Nordic Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031263 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031263 | Category: Chemicals and Materials
The Permanent Magnet Market size is expected to reach US$ 243.41 million by 2031 from US$ 146.46 million in 2024. The market is estimated to record a CAGR of 8.0 % from 2025 to 2031.
The demand for permanent magnets in the Nordic region is steadily increasing, driven by significant investments in renewable energy, EVs, and advanced manufacturing. Countries like Sweden, Denmark, and Finland are at the forefront of Europe’s green energy transition, with large-scale wind energy projects that rely heavily on permanent magnets for wind turbine generators. As the Nordic region aims to meet its ambitious renewable energy goals, the demand for permanent magnets, particularly neodymium-based magnets, is expected to grow. Moreover, the shift towards electric mobility is another key factor. Nordic countries are leaders in EV adoption, with growing production and sales of electric vehicles, which require high-performance permanent magnets for electric motors and batteries. Additionally, the expanding manufacturing and electronics sectors in the region are increasing the use of permanent magnets in motors, sensors, and various consumer electronics. The combination of green energy initiatives and technological advancements is significantly driving the demand for permanent magnets in the Nordic region.
Key segments that contributed to the derivation of the permanent magnet market analysis are type and application.
The automotive industry is growing rapidly, particularly in electric vehicles (EVs), which significantly drives the demand for permanent magnets. These magnets play a critical role in the operation and performance of EVs, contributing to the efficiency, size, and weight of various key components. The most common application of permanent magnets in EVs is in Permanent Magnet Synchronous Motors (PMSMs), electric power steering systems (EPS), regenerative braking systems, charging systems, various sensors and actuators, and others. The use of permanent magnets in EVs helps reduce weight, increase efficiency, and improve driving dynamics while contributing to the long-term sustainability of electric mobility. As demand for EVs grows, permanent magnets are expected to be pivotal in enhancing the technology's performance and competitiveness.
Based on region, the Nordic permanent magnet market is further segmented into the Sweden, Denmark, Norway, and Finland. The Denmark held the largest share in 2024
The permanent magnet market in Denmark is experiencing strong growth driven by the country's leadership in renewable energy, particularly wind power, as well as the increasing adoption of EVs and other clean energy technologies. Denmark's ambitious sustainability goals and its established position as a hub for renewable energy technologies are growing the demand for permanent magnets, which are essential components in wind turbines, electric motors, and various other industrial applications. Denmark is a global leader in wind energy, and permanent magnets are critical components in modern wind turbines, particularly direct-drive turbines. As of 2023, Denmark had ~2.5 GW of installed offshore wind capacity, and the Danish government plans to increase this capacity to 12 GW by 2030. Additionally, Denmark aims to produce 50% of its energy from renewables by 2030, further increasing the need for wind turbine technology, relying on permanent magnets.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 146.46 Million |
| Market Size by 2031 | US$ 243.41 Million |
| Global CAGR (2025 - 2031) | 8.0 % |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Nordic
|
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 Nordic Permanent Magnet Market is valued at US$ 146.46 Million in 2024, it is projected to reach US$ 243.41 Million by 2031.
As per our report Nordic Permanent Magnet Market, the market size is valued at US$ 146.46 Million in 2024, projecting it to reach US$ 243.41 Million by 2031. This translates to a CAGR of approximately 8.0 % during the forecast period.
The Nordic 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 Nordic Permanent Magnet Market report:
The Nordic Permanent Magnet Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Nordic Permanent Magnet Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Nordic Permanent Magnet Market value chain can benefit from the information contained in a comprehensive market report.
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