Middle East Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
Description
The Middle East Permanent Magnet Market is projected to grow from USD 167.0 million in 2024 to USD 286.7 million by 2031, reflecting a CAGR of 8.0% from 2025 to 2031.
Middle East Permanent Magnet Market Outlook:
The demand for permanent magnets in the Middle East is increasing due to rapid industrialization, economic diversification, and investments in renewable energy projects. Countries such as the UAE and Saudi Arabia are leading the transition towards electric vehicles (EVs) and green technologies, resulting in a surge in demand for neodymium-iron-boron (NdFeB) magnets, which are essential for EV motors and battery systems. Additionally, the region's commitment to diversifying its energy sources has led to significant investments in solar and wind energy projects. Permanent magnets play a crucial role in wind turbine generators, making the development of wind energy a key driver of market demand in the area.
Middle East Permanent Magnet Market Segmentation:
The permanent magnet market analysis is divided into key segments: type and application. By type, the market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others, with neodymium-iron-boron being the dominant segment in 2024. In terms of application, the market is segmented into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others, with the consumer electronics segment holding the largest market share in 2024.
Middle East Permanent Magnet Market Analysis:
The Middle East's burgeoning electronics and manufacturing industries are further driving the demand for permanent magnets. As these industries expand, the need for magnets in motors, sensors, and electronic devices rises, positioning the Middle East as an emerging market for permanent magnets. Governments in the region are implementing attractive laws and incentives to promote EV sales, such as reduced selling costs, minimal registration fees, and free access to charging infrastructure. Additionally, several countries are offering subsidies that exclude import, purchase, and road taxes. These incentives have fostered increased EV manufacturing and led to significant government investment in infrastructure. Permanent magnets contribute to thermal management systems, including pumps and fans that regulate the temperature of motors and batteries. Consequently, the growing adoption of EVs further enhances the demand for permanent magnets.
Country Insights:
The Middle East permanent magnet market is further segmented by country, including the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Kuwait, and Turkey. In 2024, the UAE held the largest market share.
The permanent magnet market in the UAE is experiencing substantial growth, driven by economic diversification efforts, technological advancements, and increasing investments in renewable energy and EV initiatives. As part of its Vision 2021 and Vision 2030 plans, the UAE is focused on sustainability and innovation. According to the Dubai Water and Electricity Authority, the estimated number of EVs in Dubai is expected to grow from approximately 7,331 in 2023 to 12,852 by 2025. This supports Dubai's Green Mobility Strategy 2030, which mandates that 30% of public sector vehicles and 10% of all vehicle sales should be electric or hybrid by 2030. As a result, the demand for permanent magnets is on the rise in the country.
Furthermore, the UAE has made significant investments in renewable energy, especially in solar and wind power. Permanent magnets are vital components in wind turbines, which align with the UAE's goal to diversify its energy sources. The country is also developing a solar park that will be one of the largest solar facilities in the world, where magnets are utilized in various components such as 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 employ strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and offer innovative products to their customers.
Middle East Permanent Magnet Market Outlook:
The demand for permanent magnets in the Middle East is increasing due to rapid industrialization, economic diversification, and investments in renewable energy projects. Countries such as the UAE and Saudi Arabia are leading the transition towards electric vehicles (EVs) and green technologies, resulting in a surge in demand for neodymium-iron-boron (NdFeB) magnets, which are essential for EV motors and battery systems. Additionally, the region's commitment to diversifying its energy sources has led to significant investments in solar and wind energy projects. Permanent magnets play a crucial role in wind turbine generators, making the development of wind energy a key driver of market demand in the area.
Middle East Permanent Magnet Market Segmentation:
The permanent magnet market analysis is divided into key segments: type and application. By type, the market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others, with neodymium-iron-boron being the dominant segment in 2024. In terms of application, the market is segmented into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others, with the consumer electronics segment holding the largest market share in 2024.
Middle East Permanent Magnet Market Analysis:
The Middle East's burgeoning electronics and manufacturing industries are further driving the demand for permanent magnets. As these industries expand, the need for magnets in motors, sensors, and electronic devices rises, positioning the Middle East as an emerging market for permanent magnets. Governments in the region are implementing attractive laws and incentives to promote EV sales, such as reduced selling costs, minimal registration fees, and free access to charging infrastructure. Additionally, several countries are offering subsidies that exclude import, purchase, and road taxes. These incentives have fostered increased EV manufacturing and led to significant government investment in infrastructure. Permanent magnets contribute to thermal management systems, including pumps and fans that regulate the temperature of motors and batteries. Consequently, the growing adoption of EVs further enhances the demand for permanent magnets.
Country Insights:
The Middle East permanent magnet market is further segmented by country, including the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Kuwait, and Turkey. In 2024, the UAE held the largest market share.
The permanent magnet market in the UAE is experiencing substantial growth, driven by economic diversification efforts, technological advancements, and increasing investments in renewable energy and EV initiatives. As part of its Vision 2021 and Vision 2030 plans, the UAE is focused on sustainability and innovation. According to the Dubai Water and Electricity Authority, the estimated number of EVs in Dubai is expected to grow from approximately 7,331 in 2023 to 12,852 by 2025. This supports Dubai's Green Mobility Strategy 2030, which mandates that 30% of public sector vehicles and 10% of all vehicle sales should be electric or hybrid by 2030. As a result, the demand for permanent magnets is on the rise in the country.
Furthermore, the UAE has made significant investments in renewable energy, especially in solar and wind power. Permanent magnets are vital components in wind turbines, which align with the UAE's goal to diversify its energy sources. The country is also developing a solar park that will be one of the largest solar facilities in the world, where magnets are utilized in various components such as 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 employ strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and offer innovative products 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. Middle East 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 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. Middle East Permanent Magnet Market Regional Analysis
- 6.1 Middle East Permanent Magnet Market Overview
- 6.2 Middle East Permanent Magnet Market Revenue 2021-2031 (US$ Million)
- 6.3 Middle East Permanent Magnet Market Forecast Analysis
- 7. Middle East Permanent Magnet Market Analysis – by Type
- 7.1 Neodymium-Iron-Boron
- 7.1.1 Overview
- 7.1.2 Neodymium-Iron-Boron: Middle East Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Ferrite
- 7.2.1 Overview
- 7.2.2 Ferrite: Middle East 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 Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.4 Alnico
- 7.4.1 Overview
- 7.4.2 Alnico: Middle East Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8. Middle East Permanent Magnet Market Analysis – by Application
- 8.1 Consumer Electronics
- 8.1.1 Overview
- 8.1.2 Consumer Electronics: Middle East Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Automotive
- 8.2.1 Overview
- 8.2.2 Automotive: Middle East 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 Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.4 Medical
- 8.4.1 Overview
- 8.4.2 Medical: Middle East 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 Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.6 Energy
- 8.6.1 Overview
- 8.6.2 Energy: Middle East Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9. Middle East Permanent Magnet Market – Middle East Analysis
- 9.1 Middle East
- 9.1.1 Middle East Permanent Magnet Market Breakdown, by Key Country, 2025 and 2031 (%)
- 9.1.1.1 Middle East Permanent Magnet Market – Revenue and Forecast Analysis – by Country
- 9.1.1.1 Middle East: Middle East Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.1.1 Middle East: Middle East Permanent Magnet Market Breakdown, by Type
- 9.1.1.1.2 Middle East: Middle East Permanent Magnet Market Breakdown, by Application
- 10. Competitive Landscape
- 10.1 Heat Map Analysis
- 10.2 Company Positioning and Concentration
- 11. Middle East 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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