GCC Permanent Magnet Market Future Projection, Comprehensive Study, and Forecasts -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.

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 diversification initiatives across key sectors such as renewable energy, electric vehicles (EVs), and advanced manufacturing. As GCC nations, including Saudi Arabia, the UAE, and Qatar, transition toward sustainable energy solutions, the need for permanent magnets—particularly in wind turbines, electric motors, and energy-efficient technologies—is on the rise. The automotive sector is another major contributor, with the increasing adoption of electric vehicles fueling demand for high-performance magnets used in EV motors. Additionally, the region’s emphasis on infrastructure development, robotics, and automation is further boosting the use of permanent magnets in industrial applications. This surge in demand reflects the GCC’s shift toward greener, technology-driven economies.

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 GCC Permanent Magnet 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 integral to the functionality of consumer electronics, enabling the operation of various components. Their ability to retain magnetic properties without an external power source makes them indispensable in products ranging from audio devices to computing hardware. These magnets enhance the efficiency of electro-mechanical products and are widely used in air conditioning compressors, fans, recorders, computer cables, cameras, watches, earbuds, DVDs, loudspeakers, microphones, mobile phones, voice coil motors, printers, fax stepper motors, printer rollers, hard disk drives (HDDs), and more. The growing production of gaming systems, smartphones, portable computing devices, and other electronics is expected to drive demand for these components.

Furthermore, the increasing adoption of connected devices, such as smartphones and IoT-enabled consumer electronics, is leading to a significant rise in data traffic over the internet. This trend is further propelling the demand for permanent magnets, as they are essential for the manufacturing of these devices.

GCC Permanent Magnet Market Country Insights

The GCC permanent magnet market is segmented by region, including the UAE, Bahrain, Qatar, Saudi Arabia, and Oman. In 2024, the UAE held the largest market share.

The UAE’s permanent magnet market is experiencing robust growth, driven by economic diversification, technological advancements, and substantial investments in renewable energy and EVs. As part of its Vision 2021 and Vision 2030 initiatives, the UAE is prioritizing sustainability and innovation. For instance, the Dubai Water and Electricity Authority estimates that the number of EVs in Dubai will reach approximately 7,331 in 2023 and 12,852 by 2025. This aligns with Dubai’s Green Mobility Strategy 2030, which aims for 30% of public sector vehicles and 10% of all vehicle sales to be electric or hybrid by 2030. Consequently, the demand for permanent magnets in the country is rising.

The UAE is also making significant strides in renewable energy, particularly in solar and wind power. Permanent magnets are critical components in wind turbines, which are being developed as part of the UAE’s efforts to diversify its energy mix. Additionally, the UAE is home to one of the world’s largest solar parks, where permanent magnets are used in motors and actuators for energy generation and storage systems. These developments underscore the growing importance of permanent magnets in the UAE’s sustainable energy transition.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights