The Nordic 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.
Executive Summary and Nordic Permanent Magnet Market Analysis:
The Nordic region is witnessing a steady rise in demand for permanent magnets, fueled by substantial investments in renewable energy, electric vehicles (EVs), and advanced manufacturing. Countries such as Sweden, Denmark, and Finland are leading Europe’s green energy transition, with large-scale wind energy projects that heavily depend on permanent magnets for wind turbine generators. As the Nordic countries strive to achieve their ambitious renewable energy targets, the demand for permanent magnets, especially neodymium-based magnets, is projected to grow significantly.
The shift toward electric mobility is another major driver. Nordic nations are at the forefront of EV adoption, with increasing production and sales of electric vehicles that rely on high-performance permanent magnets for electric motors and batteries. Furthermore, the expanding manufacturing and electronics sectors in the region are boosting the use of permanent magnets in motors, sensors, and consumer electronics. The convergence of green energy initiatives and technological advancements is creating a robust demand for permanent magnets across the Nordic region.
Nordic Permanent Magnet Market Segments Covered
Nordic Permanent Magnet Market By Type
- Neodymium-Iron-Boron
- Ferrite
- Samarium Cobalt
- Alnico
Nordic Permanent Magnet Market By Application
- Consumer Electronics
- Automotive
- Aerospace and Defense
- Medical
- Industrial Machinery
- Energy
Nordic Permanent Magnet Market Company Profiles
- Hitachi Ltd
- Shin-Etsu Chemical Co Ltd
- TDK Cor
- 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.
Nordic Permanent Magnet Market Outlook
The automotive industry, particularly the electric vehicle (EV) sector, is experiencing rapid growth, driving significant demand for permanent magnets. These magnets are critical to the performance and efficiency of EVs, influencing the size, weight, and functionality of key components. Permanent magnets are widely used in Permanent Magnet Synchronous Motors (PMSMs), electric power steering systems (EPS), regenerative braking systems, charging systems, sensors, and actuators. Their use in EVs contributes to weight reduction, improved efficiency, enhanced driving dynamics, and the long-term sustainability of electric mobility. As EV adoption continues to rise, permanent magnets are expected to play a pivotal role in advancing the technology’s performance and competitiveness.
Nordic Permanent Magnet Market Country Insights
The Nordic permanent magnet market is segmented by region, including Sweden, Denmark, Norway, and Finland. In 2024, Denmark held the largest market share.
The permanent magnet market in Denmark is experiencing robust 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 innovation are fueling demand for permanent magnets, which are essential components in wind turbines, electric motors, and various industrial applications.
Denmark is a global leader in wind energy, and permanent magnets are critical to modern wind turbines, especially direct-drive turbines. As of 2023, Denmark had approximately 2.5 GW of installed offshore wind capacity, with plans to expand this to 12 GW by 2030. Additionally, Denmark aims to generate 50% of its energy from renewable sources by 2030, further increasing the demand for wind turbine technology that relies on permanent magnets. This focus on renewable energy and clean technology positions Denmark as a key driver of permanent magnet demand in the Nordic region.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
