The ASEAN Permanent Magnet Market size is expected to reach US$ 2,972.30 million by 2031 from US$ 1,782.97 million in 2024. The market is estimated to record a CAGR of 8.7% from 2025 to 2031.
ASEAN Permanent Magnet Market: Executive Summary and Analysis
Market Overview
The ASEAN permanent magnet market is witnessing robust growth, driven by increasing demand across key industries such as electronics, automotive, renewable energy, and manufacturing. As ASEAN nations advance their industrial and technological capabilities, the need for high-performance permanent magnets—particularly in electric motors, hard drives, wind turbines, and electric vehicles (EVs)—continues to rise.
The rapid expansion of the EV sector, supported by government incentives and sustainability initiatives, is a major growth catalyst. High-performance magnets like neodymium-iron-boron (NdFeB) are essential for EV motor production. Additionally, the renewable energy sector is boosting demand, as permanent magnets play a critical role in wind turbine generators and other energy-efficient technologies.
Market Outlook
The ASEAN permanent magnet market is poised for sustained expansion, fueled by:
- Technological advancements in magnet production and applications.
- Rising demand for energy-efficient solutions across industries.
- Growing adoption of EVs, driven by stricter emissions regulations and consumer preference for sustainable transportation.
- Expansion of renewable energy projects, particularly wind power, which relies heavily on permanent magnets for turbine efficiency.
Key magnet materials—including NdFeB, samarium-cobalt (SmCo), and ferrite—are seeing increased adoption based on their unique properties and suitability for various applications.
Country-Specific Insights
The ASEAN permanent magnet market is segmented into Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Among these, Thailand dominated the market in 2023 and is expected to maintain its leading position due to several key factors:
Thailand: A Key Market Leader
Thailand’s strong manufacturing base, particularly in automotive, electronics, and renewable energy, is driving significant demand for permanent magnets. Key growth drivers include:
- EV Production Boom: As a regional automotive hub, Thailand’s push toward EV manufacturing is increasing the need for high-performance magnets in electric motors.
- Electronics Industry Expansion: Permanent magnets are essential for motors, sensors, and speakers, supporting Thailand’s thriving electronics sector.
- Renewable Energy Investments: The country’s focus on wind energy is boosting demand for magnets used in turbine generators.
To meet this growing demand, manufacturers are expanding operations in Thailand. For example, Arnold Magnetic Technologies recently inaugurated a new 26,250 ft² production facility in Amata City, Chonburi (operational since October 2024), specializing in permanent magnet assemblies, including rotors, stators, and motors. This expansion underscores Thailand’s strategic importance in the ASEAN magnet market.
Conclusion
The ASEAN permanent magnet market is on a strong growth trajectory, supported by industrialization, green energy transitions, and technological advancements. Thailand remains the dominant player, with its thriving automotive and electronics sectors, while other ASEAN nations are also contributing to regional demand. As industries continue to prioritize efficiency and sustainability, the permanent magnet market is expected to expand further, presenting significant opportunities for manufacturers and investors.
ASEAN Permanent Magnet Market Segments Covered
ASEAN Permanent Magnet Market By Type
- Neodymium-Iron-Boron
- Ferrite
- Samarium Cobalt
- Alnico
ASEAN Permanent Magnet Market By Application
- Consumer Electronics
- Automotive
- Aerospace and Defense
- Medical
- Industrial Machinery
- Energy
ASEAN Permanent Magnet Market Regions and Countries Covered
ASEAN
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
ASEAN 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
Other Reports:
Asia Pacific Permanent Magnet Market: https://www.findit.com/bxzmqbokeeacpdc/RightNow/asia-pacific-permanent-magnet-markets/80f6c3a8-c1db-4835-b391-5c47fe202f7b
Nordic Permanent Magnet Market: https://penzu.com/p/0b1336c73d47dfd9
GCC Permanent Magnet Market: https://business-news-insights.blogspot.com/2025/05/gcc-permanent-magnet-market-growth.html
ASEAN Graphite Market: https://sites.google.com/view/asean-graphite-market/home
Europe Pharmaceutical Continuous Manufacturing Market: https://www.blogbursts.in/europe-pharmaceutical-continuous-manufacturing-market-analysis-by-business-methodologies-2027/
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
