ASEAN Permanent Magnet Market Top
Players, Growth rate, Application and Forecasts 2031

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

The ASEAN permanent magnet market is experiencing robust growth, fueled by escalating demand from pivotal sectors including electronics, automotive, renewable energy, and general manufacturing. The modernization of infrastructure and industries across ASEAN nations is driving an increasing need for high-performance magnets in applications such as electric motors, hard drives, wind turbines, and, most notably, electric vehicles (EVs).

The rapid expansion of the ASEAN EV market, spurred by governmental incentives and a growing emphasis on sustainability, is a significant catalyst for the demand for high-quality permanent magnets, particularly neodymium-iron-boron (NdFeB) magnets crucial for EV motor production. Furthermore, the burgeoning renewable energy sector is contributing substantially to this growth, with increased demand for magnets in wind turbines and other energy-efficient technologies.

ASEAN Permanent Magnet Market Outlook

The ASEAN permanent magnet market is poised for continued expansion, propelled by technological advancements, a rising demand for energy-efficient solutions, and the widespread adoption of EVs. Permanent magnets, essential components across the automotive, electronics, energy, and manufacturing industries, are primarily composed of materials like neodymium (NdFeB), samarium-cobalt (SmCo), and ferrite, each offering distinct properties tailored to specific applications.

A key driver of this market is the booming electric vehicle industry, where permanent magnets are indispensable for powering EV motors. As ASEAN governments implement stricter emission standards and consumers increasingly favor sustainable transportation, the demand for EVs—and consequently, for permanent magnets—is on an upward trajectory. Similarly, the renewable energy sector, especially wind power, is a significant growth engine, as permanent magnets are integral to the operation of wind turbine generators. Consequently, the ASEAN permanent magnet market is projected to maintain its growth momentum, supported by increasing demand in green technologies, transportation, and advanced manufacturing.

ASEAN Permanent Magnet Market Country Insights

Regionally, the ASEAN permanent magnet market can be segmented into Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Thailand held the largest market share in 2023.

Thailand's expanding manufacturing sector, particularly in automotive, electronics, and renewable energy, is a primary driver of its leading market position. As a burgeoning automotive production hub, Thailand is experiencing heightened demand for magnets in EV motors. The country's robust electronics sector also heavily relies on permanent magnets for motors, sensors, and speakers. Furthermore, Thailand's commitment to renewable energy, especially wind power initiatives, is fueling the demand for magnets used in wind turbines. The country's proactive adoption of green technologies is expected to further boost permanent magnet demand in the coming years. This growing demand is attracting manufacturers to expand their presence in Thailand. For instance, Arnold Magnetic Technologies commenced operations in a new state-of-the-art 26,250 ft² facility in Amata City, Chonburi, Thailand, in October 2024. This facility produces various permanent magnet assemblies, including rotors, stators, and motors, directly contributing to market growth within the country.

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