GCC Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
Description
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.
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.
Table of Contents
114 Pages
- 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. GCC 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. GCC 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. GCC Permanent Magnet Market Regional Analysis
- 6.1 GCC Permanent Magnet Market Overview
- 6.2 GCC Permanent Magnet Market Revenue 2021-2031 (US$ Million)
- 6.3 GCC Permanent Magnet Market Forecast Analysis
- 7. GCC Permanent Magnet Market Analysis – by Type
- 7.1 Neodymium-Iron-Boron
- 7.1.1 Overview
- 7.1.2 Neodymium-Iron-Boron: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Ferrite
- 7.2.1 Overview
- 7.2.2 Ferrite: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.3 Samarium Cobalt
- 7.3.1 Overview
- 7.3.2 Samarium Cobalt: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.4 Alnico
- 7.4.1 Overview
- 7.4.2 Alnico: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8. GCC Permanent Magnet Market Analysis – by Application
- 8.1 Consumer Electronics
- 8.1.1 Overview
- 8.1.2 Consumer Electronics: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Automotive
- 8.2.1 Overview
- 8.2.2 Automotive: GCC 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: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.4 Medical
- 8.4.1 Overview
- 8.4.2 Medical: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.5 Industrial Machinery
- 8.5.1 Overview
- 8.5.2 Industrial Machinery: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.6 Energy
- 8.6.1 Overview
- 8.6.2 Energy: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9. GCC Permanent Magnet Market – GCC Analysis
- 9.1 GCC
- 9.1.1 GCC Permanent Magnet Market Breakdown, by Key Country, 2025 and 2031 (%)
- 9.1.1.1 GCC Permanent Magnet Market – Revenue and Forecast Analysis – by Country
- 9.1.1.1 Bahrain: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.1.1 Bahrain: GCC Permanent Magnet Market Breakdown, by Type
- 9.1.1.1.2 Bahrain: GCC Permanent Magnet Market Breakdown, by Application
- 9.1.1.2 Kuwait: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.2.1 Kuwait: GCC Permanent Magnet Market Breakdown, by Type
- 9.1.1.2.2 Kuwait: GCC Permanent Magnet Market Breakdown, by Application
- 9.1.1.3 Oman: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.3.1 Oman: GCC Permanent Magnet Market Breakdown, by Type
- 9.1.1.3.2 Oman: GCC Permanent Magnet Market Breakdown, by Application
- 9.1.1.4 Qatar: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.4.1 Qatar: GCC Permanent Magnet Market Breakdown, by Type
- 9.1.1.4.2 Qatar: GCC Permanent Magnet Market Breakdown, by Application
- 9.1.1.5 Saudi Arabia: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.5.1 Saudi Arabia: GCC Permanent Magnet Market Breakdown, by Type
- 9.1.1.5.2 Saudi Arabia: GCC Permanent Magnet Market Breakdown, by Application
- 9.1.1.6 United Arab Emirates: GCC Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.6.1 United Arab Emirates: GCC Permanent Magnet Market Breakdown, by Type
- 9.1.1.6.2 United Arab Emirates: GCC Permanent Magnet Market Breakdown, by Application
- 10. Competitive Landscape
- 10.1 Heat Map Analysis
- 10.2 Company Positioning and Concentration
- 11. GCC 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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