The Benelux Permanent Magnet Market is projected to grow from USD 10.5 million in 2024 to USD 17.7 million by 2031, reflecting a compound annual growth rate (CAGR) of 7.8% from 2025 to 2031.
Benelux Permanent Magnet Market Outlook:
The demand for permanent magnets in Belgium, the Netherlands, and Luxembourg (Benelux) is steadily increasing, driven by advancements in industries such as automotive, renewable energy, and electronics. The region's strong industrial base, particularly in automotive manufacturing and machinery, has resulted in a growing need for high-performance magnets used in motors, sensors, and other essential components. The automotive industry's shift towards electric vehicles (EVs) is a major factor driving the demand for permanent magnets, especially neodymium-iron-boron (NdFeB) magnets, which are critical for EV motors. As European manufacturers ramp up EV production to comply with stringent environmental regulations, the demand for these magnets continues to rise.
Benelux Permanent Magnet Market Segmentation:
The analysis of the permanent magnet market is segmented by type and application.
By Type: The market is divided into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. The neodymium-iron-boron segment dominated the market in 2024.
By Application: The market is segmented into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment held the largest share of the market in 2024.
Benelux Permanent Magnet Market Analysis:
The emphasis on innovation, sustainability, and green technologies in the Benelux region is driving the need for permanent magnets, establishing the area as a key market in Europe for these essential components. The renewable energy sector, particularly wind energy, significantly contributes to the growing demand for permanent magnets. In pursuit of ambitious goals to reduce carbon emissions, countries in the region are investing in wind farms, which require permanent magnets for efficient power generation in turbine generators. Additionally, the electronics sector is expanding due to increasing demand for smartphones, medical devices, and consumer electronics, all of which rely on magnets for functionality. This surge in demand further boosts the need for permanent magnets.
Country Insights:
The Benelux permanent magnet market can be further divided into Belgium, the Netherlands, and Luxembourg. The Netherlands held the largest market share in 2024.
The Netherlands is one of the leading countries in Europe for EV adoption. According to the Dutch Ministry of Infrastructure and Water Management, EV sales in the Netherlands accounted for 16% of total car sales in 2022, which is approximately 70% higher than the previous year. The Dutch government's policy to phase out the sale of new petrol and diesel cars by 2030 is expected to accelerate EV sales in the coming years. Furthermore, the Netherlands is recognized for its advanced manufacturing and automation sectors. Permanent magnets play a crucial role in electric motors, actuators, and sensors utilized in industrial robots and automated systems. Initiatives such as Hollandse Kust Zuid, the world's first unsubsidized offshore wind farm, are increasing demand for direct-drive turbines that depend on permanent magnets. Additionally, the Netherlands is exploring green hydrogen production, relying on renewable energy sources, including wind power. As a result, demand for permanent magnets is rising across various end-use industries in the country.
Company Profiles:
Key players in the market include 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. These companies employ strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and offer innovative products to their customers.
