Permanent Magnets Market Size, Share, Trend, Forecast, & Competitive Analysis: 2023-2028

The permanent magnets market is estimated to grow from USD 37.62 billion in 2022 to USD 64.13 billion by 2028 at a CAGR of 9.19% during the forecast period.The global permanent magnet market will likely witness significant changes in the coming years. New sources of supply are scheduled to be developed across the globe. China, which is the major producer of permanent magnets worldwide, is witnessing consolidation by state-owned enterprises. China owns the largest reserves of permanent magnets worldwide and is a low-cost producer of permanent magnets. China will continue to remain the largest producer during the forecast period.