric vehicle (EV) industry stands out as a major growth driver, with permanent magnets critical for EV motor functionality. As ASEAN nations implement stricter emission regulations and consumers embrace eco-friendly alternatives, the demand for EVs and, consequently, permanent magnets is surging. The renewable energy sector, especially wind energy, also contributes significantly, as these magnets are vital components in wind turbine generators. The market's growth is further supported by advancements in green technologies, transportation, and advanced 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:

1. Hitachi Ltd
2. Shin-Etsu Chemical Co Ltd
3. TDK Corp
4. Arnold Magnetic Technologies
5. Galaxymagnets
6. Goudsmit Magnetics
7. Electron Energy Corporation
8. Dexter Magnetic Technologies
9. Adams Magnetic Products, LLC
10. 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 into Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. In 2023, Thailand held the largest market share.

Thailand's Dominance:

Thailand's expanding manufacturing sector, particularly in automotive, electronics, and renewable energy, underpins its leading market position. As a key automotive production hub, Thailand is witnessing a surge in demand for magnets used in EV motors. The electronics sector, a cornerstone of Thailand's industrial base, also relies heavily on permanent magnets for motors, sensors, and speakers. Furthermore, Thailand's commitment to renewable energy, particularly wind power, is driving the demand for magnets in wind turbines. The country's increasing adoption of green technologies is expected to further stimulate market growth. Manufacturers are strategically expanding their presence in Thailand to capitalize on this growing demand. For instance, Arnold Magnetic Technologies has recently initiated operations in its new 26,250 ft² facility in Amata City, Chonburi, Thailand, starting in October 2024. This facility is producing various permanent magnet assemblies, including rotors, stators, and motors, significantly contributing to the market's expansion within the country.

Other Report:

ASEAN Graphite Market: https://sites.google.com/view/aseangraphitemarket/home 

GCC Permanent Magnet Market: https://www.quora.com/profile/Business-Market-Insights-1/GCC-Permanent-Magnet-Market-Size-Share-Trends-Opportunity-Assessment-Analysis-2031-The-GCC-Permanent-Magnet-Market 

Nordic Permanent Magnet Market: https://business-news-insights.blogspot.com/2025/03/nordic-permanent-magnet-market-key.html 

Asia Pacific Permanent Magnet Market: https://postyourarticle.com/asia-pacific-permanent-magnet-market-trend-outlook-and-business-opportunities-2025-2031/ 

Eastern Europe Permanent Magnet Market: https://www.findit.com/bxzmqbokeeacpdc/RightNow/eastern-europe-permanent-magnet-markets/9d4b7031-9196-4e89-a96a-ae7ae8b47287 

Latin America Graphite Market: https://facezila.com/blogs/2287/Latin-America-Graphite-Market-Drivers-Opportunities-Trends-and-Forecasts-2031 

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights