Middle East and Africa Permanent Magnet Market Report (2021–2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
Description
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.
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.
Table of Contents
121 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. Middle East and Africa 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. Middle East and Africa Permanent Magnet Market – Key Market Dynamics
- 5.1 Growth Drivers
- 5.1.1 Rising Demand for Consumer Electronics
- 5.1.2 Advancement in Technology
- 5.1.3 Growing demand for electric vehicle
- 5.2 Market Opportunities
- 5.2.1 Expansion in Electric Mobility
- 5.2.2 Investment in Magnet Recycling
- 5.2.3 Emerging Markets for Industrial and Consumer Applications
- 5.3 Future Trends
- 5.3.1 Shift towards rare earth elements
- 5.3.2 Miniaturization of Devices
- 5.3.3 Circular Economy and Recycling
- 5.4 Impact of Drivers and Restraints
- 6. Middle East and Africa Permanent Magnet Market Regional Analysis
- 6.1 Middle East and Africa Permanent Magnet Market Overview
- 6.2 Middle East and Africa Permanent Magnet Market Revenue 2021-2031 (US$ Million)
- 6.3 Middle East and Africa Permanent Magnet Market Forecast Analysis
- 7. Middle East and Africa Permanent Magnet Market Analysis – by Type
- 7.1 Neodymium-Iron-Boron
- 7.1.1 Overview
- 7.1.2 Neodymium-Iron-Boron: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Ferrite
- 7.2.1 Overview
- 7.2.2 Ferrite: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.3 Samarium Cobalt
- 7.3.1 Overview
- 7.3.2 Samarium Cobalt: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.4 Alnico
- 7.4.1 Overview
- 7.4.2 Alnico: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8. Middle East and Africa Permanent Magnet Market Analysis – by Application
- 8.1 Consumer Electronics
- 8.1.1 Overview
- 8.1.2 Consumer Electronics: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Automotive
- 8.2.1 Overview
- 8.2.2 Automotive: Middle East and Africa 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: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.4 Medical
- 8.4.1 Overview
- 8.4.2 Medical: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.5 Industrial Machinery
- 8.5.1 Overview
- 8.5.2 Industrial Machinery: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.6 Energy
- 8.6.1 Overview
- 8.6.2 Energy: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9. Middle East and Africa Permanent Magnet Market – Middle East and Africa Analysis
- 9.1 Middle East and Africa
- 9.1.1 Middle East and Africa Permanent Magnet Market Breakdown, by Key Country, 2025 and 2031 (%)
- 9.1.1.1 Middle East and Africa Permanent Magnet Market – Revenue and Forecast Analysis – by Country
- 9.1.1.1 UAE: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.1.1 UAE: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.1.2 UAE: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.2 Saudi Arabia: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.2.1 Saudi Arabia: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.2.2 Saudi Arabia: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.3 Turkey: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.3.1 Turkey: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.3.2 Turkey: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.4 Qatar: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.4.1 Qatar: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.4.2 Qatar: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.5 Kuwait: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.5.1 Kuwait: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.5.2 Kuwait: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.6 South Africa: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.6.1 South Africa: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.6.2 South Africa: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.7 Bahrain: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.7.1 Bahrain: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.7.2 Bahrain: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.8 Oman: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.8.1 Oman: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.8.2 Oman: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.9 Egypt: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.9.1 Egypt: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.9.2 Egypt: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.10 Nigeria: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.10.1 Nigeria: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.10.2 Nigeria: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.11 Algeria: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.11.1 Algeria: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.11.2 Algeria: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 9.1.1.12 and Rest of MEA: Middle East and Africa Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.12.1 and Rest of MEA: Middle East and Africa Permanent Magnet Market Breakdown, by Type
- 9.1.1.12.2 and Rest of MEA: Middle East and Africa Permanent Magnet Market Breakdown, by Application
- 10. Competitive Landscape
- 10.1 Heat Map Analysis
- 10.2 Company Positioning and Concentration
- 11. Middle East and Africa 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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