The Eastern Europe Permanent Magnet Market size is expected to reach US$ 267.13 million by 2031 from US$ 204.83 million in 2024. The market is estimated to record a CAGR of 8.1% from 2025 to 2031.

Executive Summary: Eastern Europe Permanent Magnet Market Analysis

The demand for permanent magnet market in Eastern Europe is rising rapidly, driven by industrial advancements in the automotive, renewable energy, and electronics sectors. Countries such as Poland, the Czech Republic, and Hungary are emerging as key players in the electric vehicle (EV) industry, significantly increasing the production of EVs and hybrid vehicles. This shift toward electric mobility is fueling the demand for high-performance neodymium-iron-boron (NdFeB) magnets, which are essential for EV motors.

Additionally, the renewable energy sector—particularly wind power—is contributing to market growth. Countries like Poland and Romania are expanding their wind energy capacity to meet EU renewable energy targets, further driving demand for permanent magnets, which are critical components in wind turbine generators.

Eastern Europe Permanent Magnet Market Segments Covered

Eastern Europe Permanent Magnet Market By Type

• Neodymium-Iron-Boron

• Ferrite

• Samarium Cobalt

• Alnico

Eastern Europe Permanent Magnet Market By Application

• Consumer Electronics

• Automotive

• Aerospace and Defense

• Medical

• Industrial Machinery

• Energy

Eastern Europe Permanent Magnet Market Company Profiles

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

are among the key players operating in the Eastern Europe Permanent Magnet 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.

Eastern Europe Permanent Magnet Market Outlook

Technological advancements in alloy composition have enhanced the temperature stability of magnets, enabling them to operate in more demanding environments. For instance, the addition of dysprosium and terbium to NdFeB magnets has improved their resistance to demagnetization at high temperatures, which is essential for applications in EV motors and wind turbines.

Sustainability and recycling efforts are also gaining momentum, with significant progress in recovering rare earth materials from used magnets. This helps mitigate environmental concerns and supply chain risks associated with rare earth mining.

Moreover, interest in alternative magnet materials, such as iron-nitride and cobalt-iron alloys, is growing. These materials offer promising magnetic properties while reducing dependence on rare earth elements (REEs), making them a more abundant and eco-friendly option.

Innovations in 3D printing and advanced coating techniques are further enhancing magnet geometry and surface properties, improving durability and overall performance. These technological advancements are lowering production costs, expanding application possibilities, and contributing to the sustainability of industries that rely on permanent magnets.

Eastern Europe Permanent Magnet Market: Country Insights

The Eastern European permanent magnet market is segmented by country, including the Russian Federation, Türkiye, Poland, Ukraine, Romania, and Greece. Among these, the Russian Federation held the largest market share in 2024.

Russia's growing aerospace industry is a key driver of permanent magnet demand, supported by increasing investments in aircraft manufacturing. The country boasts a competitive military aircraft portfolio, including models such as the MiG-29 and Su-27. Additionally, the Russian government is actively promoting domestic aircraft production.

For instance, in June 2022, the government announced an investment of $14.5 million in the aviation industry to boost the share of domestically manufactured aircraft. This growing aerospace sector presents significant opportunities for the permanent magnet market in Russia.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights