The Permanent Magnet Market size is expected to reach US$ 287.58 million by 2031 from US$ 167.59 million in 2024. The market is estimated to record a CAGR of 8.5% from 2025 to 2031.
The Middle East Permanent Magnet Market is experiencing a notable transformation driven by evolving industrial applications, technological advancements, and a growing emphasis on sustainable energy solutions. Permanent magnets, known for their ability to retain magnetic properties without the need for continuous energy input, are becoming increasingly crucial in various sectors. As nations across the region diversify their economies, the demand for permanent magnets continues to rise steadily.
A key factor propelling the growth of the Middle East Permanent Magnet Market is the increasing adoption of electric vehicles (EVs) and hybrid technologies. These vehicles rely heavily on permanent magnets, especially in motors and generators, which require high magnetic strength and durability. As countries in the Middle East push for greener transportation alternatives, this shift contributes significantly to market expansion. Moreover, the push for renewable energy, particularly wind and solar power, has further amplified the demand for permanent magnet-based components in turbines and energy conversion systems.
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Another significant trend influencing the Middle East Permanent Magnet Market is the expanding use of advanced electronics. Consumer electronics, including smartphones, speakers, and other smart devices, require compact, efficient, and strong magnetic materials. The region’s youthful population and rising digitalization have resulted in greater consumption of such electronics, creating further growth opportunities for permanent magnets.
The Middle East Permanent Magnet Market is also benefiting from increased infrastructure development and modernization. Elevators, HVAC systems, and magnetic levitation technologies, which depend on permanent magnets, are being widely integrated into new construction projects. This trend reflects the regionโs drive toward smart cities and advanced urban planning, where energy efficiency and reliability are prioritized.
In the healthcare sector, permanent magnets play a pivotal role in diagnostic imaging systems such as MRI machines. With healthcare facilities across the Middle East upgrading their medical infrastructure, the demand for high-performance magnets is expected to continue its upward trajectory. These medical advancements contribute directly to the broader expansion of the Middle East Permanent Magnet Market.
In addition, the growing focus on localized manufacturing and industrial self-reliance is creating new dynamics in the Middle East Permanent Magnet Market. Governments and investors are supporting regional production capabilities, reducing dependency on imports. This shift not only ensures a stable supply chain but also opens up avenues for innovation and technological progress within the region.
Furthermore, the aerospace and defense sectors are investing in advanced magnetic technologies for applications ranging from navigation systems to power generation. The strategic importance of these sectors means sustained demand for high-performance permanent magnets, further supporting market growth in the region.
Research and development also play a vital role in the evolution of the Middle East Permanent Magnet Market. Innovations in magnet compositions, such as the development of rare-earth-free magnets or improved thermal stability, are enhancing performance across various applications. This technological progress ensures that the market remains dynamic and forward-looking.
As environmental awareness increases, industries are seeking materials that improve energy efficiency. Permanent magnets are integral to this shift, offering solutions that minimize energy loss and enhance system performance. This environmental consciousness continues to shape the trajectory of the Middle East Permanent Magnet Market.
Overall, the Middle East Permanent Magnet Market is poised for sustained growth, underpinned by diverse applications, regional development initiatives, and a strong drive toward sustainability and innovation.
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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
Adams Magnetic Products
Middle East Permanent Magnet Market Country Insights
Based on region, the Middle East permanent magnet market is further segmented into the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Kuwait, and Turkey. The UAE held the largest share in 2024.
The permanent magnet market in the United Arab Emirates (UAE) is experiencing significant growth, attributed to its increasing economic diversification efforts, rising technological advancements, and growing investments in renewable energy and EVs. As part of its Vision 2021 and Vision 2030 plans, the UAE is focusing on sustainability and innovation. According to the Dubai Water and Electricity Authority, the number of EVs in Dubai is estimated to reach ~7,331 in 2023 and 12,852 by 2025. This supports Dubai’s Green Mobility Strategy 2030, mandating that 30% of public sector vehicles and 10% of all vehicle sales are expected to be electric and hybrid by 2030. Thus, the demand for permanent magnets is increasing in the country. The UAE has made substantial investments in renewable energy, particularly in solar and wind power. Permanent magnets are essential for wind turbines, which are being developed as part of the UAE’s goal to diversify its energy sources. The UAE is also building a solar park that is one of the world’s largest solar facilities, where magnets are used in various components such as motors and actuators for energy generation and storage systems.
Middle East Permanent Magnet Market Outlook
the Middle East’s thriving electronics and manufacturing industries are further contributing to the rise in demand for permanent magnets. As these industries grow, the need for magnets in motors, sensors, and electronic devices is increasing, positioning the Middle East as a developing market for permanent magnets. Governments are providing attractive laws and incentives to promote EV sales. Reduced selling costs, no or minimal registration fees, and free EV infrastructure charging at various charging points are a few of these incentives. Furthermore, due to various subsidies, many countries exclude import, purchase, and road taxes. These auto industry incentives have led to the rising manufacturing of EVs. Governments have also created beneficial policies and invested heavily in infrastructure. Permanent magnets contribute to thermal management systems, driving pumps, and fans that regulate the temperature of the motor and battery. Thus, the growing adoption of EVs further boosts the demand for permanent magnets.
Executive Summary
The Middle East permanent magnet market is witnessing notable growth, fueled by rapid industrialization, economic diversification, and increased investments in renewable energy and electric vehicle (EV) infrastructure. Countries across the region are pivoting toward sustainability and green technology, generating rising demand for high-performance magnets, particularly neodymium-iron-boron (NdFeB) magnets, which are widely used in EV motors, wind turbine generators, and advanced electronics. Among the regionโs leaders, the UAE and Saudi Arabia are at the forefront of this transformation, leveraging government-backed policies and large-scale investments to promote green mobility and renewable power generation. As a result, permanent magnets are becoming indispensable components in the regionโs evolving industrial and technological landscape.
Middle East Permanent Magnet Market Analysis
Permanent magnets play a critical role in modern applications that range from automotive and energy to electronics and manufacturing. Their ability to maintain a strong magnetic field without the need for an external power source makes them essential in reducing energy consumption and improving device efficiency. In the Middle East, demand for permanent magnets is intensifying due to several key trends.
One of the most influential drivers is the ongoing transition to electric mobility. The automotive industry in the region, while still developing in terms of EV penetration, is receiving strong government support through subsidies, tax exemptions, and infrastructure development. These include reduced or waived registration fees, free or subsidized charging at public stations, and tax reliefs on EV imports and purchases. As EV production and adoption grow, the use of NdFeB magnetsโwidely favored for their high power-to-weight ratio and efficiency in EV motorsโwill continue to climb. These magnets are also integral to thermal management systems in EVs, where they support fans, pumps, and actuators that regulate battery and motor temperature.
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