GCC Magnet Market

GCC Magnet Market Overview:

The GCC Magnet market was worth US$ XX Billion in 2023, expanding at a CAGR of X% during 2018-2023. The market is projected to register a CAGR of X% during 2024-2029, reaching US$ XX Billion by 2029. A magnet is an object that produces an invisible magnetic field that pulls on ferromagnetic materials, such as nickel, cobalt, iron, and steel, and attracts or repels other magnets. It is made using the powder metallurgy method, where a suitable composition of aluminum, nickel, and cobalt (Alnico) is pulverized into a fine powder, compacted, and heated to cause densification.  Magnets are cost-effective and environmentally friendly, have a long shelf-life, and are available in permanent, temporary, and electromagnet variants. Moreover, magnets are used extensively in the production of umpteen devices as they easily convert energy from one form to another. As a result, they are witnessing huge demand across various sectors, such as electronics, construction, hardware, automotive, mining, and healthcare, for transportation, microwave communications, magnetic sensors, power generation, and energy conversion.

In the GCC, the rapidly expanding consumer electronics sector represents one of the key factors accelerating the market growth. Moreover, the surging product application in the automotive sector to produce auto-clutch, electric braking, and throttle and gearbox actuation is bolstering the market growth. This is further supported by the rising employment of magnets in the manufacturing of magnetic resonance imaging (MRI) machines, ventricular assist devices (VAD), and hearing aids and the increasing requirement for product miniaturization. Additionally, regional governments are heavily investing in energy-saving technologies and devices to reduce carbon footprints, which, in turn, is providing a considerable thrust to the market. Furthermore, the well-developed construction sector in the GCC has surged the demand for distinctive types of magnetic plates, separators, conveyors, pulleys, and grates, which is acting as another factor boosting the market growth. Apart from this, the escalating need for hybrid electric vehicles (HEVs) on account of rising environmental consciousness, the increasing consumer expenditure power, and the inflating demand for devices with lower carbon footprints are positively contributing to the market growth.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC magnet market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC magnet market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC magnet market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC magnet market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC magnet market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC magnet market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC magnet market industry. Furthermore, the value chain analysis of the GCC magnet market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Magnet Market Segment Insights:

The GCC magnet market has been analysed as followed:

Segmentation by Magnet Type:

• Ferrite
• Neodymium Iron Boron (NdFeB)
• Aluminium Nickel Cobalt (AlNiCo)
• Samarium Cobalt (SmCo)

Segmentation by Application:

• Computer Hard Disk Drives (HDD), CD, DVD
• Hybrid Electric Vehicles
• Electric Bicycles 
• Heating, Ventilating and Air Conditioners (HVAC)
• Wind Turbines
• Other Applications 

Segmentation by Country:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Magnet Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The GCC magnet market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs.