GCC Permanent Magnet Market Growth Analysis, Impressive Trending Strategies 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 GCC Permanent Magnet Market in the Gulf Cooperation Council (GCC) region is witnessing robust growth, driven by economic diversification and increasing investments in renewable energy, electric vehicles (EVs), and advanced manufacturing technologies. Countries such as Saudi Arabia, the United Arab Emirates (UAE), and Qatar are transitioning toward sustainable energy solutions, thereby boosting the demand for permanent magnets in applications such as wind turbines, electric motors, and energy-efficient systems. The accelerating adoption of EVs is particularly noteworthy, as these vehicles rely heavily on high-performance magnets for their motors. Moreover, infrastructure expansion and advancements in automation and robotics are further supporting industrial use of permanent magnets, reinforcing their importance in the region's shift toward a greener and technology-oriented economy.

GCC Permanent Magnet Market Outlook

Permanent magnets are critical components in the consumer electronics sector due to their ability to maintain magnetic strength without external power. They enhance the efficiency of electro-mechanical devices and are widely used in applications such as air conditioning compressors, audio and video equipment, cameras, mobile phones, and computer peripherals including hard disk drives, printers, and stepper motors.

The demand for permanent magnets is further fueled by the rising production of electronic goods such as smartphones, gaming systems, and portable computing devices. The rapid adoption of the Internet of Things (IoT) and the proliferation of connected devices are contributing to exponential growth in data traffic, which in turn drives the need for more advanced electronic hardware—where permanent magnets play an integral role.

GCC Permanent Magnet Market: Country-Level Insights

The GCC permanent magnet market is segmented across key member states including the UAE, Bahrain, Qatar, Saudi Arabia, and Oman. Among these, the United Arab Emirates emerged as the market leader in 2024.

The UAE's strong performance in the permanent magnet market is underpinned by strategic initiatives aimed at economic diversification, technological advancement, and environmental sustainability. Under Vision 2021 and Vision 2030, the UAE is accelerating its transition to a knowledge-based, green economy. According to Dubai Water and Electricity Authority, the number of EVs in Dubai is projected to increase from approximately 7,331 in 2023 to around 12,852 by 2025. In line with the Green Mobility Strategy 2030, the government aims for 30% of public sector vehicles and 10% of total vehicle sales to be electric or hybrid by 2030—significantly increasing demand for permanent magnets in EV manufacturing.

Additionally, the UAE has made landmark investments in renewable energy, with a strong focus on wind and solar power. Permanent magnets are indispensable in wind turbines and play key roles in motors, actuators, and energy storage systems. The development of one of the world’s largest solar parks in the UAE underscores the country's commitment to sustainable energy, further driving demand for magnet-based technologies in renewable infrastructure.

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

Other Report: 

Europe Liquid Biopsy Market: https://sites.google.com/view/europe-liquid-biopsy-market/home 

Europe Nuclear Decommissioning Service Market: https://business-news-insights.blogspot.com/2025/05/europe-nuclear-decommissioning-service.html 

Europe Pharmaceutical Drug Delivery Market: https://postyourarticle.com/europe-pharmaceutical-drug-delivery-market-regional-share-size-trends-2027/ 

Europe POS Software Market: https://penzu.com/p/f3bd0b25b7bb88f4 

About Us:

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

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