GCC Permanent Magnet Market Business Prospects by Forecast to 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.

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Executive Summary and GCC Permanent Magnet Market Analysis

The demand for permanent magnets in the Gulf Cooperation Council (GCC) region is witnessing significant growth, driven by the expansion of key industries such as renewable energy, electric vehicles (EVs), and advanced manufacturing. As countries like Saudi Arabia, the UAE, and Qatar prioritize sustainable energy solutions, the need for permanent magnets-particularly in wind turbines, electric motors, and energy-efficient technologies-is rising.

The automotive sector is another major growth driver, with the increasing adoption of EVs fueling demand for high-performance magnets used in EV motors. Additionally, the region's focus on infrastructure development, robotics, and automation is accelerating the use of permanent magnets in industrial applications. As GCC nations transition toward greener and more technologically advanced economies, the demand for permanent magnets is expected to continue its upward trajectory.

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

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
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 play an essential role in consumer electronics, powering various components without requiring an external energy source. Their ability to retain magnetic properties makes them indispensable in products such as audio devices, computing hardware, and electromechanical systems. These magnets enhance the efficiency of air conditioning compressors, fans, loudspeakers, microphones, printers, hard disk drives (HDDs), voice coil motors, and numerous other electronic applications.

The increasing demand for consumer electronics-driven by the rise of gaming systems, portable computing devices, and mobile phones-is further propelling the growth of the permanent magnet market. Additionally, the rapid proliferation of connected devices and the Internet of Things (IoT) is leading to an exponential surge in data traffic, boosting the demand for electronic components that rely on permanent magnets.

GCC Permanent Magnet Market: Country Insights

The GCC permanent magnet market is segmented by country, including the UAE, Bahrain, Qatar, Saudi Arabia, and Oman. Among these, the UAE held the largest market share in 2024.

The UAE's permanent magnet market is experiencing robust growth, driven by economic diversification initiatives, technological advancements, and significant investments in renewable energy and EVs. Under Vision 2021 and Vision 2030, the UAE is focusing on 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 12,852 by 2025. This aligns with Dubai's Green Mobility Strategy 2030, which mandates that 30% of public sector vehicles and 10% of all vehicle sales be electric or hybrid by 2030. Consequently, the demand for permanent magnets in the country is rising.

The UAE has also made substantial investments in renewable energy, particularly in solar and wind power. Permanent magnets are vital for wind turbines, a key component of the UAE's energy diversification strategy. The country is also developing one of the world's largest solar parks, where magnets are used in various energy generation and storage components, including motors and actuators.

With these ongoing developments, the UAE is poised to remain a dominant force in the GCC permanent magnet market, reinforcing the region's shift toward a more sustainable and technologically advanced future.

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