BRIC Permanent Magnet Market Study Focus on Opportunities, Demand, Growth, and Forecast 2031

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: BRIC Permanent Magnet Market Analysis

The BRIC (Brazil, Russia, India, and China) permanent magnet market is experiencing robust growth, primarily driven by the increasing adoption of electric vehicles (EVs), renewable energy solutions, and advanced industrial applications. China, as the dominant producer and consumer, significantly influences the market, particularly with its surging EV and wind energy sectors. India and Brazil are also witnessing substantial growth, fueled by government initiatives promoting electric mobility and solar energy. Russia's demand is bolstered by its aerospace and defense industries. The overall trend indicates a sustained upward trajectory due to the region's focus on industrialization, innovation, and sustainable technologies.

BRIC Permanent Magnet Market Outlook

The BRIC permanent magnet market is expanding rapidly, propelled by the growing demand for energy-efficient solutions and the proliferation of EVs. Permanent magnets, including NdFeB, SmCo, and ferrite types, are crucial components in automotive, electronics, energy, and manufacturing sectors. The EV industry is a key driver, as these magnets are essential for electric motors. Similarly, the renewable energy sector, particularly wind power, relies heavily on permanent magnets for turbine generators. Consequently, the market is poised for continued growth, supported by the increasing adoption of green technologies, advanced transportation, and manufacturing advancements.

BRIC Permanent Magnet Market Segments Covered

BRIC Permanent Magnet Market By Type

• Neodymium-Iron-Boron
• Ferrite
• Samarium Cobalt
• Alnico

BRIC Permanent Magnet Market By Application

• Consumer Electronics
• Automotive
• Aerospace and Defense
• Medical
• Industrial Machinery
• Energy

BRIC Permanent Magnet Market Company Profiles

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

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 Country Insights

The BRIC permanent magnet market is segmented by country, including Russia, Brazil, India, and China, with China holding the largest market share in 2023.

• China:
• China's market is experiencing rapid expansion due to its industrial and technological advancements.
• As the world's largest producer and consumer, China plays a pivotal role in the global market, particularly in EVs, renewable energy, and consumer electronics.
• The renewable energy sector, especially wind power, is a significant contributor to market growth.
• The Chinese automotive industry is a major driver, with EVs relying on permanent magnet motors.
• Despite a year-over-year decline in automotive sales in December 2022, the overall annual sales growth, particularly in EVs, continues to fuel market expansion.
• China Association of Automobile Manufacturers data shows 2022 total automotive sales reached 26.86 Million units.

Key improvements in this: BRIC Permanent Magnet Market

• Clearer Structure: The information is organized into distinct sections with clear headings.
• Conciseness: Redundant phrases and unnecessary details are removed.
• Improved Flow: The sentences and paragraphs flow more smoothly and logically.
• Emphasis on Key Drivers: The importance of EVs and renewable energy is consistently highlighted.
• Data Integration: The sales data is integrated more effectively into the analysis.
• Use of Bullet Points: Bullet points were added to the China section, to make that section easier to read.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights