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.

Executive Summary: GCC Permanent Magnet Market Analysis

The GCC permanent magnet market is experiencing robust growth, driven by the region's strategic diversification into renewable energy, electric vehicles (EVs), and advanced manufacturing. As GCC nations, including Saudi Arabia, the UAE, Qatar, Bahrain, and Oman, pursue sustainable economic models, the demand for high-performance permanent magnets is surging. Key applications include wind turbines, EV motors, and energy-efficient technologies. This growth is further fueled by the region's infrastructure development, automation, and the rising adoption of consumer electronics.

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 Company Profiles

1. Hitachi Ltd

2. Shin-Etsu Chemical Co Ltd

3. TDK Corp

4. Arnold Magnetic Technologies

5. Galaxymagnets, Goudsmit Magnetics

6. Electron Energy Corporation

7. Dexter Magnetic Technologies

8. Adams Magnetic Products, LLC

9. NINGBO YUNSHENG co Ltd

are among the key players operating in the market. These players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.

GCC Permanent Magnet Market Outlook

Permanent magnets are essential components in a wide array of consumer electronics, contributing to the efficiency of devices ranging from audio equipment to computing hardware. Their ability to maintain magnetic properties without external power makes them indispensable in products like air conditioning compressors, fans, recorders, computer cables, cameras, watches, earbuds, DVDs, loudspeakers, microphones, mobile phones, printers, and hard disk drives (HDDs). The burgeoning demand for gaming systems, smartphones, portable computing devices, and the increasing prevalence of IoT-connected devices are significantly boosting the need for permanent magnets. This trend is expected to continue as the region's digital infrastructure expands and consumer electronics penetration rises.

GCC Permanent Magnet Market: Country Insights

The GCC permanent magnet market is segmented into the UAE, Bahrain, Qatar, Saudi Arabia, and Oman. The UAE currently holds the largest market share, owing to its proactive investments in technology and sustainable development.

United Arab Emirates (UAE) Market Drivers:

• Economic Diversification and Technological Advancement: The UAE's Vision 2021 and Vision 2030 initiatives emphasize sustainability and innovation, driving demand for advanced technologies that utilize permanent magnets.

• Electric Vehicle Adoption: The UAE's Green Mobility Strategy 2030, which aims for significant EV and hybrid vehicle adoption, is a key driver. Projections indicate a substantial increase in EVs in Dubai, from approximately 7,331 in 2023 to 12,852 by 2025, directly boosting the demand for EV motor magnets.

• Renewable Energy Investments: The UAE's significant investments in solar and wind power, including the development of large-scale solar parks, are increasing the demand for permanent magnets in wind turbine generators and energy storage systems.

• Infrastructure development: The use of robotic and automated systems within infrastructure projects is increasing the demand for permanent magnets.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights