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The transition to clean energy, acceleration in EV uptake, and demand from other renewable technologies means the market for permanent magnets is growing rapidly. GKN Powder Metallurgy recently announced it will begin manufacturing permanent magnets specifically for the EV markets in Europe and North America and is investing significantly to establish the capacity to produce up to 4,000 tonnes by 2025. Here, GKN PM shares its vision for the electric motor market and its plans to create local-to-local supply chains for permanent magnets, with insight from Thorsten Wieres, Global Program Director Magnets, and Eckart Schneider, Director of Business Development.
The total global market for permanent magnets is growing fast, according to Global Market Insights, with a CAGR of 7.4% from 2022 to 2030 [1], and the permanent magnet for traction motor market segment is growing even faster. GKN PM expects the market value of this segment to exceed £5 billion by 2030. But challenges lie ahead for the global automotive industry unless alternative sources for the rare earth minerals used to produce these magnets are developed, and sufficient manufacturing capacity is created to support this rising demand. As Wieres explained, “We understand, from extensive market research and our discussions with Tier 1 EV manufacturers and OEMs, that permanent magnets are, and will continue to be, the main solution for electric motor designs for the foreseeable future.” “Our prediction for the EV market is backed up by research conducted by AVL, one of the world’s leading automotive engineering companies,” he continued.
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“Through its close ties to many automotive partners and its own intelligence, AVL has looked at the whole EV picture – and the design
and technology trends that are shaping the future of electric motors – to understand market needs. It predicts that more than 75% of BEV
Global Electric Car Stock Passes 10-million Milestone Global stock of electric passenger cars, by region* China
Europe
US
Rest of the World
2010
2012
2014
2016
2018
2020 0m
4.51
2m
4m
3.16
6m
8m
1.78 0.75
10.20 m
10 m
12 m
*includes plug-in hybrids
Fig. 1 Global electric car stock has passed the 10-million milestone – 75% of those cars will contain permanent magnets for at least the next decade (Source: International Energy Agency, via GKN PM)
Spring 2023
PM Review
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GKN Powder Metallurgy: A strategic vision for the future of permanent magnets for EVs
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GKN PM: Permanent magnets
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