Western Europe Permanent Magnet Market Analysis, Size, Share, Growth and Trends by Forecast to 2031

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.


Executive Summary & Western Europe Permanent Magnet Market Analysis

The demand for Western Europe Permanent Magnet Market is rapidly increasing, driven by the region's commitment to sustainability, green energy, and technological advancements. Countries such as Germany, France, and the UK are accelerating their transition to renewable energy sources, fueling the need for permanent magnets—especially those used in wind turbines, electric vehicles (EVs), and energy-efficient technologies.

The renewable energy sector remains a key driver, with wind power playing a crucial role. Permanent magnets are essential in modern wind turbines, which are critical to achieving the region’s renewable energy targets. As Western European nations continue expanding wind farms, the demand for high-performance magnets, particularly neodymium-iron-boron (NdFeB), is rising.

Western Europe Permanent Magnet Market Outlook

The automotive sector is another major contributor to market growth, primarily due to the increasing shift toward electric vehicles. As Western Europe leads the EV transition, the demand for permanent magnets in electric motors is surging. These magnets are crucial for efficient EV operation, driving higher production needs.

Beyond automotive and renewable energy, advancements in electronics, robotics, and automation further boost demand for permanent magnets across industries such as manufacturing, healthcare, and aerospace. As Western Europe prioritizes decarbonization and technological progress, the demand for permanent magnets is expected to continue rising, supporting both the green economy and high-tech industries.

Western Europe Permanent Magnet Market Segments Covered

Western Europe Permanent Magnet Market By Type

  • Neodymium-Iron-Boron
  • Ferrite
  • Samarium Cobalt
  • Alnico

Western Europe Permanent Magnet Market By Application

  • Consumer Electronics
  • Automotive
  • Aerospace and Defense
  • Medical
  • Industrial Machinery
  • Energy

The key players operating in the Western Europe Permanent Magnet Market include:

  1. Hitachi Ltd
  2. Shin-Etsu Chemical Co Ltd
  3. TDK Corp
  4. Arnold Magnetic Technologies
  5. Galaxymagnets
  6. Goudsmit Magnetics
  7. Electron Energy Corporation
  8. Dexter Magnetic Technologies
  9. Adams Magnetic Products, LLC
  10. NINGBO YUNSHENG Co., Ltd

These companies employ strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and provide innovative products to their consumers.

Western Europe Permanent Magnet Market – Country Insights

The Western Europe permanent magnet market is segmented into multiple countries, including Belgium, the Netherlands, Luxembourg, Germany, France, Italy, Spain, Switzerland, Sweden, Austria, the United Kingdom, Denmark, Portugal, Norway, and Finland. Among these, Germany held the largest market share in 2024.

Germany boasts a strong electronics industry, encompassing both manufacturing and research & development of electronic devices and components. The rising adoption of electronic devices is driving increased demand for permanent magnets. According to Germany Trade and Invest GmbH, the country’s electrical and digital sector recorded a 13.4% year-on-year growth in August 2022. Additionally, data from Statistisches Bundesamt indicates that Germany’s revenue from electric motor, generator, and transformer manufacturing is projected to reach ~US$ 19.5 billion by 2025. This industry growth is directly fueling demand for permanent magnets.

The automotive sector is also witnessing significant expansion, particularly in the electric vehicle segment. As one of Europe’s leading automotive manufacturers, Germany’s shift toward electric mobility has substantially increased the demand for high-performance permanent magnets essential for EV motors. In September 2023, the Federal Office for Economic Affairs and Export Control (BAFA) approved the subsidized purchase of 2 million electric cars, investing US$ 10 billion in EV subsidies. This strong government support is further propelling the demand for Western Europe Permanent Magnet Market in the country.

Other Report:

ASEAN Graphite Market: https://justpaste.it/j0rf9 

GCC Permanent Magnet Market: https://www.globalpostnews.com/news/gcc-permanent-magnet-market-segmentations-development-status-and-outlook-2025-2031/ 

Nordic Permanent Magnet Market: https://www.patreon.com/posts/nordic-permanent-124851854

Asia Pacific Permanent Magnet Market: https://www.blogbursts.in/asia-pacific-permanent-magnet-market-major-manufacturers-trends-demand-2031/ 

BRIC Permanent Magnet Market: https://pastelink.net/doql7hj2 

Latin America Graphite Market: https://businessnews46.wordpress.com/2025/03/21/latin-america-graphite-market-top-key-players-target-audience-and-forecast-to-2031/ 

About Us:

Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights

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