The global permanent magnet market is dominated by rare earth magnets based on the Nd2Fe14B phase accounting for over 60 percent of total sales. The current status of material development and processing technologies will be reviewed. With the forecast growth in applications e.g. in both ICE and HEV/EV markets, the search for alternatives to the current Nd, Pr and Dy alloy compositions is being pursued. Also microstructure engineering through thermomechanical processing is being developed to enhance magnetic performance with lower rare earth content. In addition recycling strategies for EOL magnets are receiving increased attention. These technologies and market drivers for the rare earth magnet industry will be discussed. An update on the latest status of the Hitachi Metals patent litigation will also be presented.