Nordic Permanent Magnet Market Future
Plans and Growth by 2031

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: Nordic Permanent Magnet Market Analysis

The Nordic permanent magnet market is experiencing robust growth fueled by substantial investments in renewable energy, electric vehicles (EVs), and advanced manufacturing. Leading the charge are Sweden, Denmark, and Finland, driven by their ambitious green energy transitions. The region's commitment to wind power, a sector heavily reliant on neodymium-based permanent magnets for wind turbine generators, is a key driver. Simultaneously, the rapid adoption of EVs, another significant user of high-performance permanent magnets in motors and batteries, is further boosting demand. The expanding electronics and manufacturing sectors across the Nordics also contribute to this growth, utilizing permanent magnets in motors, sensors, and consumer electronics.

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

1. Hitachi Ltd
2. Shin-Etsu Chemical Co Ltd
3. TDK Cor
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

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 surging EV market, is a primary catalyst for the increasing demand for permanent magnets. These magnets are crucial for optimizing EV performance, influencing efficiency, size, and weight. Key applications include Permanent Magnet Synchronous Motors (PMSMs), electric power steering (EPS) systems, regenerative braking, charging systems, and various sensors and actuators. The use of permanent magnets in EVs enables weight reduction, enhances efficiency, and improves driving dynamics, aligning with the sustainability goals of electric mobility. As EV adoption continues to rise, permanent magnets are expected to play an increasingly vital role in advancing EV technology and competitiveness.

Nordic Permanent Magnet Market: Country Insights

The Nordic permanent magnet market can be segmented into Sweden, Denmark, Norway, and Finland. Denmark held the largest market share in 2024.

Denmark's Market Dominance:

Denmark's strong growth in the permanent magnet market is primarily driven by its leadership in renewable energy, particularly wind power, and the rising adoption of EVs and other clean energy technologies. Denmark's ambitious sustainability targets and its established position as a renewable energy hub are significantly increasing the demand for permanent magnets, essential components in wind turbines, electric motors, and various industrial applications.

• Wind Energy Leadership: Denmark is a global leader in wind energy, with permanent magnets playing a critical role in modern wind turbines, especially direct-drive models.
• Offshore Wind Capacity: As of 2023, Denmark had approximately 2.5 GW of installed offshore wind capacity. The Danish government aims to increase this to 12 GW by 2030, significantly boosting the demand for permanent magnets.
• Renewable Energy Goals: Denmark's goal to generate 50% of its energy from renewables by 2030 further reinforces the need for wind turbine technology, which relies heavily on permanent magnets.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights