Western Europe Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031270 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031270 | Category: Chemicals and Materials
The Western Europe Permanent Magnet Market size is expected to reach US$ 3,280.87 million by 2031 from US$ 1,800.89 million in 2024. The market is estimated to record a CAGR of 9.6% from 2025 to 2031.
The demand for permanent magnets in Western Europe is growing rapidly, driven by the region's focus on sustainability, green energy, and technological innovation. As countries like Germany, France, and the UK transition to renewable energy sources, the need for permanent magnets, particularly those used in wind turbines, electric vehicles (EVs), and energy-efficient technologies, is on the rise. The renewable energy sector is a major driver, with wind energy playing a significant role. Permanent magnets are essential components in modern wind turbines, which are crucial for achieving the region's renewable energy targets. As Western European countries expand their wind farms, the demand for high-performance magnets, such as neodymium-iron-boron (NdFeB), is increasing.
Key segments that contributed to the derivation of the permanent magnet market analysis are type and application.
The automotive sector is another key contributor, particularly with the growing shift towards electric vehicles. As Western Europe leads the transition to EVs, the demand for permanent magnets in electric motors is accelerating. These magnets are integral to the efficient operation of EVs, boosting demand for their production. Additionally, advancements in electronics, robotics, and automation further contribute to the need for permanent magnets in industries such as manufacturing, healthcare, and aerospace. As Western Europe focuses on decarbonization and technological development, the demand for permanent magnets is set to continue its upward trajectory, supporting the region's green economy and high-tech industries.
Based on region, the Western Europe permanent magnet market is further segmented into the Belgium, Netherlands, Luxembourg, Germany, France, Italy, Spain, Switzerland, Sweden, Austria, Switzerland, United Kingdom, Denmark, Portugal, Norway, Finland. The Germany held the largest share in 2024.
Germany has a strong electronics industry, which includes manufacturing as well as research and development of electronic devices and components. There is a growing demand for permanent magnets with the increasing use of electronic devices. According to the Germany Trade and Invest GmbH, Germany's electrical and digital sector recorded year-on-year growth of 13.4% in August 2022. Additionally, according to statistics provided by the Statistisches Bundesamt, the revenue from the manufacture of electric motors, generators, and transformers in Germany is estimated to be ~US$ 19.5 billion by 2025. Thus, the growth of the electrical and electronic sector in the country is boosting the demand for permanent magnets.
The automotive sector in the country is rising significantly, particularly in terms of EVs. As Germany is one of the leading automotive manufacturers in Europe, the shift toward electric mobility has significantly increased the demand for high-performance permanent magnets essential for electric motors in EVs. In September 2023, the Federal Office for Economic Affairs and Export Control (BAFA, Germany) approved the subsidized purchase of 2 million electric cars with an investment of US$ 10 billion on electric car subsidies.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 1,800.89 Million |
| Market Size by 2031 | US$ 3,280.87 Million |
| Global CAGR (2025 - 2031) | 9.6% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Western Europe
|
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; and 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 Western Europe Permanent Magnet Market is valued at US$ 1,800.89 Million in 2024, it is projected to reach US$ 3,280.87 Million by 2031.
As per our report Western Europe Permanent Magnet Market, the market size is valued at US$ 1,800.89 Million in 2024, projecting it to reach US$ 3,280.87 Million by 2031. This translates to a CAGR of approximately 9.6% during the forecast period.
The Western Europe 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 Western Europe Permanent Magnet Market report:
The Western Europe Permanent Magnet Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Western Europe Permanent Magnet Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Western Europe Permanent Magnet Market value chain can benefit from the information contained in a comprehensive market report.
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