Middle East and Africa Permanent Magnet Market Report (2021–2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The Middle East and Africa Permanent Magnet Market is projected to reach USD 470.5 million by 2031, up from USD 280.5 million in 2024. The market is expected to grow at a CAGR of 8.2% from 2025 to 2031.

Middle East and Africa Permanent Magnet Executive Summary and Market Outlook:

The permanent magnet market in the Middle East and Africa is experiencing gradual yet steady growth, driven by rising demand for renewable energy, electric vehicles (EVs), and industrial automation. Although the region is not a major player in permanent magnet production, it is becoming an important market for these technologies, especially as countries diversify their economies and invest in infrastructure development.

The rise of renewable energy projects, particularly in nations like Saudi Arabia, the UAE, and South Africa, is a significant driver of this demand. Wind energy projects increasingly rely on high-performance permanent magnets in direct-drive turbines. The Middle East is heavily investing in clean energy through initiatives such as Saudi Arabia's Vision 2030 and the UAE Energy Strategy 2050, which aim to significantly increase the share of renewables in the energy mix, thereby boosting the demand for wind and solar technologies. Consequently, the expansion of end-use industries is expected to drive the demand for permanent magnets.

Middle East and Africa Permanent Magnet Market Segmentation

The permanent magnet market is segmented by type and application:

By Type: The market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. The neodymium-iron-boron segment was the market leader 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 market share in 2024.

Middle East and Africa Permanent Magnet Market Analysis:

The demand for EVs in the region is increasing, especially in developed nations where governments are incentivizing cleaner transportation. The automotive sector's expansion in South Africa, along with growing interest in electric mobility in the UAE, is contributing to the demand for permanent magnets in electric motors. The industrial sector is also adopting new automation and robotics technologies, which require permanent magnets for motors, actuators, and sensors.

However, supply chain constraints related to rare earth elements-essential for permanent magnet production-remain a challenge. To address this, countries are focusing on securing alternative supply routes and investing in recycling technologies. As the region increasingly invests in clean energy, sustainable transportation, and advanced industrial capabilities, the permanent magnet market is positioned for significant growth.

Country Insights:

The Middle East and Africa permanent magnet market is further segmented into South Africa, UAE, Kuwait, Bahrain, Nigeria, Algeria, Saudi Arabia, Turkey, Qatar, Oman, Egypt, and the Rest of the Middle East and Africa. The UAE held the largest market share in 2024.

The permanent magnet market in the UAE is experiencing remarkable growth, fueled by economic diversification efforts, technological advancements, and increasing investments in renewable energy and EVs. As part of its Vision 2021 and Vision 2030 initiatives, the UAE is focusing on sustainability and innovation. According to the Dubai Water and Electricity Authority, the number of EVs in Dubai is expected to rise from approximately 7,331 in 2023 to 12,852 by 2025. This growth aligns with Dubai's Green Mobility Strategy 2030, which mandates that 30% of public sector vehicles and 10% of all vehicle sales must be electric or hybrid by 2030. As a result, the demand for permanent magnets in the UAE is on the rise.

Company Profiles:

Key players in the Middle East and Africa permanent magnet 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 remain competitive and to offer innovative products to their consumers.