GCC: Non-Metal Permanent Magnet Market 2024

Non-Metal Permanent Magnet Market Size in GCC

The GCC non-metal permanent magnet market declined slightly to $X in 2023, which is down by X% against the previous year. The total consumption indicated a pronounced increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Non-Metal Permanent Magnet Production in GCC

In value terms, non-metal permanent magnet production contracted slightly to $X in 2023 estimated in export price. The total production indicated a tangible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Non-Metal Permanent Magnet Exports

Exports in GCC

In 2023, after three years of decline, there was significant growth in overseas shipments of non-metal permanent magnets, when their volume increased by X% to X tons. Over the period under review, exports, however, continue to indicate a abrupt downturn. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, non-metal permanent magnet exports surged to $X in 2023. In general, exports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, recording X tons, which was near X% of total exports in 2023. It was distantly followed by Saudi Arabia (X tons), creating a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to non-metal permanent magnet exports from the United Arab Emirates stood at X%. Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Saudi Arabia (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest non-metal permanent magnet supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total exports.

In the United Arab Emirates, non-metal permanent magnet exports declined by an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in GCC amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price, however, saw a measured increase. The pace of growth was the most pronounced in 2022 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then shrank rapidly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%).

Non-Metal Permanent Magnet Imports

Imports in GCC

After four years of growth, supplies from abroad of non-metal permanent magnets decreased by X% to X tons in 2023. Over the period under review, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2022, and then contracted in the following year.

In value terms, non-metal permanent magnet imports shrank to $X in 2023. Overall, imports continue to indicate a mild downturn. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports by Country

The United Arab Emirates dominates imports structure, recording X tons, which was near X% of total imports in 2023. Kuwait (X tons) held a relatively small share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the non-metal permanent magnets imports, with a CAGR of X% from 2012 to 2023. At the same time, Kuwait (X%) displayed positive paces of growth. From 2012 to 2023, the share of the United Arab Emirates increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported non-metal permanent magnets in GCC, comprising X% of total imports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total imports.

In the United Arab Emirates, non-metal permanent magnet imports increased at an average annual rate of X% over the period from 2012-2023.

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the import price saw a deep contraction. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2023, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kuwait (X%).

Source: IndexBox Platform