North America Permanent Magnets Market Size & Outlook
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North America permanent magnets market highlights
- The North America permanent magnets market generated a revenue of USD 2,002.7 million in 2023.
- The market is expected to grow at a CAGR of 7.4% 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.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 2,002.7 million |
| Market revenue in 2030 | USD 3,305.3 million |
| Growth rate | 7.4% (CAGR from 2024 to 2030) |
| Largest segment | Ndfeb |
| Fastest growing segment | NdFeB |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, North America region accounted for 9.0% of the global permanent magnets market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 30,774.5 million by 2030.
Ndfeb was the largest segment with a revenue share of 69.24% in 2023. Horizon Databook has segmented the North America permanent magnets market based on ferrite, alnico, ndfeb, smco covering the revenue growth of each sub-segment from 2018 to 2030.
The presence of major government and private aerospace companies, coupled with high defense and space expenditure in the region, is expected to propel the market growth over the forecast period. For instance, in September 2022, De Havilland announced that they going to build an airplane manufacturing complex in Wheatland County, Calgary, Canada.
The complex is expected to be built on 1,500 acres of land. The first phase of the construction is likely to be finished by 2025. Similarly, in February 2022, Horizontec announced that they are going to invest USD 10 million in a new plant at the Celaya airport, in Guanajuato, Mexico.
The company is likely to manufacture Halcón 2 twoseater light airplane at its new manufacturing facility. Thus, rising investment in aircraft manufacturing is expected to propel the demand for permanent magnets in the said forecast period.
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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 |
North America permanent magnets market size, by country, 2018-2030 (US$M)
North America Permanent Magnets Market Outlook Share, 2023 & 2030 (US$M)
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