Middle East Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031262 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031262 | Category: Chemicals and Materials
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 demand for permanent magnets in the Middle East is increasing due to rapid industrialization, diversification of economies, and investments in renewable energy projects. Countries like the UAE and Saudi Arabia are driving the transition toward EVs and green technologies, creating a surge in demand for neodymium-iron-boron (NdFeB) magnets used in EV motors and battery systems. In the renewable energy sector, the Middle East's push to diversify its energy sources has led to growing investments in solar and wind energy projects. Permanent magnets are essential in wind turbine generators, making the region’s wind energy development a key driver of market demand.
Key segments that contributed to the derivation of the permanent magnet market analysis are type and application.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 167.59 Million |
| Market Size by 2031 | US$ 287.58 Million |
| Global CAGR (2025 - 2031) | 8.5% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East
|
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.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note:
All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate and analyze the data and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews with industry experts across various markets, categories, segments, and sub-segments in different regions. Participants typically include:
The Middle East Permanent Magnet Market is valued at US$ 167.59 Million in 2024, it is projected to reach US$ 287.58 Million by 2031.
As per our report Middle East Permanent Magnet Market, the market size is valued at US$ 167.59 Million in 2024, projecting it to reach US$ 287.58 Million by 2031. This translates to a CAGR of approximately 8.5% during the forecast period.
The Middle East Permanent Magnet Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East Permanent Magnet Market report:
The Middle East Permanent Magnet Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East Permanent Magnet Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East Permanent Magnet Market value chain can benefit from the information contained in a comprehensive market report.
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