The Global Permanent Magnetic Materials Market was valued at USD 12.1 Billion in 2024 and is projected to reach USD 20.87 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period (2025–2032). This robust growth is fueled by the accelerating demand from the electric vehicle (EV) revolution, the expansion of renewable energy infrastructure, and the increasing adoption of energy-efficient technologies across consumer electronics and industrial automation sectors.

As industries worldwide pivot towards electrification and sustainability, the fundamental role of high-performance magnetic materials becomes increasingly critical. These materials are the unseen force behind everything from powerful EV motors and wind turbine generators to the speakers in smartphones and the motors in household appliances. In this comprehensive analysis, we profile the Top 10 Companies in the Permanent Magnetic Materials Industry—a dynamic mix of established chemical giants, specialized rare-earth producers, and innovative material science leaders shaping our technological future.

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🔟 1. Hitachi Metals, Ltd. (Now Proterial, Ltd.)

Headquarters: Tokyo, Japan
Key Offering: Neodymium (NdFeB) Magnets, Ferrite Magnets, Alnico Magnets

Proterial (formerly Hitachi Metals) stands as a global powerhouse in advanced magnetic materials, renowned for its high-performance NEOMAX® series of NdFeB magnets. The company serves a diverse portfolio, including the automotive industry where its magnets are critical for EV traction motors, power steering systems, and sensors. With state-of-the-art manufacturing facilities in Japan, China, and Southeast Asia, Proterial maintains a robust supply chain capable of meeting the stringent quality and volume demands of global customers.

Innovation Initiatives:

• Development of high-coercivity, high-temperature NdFeB magnets for next-generation EVs

• Investment in recycling technologies for rare-earth elements to ensure sustainable sourcing

• Strategic expansion of production capacity to address supply chain bottlenecks

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9️⃣ 2. TDK Corporation

Headquarters: Tokyo, Japan
Key Offering: Ferrite Magnets, Neodymium Magnets, Bonded Magnets

TDK Corporation is a world-leading electronic components company with a formidable presence in the magnetic materials market. Its product portfolio is extensive, catering primarily to the consumer electronics, automotive, and industrial sectors. TDK’s expertise in ferrite magnets, which command over 86% of the market by volume, is complemented by its advanced neodymium magnet offerings. The company’s vertically integrated operations, from material development to component manufacturing, provide a significant competitive advantage.

Innovation Initiatives:

• Pioneering work in miniaturized and high-density magnets for compact consumer devices

• Focus on developing magnets with reduced heavy rare-earth content to lower costs and dependency

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8️⃣ 3. Beijing Zhong Ke San Huan Hi-Tech Co., Ltd.

Headquarters: Beijing, China
Key Offering: High-Performance NdFeB Magnets, Sintered Magnets

As one of China’s premier rare-earth magnet manufacturers, Beijing Zhong Ke San Huan Hi-Tech leverages its strong R&D heritage and proximity to key raw materials. The company specializes in sintered NdFeB magnets, which are essential for high-efficiency motors in automotive, wind power, and industrial applications. Its strategic location within the world’s largest rare-earth producing nation provides a distinct cost and supply chain advantage, making it a critical supplier to both domestic and international markets.

Innovation Initiatives:

• Leading research into grain boundary diffusion processes to enhance magnet performance

• Expansion into high-value applications such as robotics and premium consumer electronics

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7️⃣ 4. JL MAG Rare-Earth Co., Ltd.

Headquarters: Xiamen, China
Key Offering: Sintered NdFeB Magnets, Bonded NdFeB Magnets

JL MAG Rare-Earth has rapidly emerged as a global leader in the NdFeB magnet sector, with a particular focus on serving the fast-growing electric vehicle market. The company is a key supplier to numerous major automotive OEMs and Tier-1 suppliers, providing magnets for traction motors that require exceptional magnetic strength and thermal stability. JL MAG’s significant production scale and continuous investment in capacity expansion position it to capitalize on the long-term electrification trend.

Innovation Initiatives:

• Securing long-term agreements for rare-earth raw materials to mitigate price volatility

• Development of proprietary magnet compositions optimized for automotive applications

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6️⃣ 5. Shin-Etsu Chemical Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: Ferrite Magnets, Rare-Earth Magnets

Shin-Etsu Chemical is a diversified chemical giant with a formidable magnetic materials division. The company is one of the world’s largest producers of ferrite magnets, which are widely used in automotive sensors, speakers, and industrial motors due to their cost-effectiveness and reliability. Alongside its ferrite dominance, Shin-Etsu also produces high-quality rare-earth magnets, leveraging its extensive chemical processing expertise to achieve superior material characteristics.

Innovation Initiatives:

• Continuous improvement in ferrite magnet magnetic properties and manufacturing efficiency

• Investment in R&D for next-generation magnetic materials beyond traditional NdFeB

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5️⃣ 6. DMEGC (Dongyang Mingzhu E-Commerce Co., Ltd.)

