Top Permanent Magnet for EV Companies

The surge of global electric vehicle (EV) adoption is leading to an increase in growth of the global permanent magnet for EV market, which has been aided by government incentives, emissions reduction goals and the introduction of stricter fuel economy regulations. Permanent magnets, particularly rare-earth magnets such as neodymium-iron-boron (NdFeB), play an essential role in EV traction motors because of their high-power density, efficiency, and compact size.

Industry Overview

According to SkyQuest Technology “Permanent Magnet for EV Market By Magnet Type (Neodymium Iron Boron Magnets, Samarium Cobalt Magnets), By Application (Traction Motors, Power Steering Systems), By End User, By Region- Industry Forecast 2025-2032,” Global Permanent Magnet for EV Market is projected to grow at a CAGR of over 19.8% by 2032, on account of urgent need for automating quantified data. Car manufacturers are increasingly selecting permanent magnets to extend driving ranges, create better torque performance and decrease energy consumption. In addition, improvements in motor design, continued increase of investment in EV manufacturing capabilities and expansion of charging infrastructures are creating a need for high-performance permanent magnets within both battery and hybrid vehicles.

Top 10 Global Permanent Magnet for EV Companies

1. Shin-Etsu Chemical (Japan)

As the world's largest manufacturer of performance materials, Shin-Etsu Chemical develops technologies such as "grain boundary diffusion" that enable manufacturers to create high-performance permanent magnets with significantly less cost associated with the use of heavy rare earth metals (Dysprosium). This also results in lower material costs for automakers who partner with them.

2. Proterial (formerly Hitachi Metals) (Japan)

As the original developer of the Neodymium magnet, Proterial holds the majority of the key patents in the Neodymium magnet industry. Having gone through a major restructuring with Bain Capital, Proterial has made a renewed focus on producing heavy rare earth-free magnets for electric vehicle traction motors.

3. TDK Corporation (Japan)

TDK Corporation is a market leader in consumer electronics and uses their "NEOREC" family of NdFeB sintered magnets for use in the automotive industry. Their emphasis on miniaturizing components and thermally stable products has enabled them to build into their magnets the ability to operate at the extreme temperatures required by EV powertrains without losing magnetic strength.

4. JL MAG Rare Earth (China)

JL MAG has become arguably the leading "pure play" manufacturer of electric vehicle magnets in the current era and has been constantly supplying some of the largest OEMs such as Tesla, BYD, Volkswagen, etc. Their high level of vertical integration allows them to produce each product at the lowest possible price and with the greatest volume.

5. Ningbo Yunsheng (Ningbo, CHINA)

This company is located in the magnet capital of China. It specializes in manufacturing high-end NdFeB bituminous sintering magnets. Although it also manufactures for commercial electronic equipment, it has seen a rapid expansion of its Automotive Division to provide auxiliary EV motor units for EPS and Regenerative Braking.

6. Zhong Ke San Huan (Ningbo, CHINA)

Zhong Ke San Huan (Ningbo, CHINA) is among the oldest and largest producers of NdFeB magnets in China and is integrated with the Chinese Academy of Sciences as part of its business model. With this affiliation, Zhong Ke San Huan has earned a reputation in the magnet industry as a "blue chip" supplier due to its high-volume production of standard traction motor magnets.

7. Vacuumschmelze (VAC) (Germany)

Vacuumschmelze (VAC) manufactures magnetic materials in Europe and is referred to as the "Rolls-Royce" of the industry. VAC manufactures high-purity alloys and is one of the most important European suppliers for luxury EVs, including high-end brands like Porsche and Audi.

8. Daido Steel (Japan)

Daido Steel is one of the world's leading specialty steel manufacturers that has expanded into high-performance magnets. Daido Steel is best known for its partnership with Honda where the two companies produced the first-ever hot-deformation Neodymium magnets that do not require using heavy rare earth materials.

9. Arnold Magnetic Technologies (United States)

Arnold is the largest manufacturer of magnets located in the U.S. and is focused on providing mission-critical/high-spec magnets. Although Arnold produces a smaller volume of magnets than the large, Chinese manufacturers, it excels in manufacturing samarium cobalt (SmCo) magnets that are used in high-performance/military electric vehicles (EVs), which require the ability to perform under extreme temperature conditions. Additionally, Arnold also manufactures "Precision Thin Metals," which are laminations for motor cores that provide energy loss reduction.

10. Neo Performance Materials (Canada and Estonia)

Neo is unique in that it is the only company operating a large-scale sintered magnet production facility in Europe (established in Narva, Estonia). The Narva facility shipped its initial samples to major first tier EV suppliers in 2024. Neo is also the world leader in "bonded" magnets (produced through their Magnequench division). The establishment of their new facility in Europe is a strategic initiative to establish a full supply chain to Western auto manufacturers that is not dependent on processing done in China.

Other Leading Global Permanent Magnet for EV Companies

• Adams Magnetic Products
• Magnequench
• Anhui Dadixiong New Materials
• Hangzhou Permanent Magnet Group (HPM)
• Newland Magnetics
• Bunting Magnetics
• MP Materials
• Noveon Magnetics
• Ningbo Jinji Strong Magnetic Material
• Zhejiang Sheensen Magnetics

Conclusion

In conclusion, the growth of the permanent magnet for EV market is expected to continue to grow as the switch towards electric mobility is a reliable constant for automotive manufacturing worldwide. Ongoing developments in new magnet types and how these companies can continue to develop and enhance the supply chain of magnets will determine the level of competitiveness among supplier companies in the future.  The inherent mismatch between raw material costs and the supply chain will remain a challenge, however long-term prospects appear favorable because of the critical function that the permanent magnet will serve in creating high-efficiency, high-performance electric drivetrains and the transition to cleaner and more sustainable forms of transportation on a global scale.