- 1. Introduction
- 1.1 Business Market Insights Research Report Guidance
- 1.2 Market Segmentation
- 2. Executive Summary
- 2.1 Key Market Insights
- 2.2 Market Attractiveness
- 3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
- 4. Benelux Permanent Magnet Market Landscape
- 4.1 Market Overview
- 4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturers
- 4.3.3 Distributors/Suppliers
- 4.3.4 End Users
- 5. Benelux Permanent Magnet Market – Key Market Dynamics
- 5.1 Growth Drivers
- 5.1.1 The Growth of Electric Vehicles
- 5.1.2 The Role of Permanent Magnets in Renewable Energy
- 5.1.3 Permanent Magnets in Consumer Electronics
- 5.2 Market Opportunities
- 5.2.1 Electric Vehicles Driving Demand for High-Performance Permanent Magnets in Motors
- 5.2.2 Renewable Energy Growth
- 5.2.3 Automation and Robotics
- 5.3 Future Trends
- 5.3.1 Rising Demand for Rare-Earth Permanent Magnets
- 5.3.2 Advancements in Magnet Recycling
- 5.3.3 Miniaturization and Efficiency
- 5.4 Impact of Drivers and Restraints
- 6. Benelux Permanent Magnet Market Regional Analysis
- 6.1 Benelux Permanent Magnet Market Overview
- 6.2 Benelux Permanent Magnet Market Revenue 2021-2031 (US$ Million)
- 6.3 Benelux Permanent Magnet Market Forecast Analysis
- 7. Benelux Permanent Magnet Market Analysis – by Type
- 7.1 Neodymium-Iron-Boron
- 7.1.1 Overview
- 7.1.2 Neodymium-Iron-Boron: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Ferrite
- 7.2.1 Overview
- 7.2.2 Ferrite: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.3 Samarium Cobalt
- 7.3.1 Overview
- 7.3.2 Samarium Cobalt: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.4 Alnico
- 7.4.1 Overview
- 7.4.2 Alnico: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8. Benelux Permanent Magnet Market Analysis – by Application
- 8.1 Consumer Electronics
- 8.1.1 Overview
- 8.1.2 Consumer Electronics: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Automotive
- 8.2.1 Overview
- 8.2.2 Automotive: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.3 Aerospace and Defense
- 8.3.1 Overview
- 8.3.2 Aerospace and Defense: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.4 Medical
- 8.4.1 Overview
- 8.4.2 Medical: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.5 Industrial Machinery
- 8.5.1 Overview
- 8.5.2 Industrial Machinery: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.6 Energy
- 8.6.1 Overview
- 8.6.2 Energy: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9. Benelux Permanent Magnet Market – Benelux Analysis
- 9.1 Benelux
- 9.1.1 Benelux Permanent Magnet Market Breakdown, by Key Country, 2025 and 2031 (%)
- 9.1.1.1 Benelux Permanent Magnet Market – Revenue and Forecast Analysis – by Country
- 9.1.1.1 Belgium: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.1.1 Belgium: Benelux Permanent Magnet Market Breakdown, by Type
- 9.1.1.1.2 Belgium: Benelux Permanent Magnet Market Breakdown, by Application
- 9.1.1.2 Netherlands: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.2.1 Netherlands: Benelux Permanent Magnet Market Breakdown, by Type
- 9.1.1.2.2 Netherlands: Benelux Permanent Magnet Market Breakdown, by Application
- 9.1.1.3 Luxembourg: Benelux Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.3.1 Luxembourg: Benelux Permanent Magnet Market Breakdown, by Type
- 9.1.1.3.2 Luxembourg: Benelux Permanent Magnet Market Breakdown, by Application
- 10. Competitive Landscape
- 10.1 Heat Map Analysis
- 10.2 Company Positioning and Concentration
- 11. Benelux Permanent Magnet Market Industry Landscape
- 11.1 Overview
- 11.2 Mergers and Acquisitions
- 11.3 Agreements, Collaborations, and Joint Ventures
- 11.4 New Product Launches
- 11.5 Expansions and Other Strategic Developments
- 12. Company Profiles
- 12.1 Shin-Etsu Chemical
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
- 12.2 Hitachi Metals
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
- 12.3 Toyota Tsusho Corporation
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
- 12.4 General Electric
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
- 12.5 TDK Corp
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
- 12.6 Armold Magnetic technologies
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
- 12.7 Galaxy Magnets
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
- 12.8 Goudsmit Magnetics
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
- 12.9 Electron Energy Corporation
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
- 12.10 Dexter Magnetic Technolgies
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments
- 12.11 Adams Magnetic Products
- 12.11.1 Key Facts
- 12.11.2 Business Description
- 12.11.3 Products and Services
- 12.11.4 Financial Overview
- 12.11.5 SWOT Analysis
- 12.11.6 Key Developments
- 13. Appendix
- 13.1 About Business Market Insights
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