The permanent magnets market was estimated at USD 34.2 Billion in 2021 and is likely to grow at a CAGR of 9.29% from 2022-2028 to reach USD 64.13 Billion in 2028.The global permanent magnet market is likely to 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.