GCC Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The GCC Permanent Magnet Market is projected to reach $286.7 million by 2031, rising from $167.0 million in 2024. This growth indicates a CAGR of 8.0% from 2025 to 2031.

GCC Permanent Magnet Market Outlook

The demand for permanent magnets in the GCC (Gulf Cooperation Council) region is experiencing significant growth due to diversification efforts in key sectors, including renewable energy, electric vehicles (EVs), and advanced manufacturing. Countries like Saudi Arabia, the UAE, and Qatar are moving towards sustainable energy sources, which increases the need for permanent magnets in applications such as wind turbines, electric motors, and energy-efficient technologies. The automotive sector is a major driver of this demand, as the rising adoption of electric vehicles necessitates high-performance magnets for EV motors. Furthermore, the focus on infrastructure development, robotics, and automation in the region supports the application of permanent magnets in industrial settings. Consequently, the demand for these magnets is surging as GCC countries transition to greener, technology-driven economies.

GCC Permanent Magnet Market Segmentation

The permanent magnet market is segmented by type and application.

By type, the market includes neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. As of 2024, the neodymium-iron-boron segment is the market leader.

In terms of application, the sectors are consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. In 2024, the consumer electronics segment held the largest market share.

GCC Permanent Magnet Market Analysis

Permanent magnets play a vital role in the operation of various consumer electronics components. They can retain magnetic properties without an external power source, making them suitable for a wide range of products, from audio devices to computing hardware. In particular, these magnets enhance the efficiency of electro-mechanical products, such as air conditioning compressors, fans, computer cables, cameras, watches, earbuds, DVDs, loudspeakers, microphones, mobile phones, voice coil motors, printers, fax stepper motors, printer machine rollers, and hard disk drives (HDDs). The growing manufacture of gaming systems, smartphones, and portable computing devices will further drive the demand for permanent magnets.

Additionally, the increasing prevalence of connected devices, such as smartphones and other consumer electronics, combined with the rising popularity of the Internet of Things (IoT), is contributing to a dramatic increase in data traffic. This surge in demand for smartphones and connected devices is further boosting the need for permanent magnets.

Country Insights

Regionally, the GCC permanent magnet market can be segmented into the UAE, Bahrain, Qatar, Saudi Arabia, and Oman. The UAE held the largest market share in 2024.

The permanent magnet market in the United Arab Emirates (UAE) is experiencing rapid growth due to economic diversification, technological advancements, and increased investment in renewable energy and electric vehicles. In line with its Vision 2021 and Vision 2030 plans, the UAE is emphasizing sustainability and innovation. According to the Dubai Water and Electricity Authority, the number of EVs in Dubai is projected to reach approximately 7,331 in 2023 and 12,852 by 2025. This supports the Dubai Green Mobility Strategy 2030, which mandates that 30% of public sector vehicles and 10% of all vehicle sales be electric or hybrid by 2030, leading to an increase in the demand for permanent magnets.

The UAE is investing heavily in renewable energy, particularly solar and wind power. Permanent magnets are essential components in wind turbines developed as part of the UAE's energy diversification strategy. Additionally, the UAE is constructing one of the largest solar facilities in the world, where magnets are utilized in various components, including motors and actuators for energy generation and storage systems.

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 adopt strategies such as expansion, product innovation, and mergers and acquisitions to maintain competitiveness and deliver innovative solutions to their customers.