GCC Permanent Magnet Market Strategies and Key Players, forecast 2031

The GCC Permanent Magnet Market size is expected to reach US$ 286.66 million by 2031 from US$ 167.04 million in 2024. The market is estimated to record a CAGR of 8.5 % from 2025 to 2031.

The GCC permanent magnet market is currently experiencing robust expansion, fueled by the region's strategic diversification into burgeoning sectors like renewable energy, electric vehicles (EVs), and advanced manufacturing. As nations such as Saudi Arabia, the UAE, and Qatar actively pursue sustainable energy transitions, the demand for permanent magnets is escalating, particularly for their critical role in wind turbines, electric motors, and energy-efficient technologies. The burgeoning EV market is another significant driver, with the increasing adoption of electric vehicles propelling the need for high-performance magnets in EV motors. Furthermore, the region's strong emphasis on infrastructure development, robotics, and automation is bolstering the use of permanent magnets across various industrial applications. Consequently, the shift towards greener, more technologically advanced economies within the GCC is significantly boosting the demand for these essential magnetic materials.

GCC Permanent Magnet Market are indispensable components in a wide array of consumer electronics, enabling the functionality of numerous devices. Their inherent ability to maintain magnetic properties without an external power source makes them invaluable in products ranging from audio equipment to computer hardware, enhancing the efficiency of electromechanical devices. Moreover, permanent magnets are extensively utilized in consumer air conditioning compressors and fans, recorders, 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 anticipated surge in demand for electronic components, driven by the manufacturing of gaming systems, cell phones, portable computing devices, and other electronic goods, will further amplify the need for GCC Permanent Magnet Market.

The increasing prevalence of connected devices, such as smartphones and other consumer electronics, spurred by the growing popularity of the Internet of Things (IoT), is leading to an exponential rise in internet data traffic. This surging demand for smartphones and other connected devices is consequently providing a significant boost to the demand for GCC Permanent Magnet Market.

GCC Permanent Magnet Market Country Insights

Regionally, the GCC permanent magnet market is segmented into the UAE, Bahrain, Qatar, Saudi Arabia, Kuwait, and Oman. In 2024, the UAE emerged as the market leader, holding the largest share.

The permanent magnet market in the United Arab Emirates (UAE) is witnessing substantial growth, driven by its proactive economic diversification initiatives, increasing technological advancements, and growing investments in renewable energy and electric vehicles. Aligned with its Vision 2021 and Vision 2030 agendas, the UAE is strongly prioritizing 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 further increase to 12,852 by 2025. This trend directly supports Dubai's Green Mobility Strategy 2030, which mandates that 30% of public sector vehicles and 10% of all vehicle sales should be electric and hybrid by 2030. Consequently, the demand for permanent magnets within the country is on the rise. The UAE has also made considerable investments in renewable energy sources, particularly solar and wind power. Permanent magnets are crucial components in wind turbines, which are being actively developed as part of the UAE's strategy to diversify its energy mix. Furthermore, the UAE is developing one of the world's largest solar parks, where magnets are utilized in various components, including motors and actuators for energy generation and storage systems.

GCC Permanent Magnet Market Segments Covered

GCC Permanent Magnet Market By Type

• Neodymium-Iron-Boron

• Ferrite

• Samarium Cobalt

• Alnico

GCC Permanent Magnet Market By Application

• Consumer Electronics

• Automotive

• Aerospace and Defense

• Medical

• Industrial Machinery

• Energy

GCC Permanent Magnet Market Regions and Countries Covered

GCC

• Bahrain

• Kuwait

• Oman

• Qatar

• Saudi Arabia

• United Arab Emirates

GCC Permanent Magnet Market leaders and key company profiles

• Shin-Etsu Chemical

• Hitachi Metals

• Toyota Tsusho Corporation

• General Electric

• TDK Corp

• Armold Magnetic technologies

• Galaxy Magnets

• Goudsmit Magnetics

• Electron Energy Corporation

• Dexter Magnetic Technolgies

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights