Europe Magnet Market Forecast by 2033
Market Size in 2024: USD 10.5 Billion
Market Forecast in 2033: USD 17.8 Billion
Market Growth Rate 2025-2033: 6%
The Europe magnet market size reached USD 10.5 billion in 2024. Looking forward, the market is expected to reach USD 17.8 billion by 2033, exhibiting a growth rate (CAGR) of 6% during 2025-2033. The increasing focus on renewable energy sources, favorable government initiatives, significant growth in the healthcare industry, growing adoption of electric cars, and rising product demand in the electronics industry represent some of the key factors driving the market.
Europe Magnet Market Growth Drivers
The increasing focus toward renewable energy sources drives the meaningful Europe magnet market. Magnets are important to generators and wind turbines in renewable energy. According to some recent data, the European Union has set such ambitious targets so as to increase its renewable energy capacity, and wind power is like a key component. Europe has surged for the installation of new wind turbines, done by government incentives and a need for reduction of carbon emissions. Over 1,000 new wind turbines Germany alone installed in 2024 greatly increased high-performance magnets’ demand. More and more countries are investing into renewable energy infrastructure. This investment is thereby driving along the market for magnets, as this trend is expected to continue.
Electric vehicles (EVs) are increasingly adopted now, and that drives the Europe magnet market. This adoption is one main aspect. Electric vehicle motors and generators use magnets as critical parts. Electric vehicles achieve high efficiency and performance due to these components. The European market for electric cars has seen exponential growth, also major automakers like Volkswagen, BMW, and Mercedes-Benz are ramping up production. Industry reports do say that the number of electric vehicles sold now in Europe went up by 30% in 2024 compared to that previous year. This growth finds support in policies of government encouraging EV adoption. Subsidies along with tax incentives stand as examples of these policies. High-quality magnets like neodymium iron boron (NdFeB) magnets, which are known for a superior performance and efficiency, are needed since electric vehicles are now in increasing demand.
The electronics industry consumes many magnets since applications extend from smartphones via computers to consumer electronics. It is the case that advanced magnet materials are needed because demand for compact electronic devices is up too. These electronic devices do also need to have high performance for them. Market research indicates that the European electronics industry has seen a steady increase in its production and it focuses particularly on smart devices along with IoT-enabled products. Magnets are important within devices such as hard disk drives, sensors, and speakers. Because electronic devices are being miniaturized for growing functionality, smaller yet more powerful magnets are increasingly in demand. It is expected that this trend will continue because the electronics industry will still remain a key driver of the European magnet market.
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Europe Magnet Market Segmentation
Analysis by Magnet Type
- Ferrite
- Neodymium Iron Boron (NdFeB)
- Aluminium Nickel Cobalt (AlNiCo)
- Samarium Cobalt (SmCo)
Analysis by Application
- Computer Hard Disk Drives (HDD), CD, DVD
- Hybrid Electric Vehicles
- Electric Bicycles
- Heating, Ventilating and Air Conditioners (HVAC)
- Wind Turbines
- Others
Analysis by Country
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Europe Magnet Market News:
- Renewable Energy Expansion: The European Union has set ambitious targets to increase its renewable energy capacity, with wind power being a key component. The installation of new wind turbines across Europe has surged, significantly boosting the demand for high-performance magnets.
- Electric Vehicle Growth: The European market for electric vehicles has seen exponential growth, with major automakers ramping up production. The number of electric vehicles sold in Europe increased by 30% in 2024 compared to the previous year, driving the need for high-quality magnets.
- Advancements in Magnet Materials: Ongoing technological advancements in magnet materials and manufacturing processes have led to the development of stronger and more efficient magnets. This has resulted in increased adoption across various industries, including electronics and healthcare.
- Increasing Utilization in Medical Devices: The increasing utilization of magnets in medical devices, such as MRI machines, pacemakers, and drug delivery systems, is contributing to the market growth. The healthcare industry’s focus on advanced diagnostic and treatment technologies is driving the demand for high-quality magnets.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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