Headquarters: Dongyang, Zhejiang, China
Key Offering: Ferrite Magnet Cores, Sintered NdFeB Magnets

DMEGC is a major Chinese manufacturer with a strong focus on magnetic materials and components. The company has a significant market share in ferrite magnets, supplying a global customer base across various industries. Its vertically integrated operations allow for tight control over quality and cost, making it a preferred supplier for high-volume applications. DMEGC is also actively expanding its capabilities in the rare-earth magnet segment to capture growth in premium markets.

Innovation Initiatives:

• Automation of production lines to enhance consistency and reduce manufacturing costs

• Strategic partnerships with automotive and renewable energy companies to co-develop custom solutions

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4️⃣ 7. Ningbo Yunsheng Co., Ltd.

Headquarters: Ningbo, Zhejiang, China
Key Offering: High-Performance NdFeB Magnets, Ferrite Magnets

Ningbo Yunsheng is a prominent player in China’s magnetic materials industry, with a comprehensive product range that includes both sintered NdFeB and ferrite magnets. The company has established a strong reputation for quality and reliability, serving customers in the automotive, wind power, and consumer electronics sectors. Its strategic focus on technological advancement and capacity scaling enables it to compete effectively in both domestic and international markets.

Innovation Initiatives:

• Investment in advanced sintering and machining technologies to improve product performance

• Expansion of product portfolio to include more complex magnet assemblies and sub-systems

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3️⃣ 8. Arnold Magnetic Technologies

Headquarters: Rochester, New York, USA
Key Offering: Alnico Magnets, Samarium Cobalt (SmCo) Magnets, NdFeB Magnets

Arnold Magnetic Technologies is a leading US-based producer of high-performance permanent magnets, specializing in challenging applications for aerospace, defense, medical, and industrial markets. The company is renowned for its expertise in Alnico and Samarium Cobalt magnets, which offer exceptional temperature stability and corrosion resistance. This focus on specialty magnets for critical applications provides a strong competitive moat and shields it from the intense price competition in high-volume segments.

Innovation Initiatives:

• Development of magnets for extreme environments, including high temperatures and corrosive conditions

• Collaboration with defense and aerospace contractors on custom magnetic solutions

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2️⃣ 9. Daido Steel Co., Ltd.

Headquarters: Nagoya, Japan
Key Offering: NdFeB Magnets, Specialized Magnetic Alloys

Daido Steel is a major Japanese steel and advanced materials company with a significant presence in the permanent magnet market. The company produces high-grade NdFeB magnets that are used in automotive motors, hard disk drives, and various industrial applications. Daido Steel’s strength lies in its metallurgical expertise, which allows it to produce magnets with precise magnetic properties and excellent consistency, meeting the demanding specifications of its global clientele.

Innovation Initiatives:

• R&D focused on improving the corrosion resistance and mechanical strength of NdFeB magnets

• Development of recycling processes to recover rare-earth metals from end-of-life products

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1️⃣ 10. Vacuumschmelze GmbH & Co. KG (VAC)

Headquarters: Hanau, Germany
Key Offering: VACODYM (NdFeB) Magnets, VACOMAX (SmCo) Magnets, Semi-finished Magnetic Materials

Vacuumschmelze (VAC) is a leading European manufacturer of high-performance magnetic materials with a century-long heritage. The company specializes in premium magnets for demanding applications in the automotive, aerospace, and industrial sectors. VAC’s products are known for their exceptional quality and performance, often serving as benchmarks in the industry. The company’s recent announcement to build a new magnet production facility in the United States underscores its commitment to serving the North American EV market and diversifying the global supply chain.

Innovation Initiatives:

• Pioneering the production of rare-earth magnets outside of Asia to ensure supply chain security

• Continuous development of magnet grades with higher energy product and operating temperatures

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🧲 Outlook: The Future of Permanent Magnetic Materials Is High-Performance and Sustainable

The permanent magnetic materials market is undergoing a profound transformation. While ferrite magnets continue to dominate in volume due to their cost advantage, the high-growth trajectory is firmly in the realm of rare-earth magnets, particularly NdFeB, driven by the global energy transition. The industry is investing heavily in advanced manufacturing technologies, supply chain diversification, and sustainable production practices to meet the demands of a decarbonizing world.

📈 Key Trends Shaping the Market:

• Explosive growth in EV production, with each vehicle containing 2-4 kg of high-performance magnets

• Increasing adoption of direct-drive permanent magnet generators in wind turbines, both onshore and offshore

• R&D focus on reducing or eliminating heavy rare-earth elements like Dysprosium and Terbium to lower costs and geopolitical risks

• Rising importance of magnet recycling and circular economy principles to ensure long-term raw material security

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The companies profiled above are not merely suppliers of magnetic components; they are enablers of technological progress—providing the essential materials that power the electric mobility revolution, generate clean energy, and drive innovation across countless industries. Their continued leadership and innovation will be crucial in shaping a more efficient and sustainable technological future.