Canada Permanent Magnets Market Size & Outlook, 2023-2030
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Canada permanent magnets market highlights
- The Canada permanent magnets market generated a revenue of USD 291.8 million in 2023 and is expected to reach USD 448.3 million by 2030.
- The Canada market is expected to grow at a CAGR of 6.3% from 2024 to 2030.
- In terms of segment, ndfeb was the largest revenue generating material in 2023.
- NdFeB is the most lucrative material segment registering the fastest growth during the forecast period.
Permanent magnets market data book summary
| Market revenue in 2023 | USD 291.8 million |
| Market revenue in 2030 | USD 448.3 million |
| Growth rate | 6.3% (CAGR from 2024 to 2030) |
| Largest segment | Ndfeb |
| Fastest growing segment | NdFeB |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Ferrite, Alnico, NdFeB, SmCo |
| Key market players worldwide | EARTH PANDA ADVANCED MAGNETIC MATERIAL CO LTD, Adams Magnetic Products, Arnold Magnetic Technologies, Daido Steel, Eclipse Magnetics, Electron Energy Corporation, Hangzhou Permanent Magnet Group, Magnequench International, Ningbo Yunsheng, Ningbo Ninggang Permanent Magnetic Materials Co., Shin-Etsu Chemical Co Ltd, TDK Corp, Thomas Skinner, VACUUMSCHMELZE, Umag, SsangYong, Pacific Metals |
Other key industry trends
- In terms of revenue, Canada accounted for 1.3% of the global permanent magnets market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. permanent magnets market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 413.6 million by 2030.
Ndfeb was the largest segment with a revenue share of 68.95% in 2023. Horizon Databook has segmented the Canada permanent magnets market based on ferrite, alnico, ndfeb, smco covering the revenue growth of each sub-segment from 2018 to 2030.
In terms of volume, demand for ferrite magnets was the largest in the permanent magnet market of Canada. This dominance can be attributed to the low costs associated with this type of magnet. The Canadian economy has been witnessing moderate demand for permanent magnets in core industries such as EVs, aerospace, energy, and medical industries.
The increasing investment in EV production and positive government policy on electric vehicles are expected to propel the consumption of permanent magnets in the country over the forecast period. The Canadian government is focusing on new light-duty vehicle sales to be electric to 100% by 2035.
Due to this, the government has introduced various incentives and initiatives to increase the penetration of electric vehicles in the country. For instance, the Zero-Emission Vehicles (iZEV) Program provides incentives to consumers and encourages the purchase of EVs.
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Permanent Magnets Market Scope
Permanent Magnets Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Pacific Metals | View profile | 251-500 | Otemachi, Tokyo, Japan, Asia | https://www.pacific-metals.co.jp/ |
| SsangYong | View profile | 1001-5000 | Pyongtaek, Kyonggi-do, South Korea, Asia | http://www.smotor.com |
| Umag | View profile | 11-50 | Mapo, Seoul-t'ukpyolsi, South Korea, Asia | http://umag.io |
| Thomas Skinner | View profile | 101-250 | Richmond, British Columbia, Canada, North America | https://www.thomasskinner.com |
| Ningbo Ninggang Permanent Magnetic Materials Co. | View profile | 101-250 | Ningbo, Zhejiang, China, Asia | https://www.ngyc.com |
| Ningbo Yunsheng | View profile | - | Ningbo, Zhejiang, China, Asia | http://www.yunsheng.com/ |
| Magnequench International | View profile | 5001-10000 | Singapore, Central Region, Singapore, Asia | http://www.mqitechnology.com |
| Hangzhou Permanent Magnet Group | View profile | 101-250 | Hangzhou, Zhejiang, China, Asia | http://chinahpmg.com |
| Electron Energy Corporation | View profile | 101-250 | Landisville, New Jersey, United States, North America | http://electronenergy.com |
| Eclipse Magnetics | View profile | 101-250 | Sheffield, Sheffield, United Kingdom, Europe | https://www.eclipsemagnetics.com/ |
| Daido Steel | View profile | 10001+ | Nagoya, Aichi, Japan, Asia | http://www.daido.co.jp/ |
| EARTH PANDA ADVANCED MAGNETIC MATERIAL CO LTD | View profile | 501-1000 | Hefei, Anhui, China, Asia | http://www.earth-panda.com |
| Adams Magnetic Products | View profile | 101-250 | Elmhurst, Illinois, United States, North America | https://adamsmagnetic.com |
| VACUUMSCHMELZE | View profile | 1001-5000 | Hanau, Hessen, Germany, Europe | http://www.vacuumschmelze.com/ |
| Arnold Magnetic Technologies | View profile | 501-1000 | Rochester, New York, United States, North America | http://www.arnoldmagnetics.com/ |
| TDK Corp | View profile | 102908 | Shibaura Renasite Tower, 3-9-1 Shibaura, Minato-ku, Tokyo, Japan | http://www.tdk.co.jp |
| Shin-Etsu Chemical Co Ltd | View profile | 25717 | 6-1, Ohtemachi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-0004 | http://www.shinetsu.co.jp |
Canada Material - Permanent Magnets Market size, 2023 - 2030 (US$M)
Canada Permanent Magnets Market Outlook Share, 2023 & 2030 (US$M)
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