Benelux Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031260 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031260 | Category: Chemicals and Materials
The Permanent Magnet Market size is expected to reach US$ 17.67 million by 2031 from US$ 10.47 million in 2024. The market is estimated to record a CAGR of 8.3% from 2025 to 2031.
The demand for permanent magnets in Belgium, Netherlands, and Luxembourg is growing steadily, driven by advancements in industries such as automotive, renewable energy, and electronics. The region’s strong industrial base, particularly in sectors like automotive manufacturing and machinery, has led to an increased need for high-performance magnets used in motors, sensors, and other essential components. In the automotive industry, the transition towards EVs is a major driver for the demand for permanent magnets, especially neodymium-iron-boron (NdFeB) magnets, which are critical for EV motors. As European manufacturers ramp up EV production to meet stringent environmental regulations, the demand for these magnets continues to rise.
Key segments that contributed to the derivation of the permanent magnet market analysis are type and application.
The Benelux region’s emphasis on innovation, sustainability, and green technologies is further driving the need for permanent magnets, positioning the area as a key market in Europe for these critical components. The renewable energy sector in Benelux, particularly wind energy, also contributes to the growing demand for permanent magnets. With ambitious goals to reduce carbon emissions, countries in the region are investing in wind farms, which require permanent magnets for efficient power generation in turbine generators. Moreover, the electronics sector is expanding with increasing demand for smartphones, medical devices, and consumer electronics, all of which rely on magnets for functionality. Thus, the surging demand for smartphones, medical devices, and consumer electronics further boosted the demand for permanent magnets.
Based on region, the Benelux permanent magnet market is further segmented into the Belgium, Netherlands, and Luxumberg. The Netherlands held the largest share in 2024.
The Netherlands is one of the leading countries in Europe in terms of EV adoption. According to the Dutch Ministry of Infrastructure and Water Management, EV sales in the Netherlands reached 16% of total car sales in 2022, which is ~70% higher than the previous year. The Dutch government's policy to phase out the sale of new petrol and diesel cars by 2030 is expected to accelerate EV sales in the coming years. Moreover, the Netherlands is known for its advanced manufacturing and automation sectors. Permanent magnets are critical in electric motors, actuators, and sensors used in industrial robots and automated systems. Projects such as Hollandse Kust Zuid, the world's first unsubsidized offshore wind farm, expand the demand for direct-drive turbines that rely on permanent magnets. Additionally, the Netherlands is exploring green hydrogen production, which relies on renewable energy sources, including wind power. Thus, the demand for permanent magnets is rising in various end-use industries across the country.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 10.47 Million |
| Market Size by 2031 | US$ 17.67 Million |
| Global CAGR (2025 - 2031) | 8.3% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Benelux
|
Hitachi Ltd, Shin-Etsu Chemical Co Ltd, TDK Corp, Arnold Magnetic Technologies, Galaxymagnets, Goudsmit Magnetics, Electron Energy Corporation, Dexter Magnetic Technologies, Adams Magnetic Products, LLC, NINGBO YUNSHENG co Ltd are among the key players operating in the market. These players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note:
All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate and analyze the data and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews with industry experts across various markets, categories, segments, and sub-segments in different regions. Participants typically include:
The Benelux Permanent Magnet Market is valued at US$ 10.47 Million in 2024, it is projected to reach US$ 17.67 Million by 2031.
As per our report Benelux Permanent Magnet Market, the market size is valued at US$ 10.47 Million in 2024, projecting it to reach US$ 17.67 Million by 2031. This translates to a CAGR of approximately 8.3% during the forecast period.
The Benelux Permanent Magnet Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Benelux Permanent Magnet Market report:
The Benelux Permanent Magnet Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Benelux Permanent Magnet Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Benelux Permanent Magnet Market value chain can benefit from the information contained in a comprehensive market report.
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