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 Gulf Cooperation Council (GCC) permanent magnet market is witnessing robust growth, fueled by the region’s economic diversification, renewable energy initiatives, and advancements in electric vehicles (EVs) and industrial automation. Countries such as Saudi Arabia, the UAE, and Qatar are prioritizing sustainability and technological innovation, driving demand for permanent magnets in wind turbines, EV motors, and energy-efficient industrial applications.
With the GCC’s shift toward green energy and smart manufacturing, permanent magnets are becoming increasingly vital in consumer electronics, automotive, and infrastructure development. The rising adoption of IoT-enabled devices, smartphones, and EVs further accelerates market expansion, positioning the GCC as a key growth region for permanent magnet applications.
GCC Permanent Magnet Market Outlook
Permanent magnets are integral to consumer electronics, powering devices such as:
- Audio equipment (speakers, microphones, earbuds)
- Computing hardware (HDDs, printers, stepper motors)
- Home appliances (AC compressors, fans)
- Mobile devices (smartphones, smartwatches, cameras)
The surge in gaming systems, portable electronics, and IoT-connected devices is boosting demand for high-performance magnets. Additionally, the exponential growth in data traffic and smart technologies is further propelling market expansion.
GCC Permanent Magnet Market: Country Insights
The GCC market is segmented into the UAE, Saudi Arabia, Qatar, Bahrain, Oman, and Kuwait. In 2024, the UAE dominated the market, driven by:
Key Growth Drivers in the UAE:
- EV Adoption: Dubai’s Green Mobility Strategy 2030 aims for 30% of public sector vehicles and 10% of total car sales to be electric/hybrid by 2030. EV registrations are projected to reach 12,852 by 2025, increasing demand for permanent magnets in motor systems.
- Renewable Energy Investments: The UAE is expanding its solar and wind energy projects, including one of the world’s largest solar parks, where permanent magnets are used in turbines, actuators, and energy storage systems.
- Industrial & Technological Advancements: Growth in automation, robotics, and smart infrastructure is accelerating magnet usage in high-efficiency motors and sensors.
Conclusion
The GCC permanent magnet market is poised for strong growth, supported by EV expansion, renewable energy projects, and smart technology adoption. The UAE leads the region, with Saudi Arabia and Qatar also contributing significantly as they transition toward sustainable and tech-driven economies. As demand for high-performance magnets rises across industries, the GCC market presents lucrative opportunities for manufacturers and investors.
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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Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
