BRIC Permanent Magnet Market Key Players, Share, Size, Trends, Aftermarket 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.
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Executive Summary and BRIC Permanent Magnet Market Analysis
The BRIC Permanent Magnet Market countries—Brazil, Russia, India, and... moreBRIC Permanent Magnet Market Key Players, Share, Size, Trends, Aftermarket 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.
Get Full Report: https://www.businessmarketinsights.com/reports/bric-permanent-magnet-market
Executive Summary and BRIC Permanent Magnet Market Analysis
The BRIC Permanent Magnet Market countries—Brazil, Russia, India, and China—is witnessing robust growth, propelled by advancements in sectors such as automotive, electronics, renewable energy, and industrial manufacturing. China remains the dominant force, being the world's largest producer and consumer of permanent magnets. The country's thriving electric vehicle (EV) and renewable energy industries are particularly dependent on high-performance neodymium-iron-boron (NdFeB) magnets, widely used in motors and wind turbines.
India and Brazil are also experiencing rising demand, driven by the expansion of electric mobility and solar energy projects supported by government initiatives aimed at sustainable development. Meanwhile, Russia’s growing aerospace and defense sectors are creating a strong demand for specialized permanent magnets.
As BRIC nations continue to industrialize and prioritize green energy, the use of permanent magnets in emerging applications such as robotics, consumer electronics, and energy storage is increasing. A regional shift toward innovation and sustainability is expected to sustain this upward trend in magnet demand.
BRIC Permanent Magnet Market Outlook
The BRIC permanent magnet market is undergoing significant expansion, driven by rapid technological advancement, rising demand for energy-efficient solutions, and the accelerated adoption of electric vehicles. Permanent magnets—composed mainly of neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite—are critical components across industries including automotive, electronics, energy, and manufacturing.
The electric vehicle sector is a key growth driver, as permanent magnets are essential for EV motors. Government regulations promoting lower emissions and the consumer shift toward sustainable transportation continue to boost EV production and magnet demand. Likewise, the renewable energy sector, particularly wind power, heavily relies on permanent magnets for turbine generators. As green technologies gain traction, the market for permanent magnets in BRIC countries is set to grow steadily, driven by evolving transportation systems and advanced manufacturing needs.
BRIC Permanent Magnet Market: Country Insights
The BRIC permanent magnet market is segmented by country: China, India, Brazil, Russia, and South Africa. In 2023, China held the largest market share.
China's permanent magnet industry is expanding rapidly, supported by its leadership in manufacturing, technology, and innovation. As the global hub for permanent magnet production and consumption, China’s market is fueled by strong demand from the EV, renewable energy, and consumer electronics sectors.
In particular, wind power has emerged as a key growth area, with permanent magnets playing a vital role in turbine generator systems. China also boasts the world’s largest automotive manufacturing industry, where both permanent magnet and induction motors are widely used in EVs. According to the China Association of Automobile Manufacturers, despite an 8.4% year-over-year drop in sales to 2.56 million units in December 2022, overall automotive sales reached 26.86 million units in 2022—a clear indication of the market's resilience. The continued growth in EV adoption is expected to further propel the demand for permanent magnets across the country.
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 Regions and Countries Covered
BRIC
Russian Federation
Brazil
India
China
BRIC Permanent Magnet Market leaders and key company profiles
Shin-Etsu Chemical
Hitachi Metals
Toyota Tsusho Corporation
General Electric
TDK Corp
Armold Magnetic technologies
Galaxy Magnets
Goudsmit Magnetics
Electron Energy Corporation
Dexter Magnetic Technolgies
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
