Middle East: Permanent Magnet Market 2024

Permanent Magnet Market Size in the Middle East

The Middle Eastern permanent magnet market rose remarkably to $X in 2021, picking up by 9% against the previous year. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +97.0% against 2016 indices. Over the period under review, the market attained the peak level in 2021 and is likely to continue growth in the immediate term.

Permanent Magnet Production in the Middle East

In value terms, permanent magnet production rose sharply to $X in 2021 estimated in export price. Over the period under review, production posted a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 54%. The level of production peaked in 2021 and is likely to see gradual growth in years to come.

Permanent Magnet Exports

Exports in the Middle East

In 2021, permanent magnet exports in the Middle East was estimated at X tons, growing by 14% on the previous year's figure. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 83%. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, permanent magnet exports soared to $X in 2021. Overall, exports recorded a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 76%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Israel represented the key exporting country with an export of about X tons, which amounted to 73% of total exports. It was distantly followed by Turkey (X tons), comprising a 22% share of total exports. The United Arab Emirates (X tons) took a little share of total exports.

Israel was also the fastest-growing in terms of the permanent magnets exports, with a CAGR of +53.5% from 2012 to 2021. At the same time, Turkey (+13.8%) displayed positive paces of growth. By contrast, the United Arab Emirates (-2.2%) illustrated a downward trend over the same period. While the share of Israel (+61 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-23 p.p.) and Turkey (-35.1 p.p.) displayed negative dynamics.

In value terms, Israel ($X) remains the largest permanent magnet supplier in the Middle East, comprising 85% of total exports. The second position in the ranking was taken by Turkey ($X), with a 12% share of total exports.

In Israel, permanent magnet exports increased at an average annual rate of +33.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Turkey (+14.4% per year) and the United Arab Emirates (-7.9% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, increasing by 18% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 25%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.5%), while the other leaders experienced a decline in the export price figures.

Permanent Magnet Imports

Imports in the Middle East

In 2021, purchases abroad of permanent magnets increased by 34% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, permanent magnet imports soared to $X in 2021. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey represented the main importer of permanent magnets in the Middle East, with the volume of imports recording X tons, which was near 70% of total imports in 2021. Iran (X tons) ranks second in terms of the total imports with an 11% share, followed by the United Arab Emirates (10%) and Israel (4.7%). Saudi Arabia (X tons) held a relatively small share of total imports.

Imports into Turkey increased at an average annual rate of +4.2% from 2012 to 2021. At the same time, the United Arab Emirates (+13.0%) and Israel (+1.6%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +13.0% from 2012-2021. Iran experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-3.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates and Turkey increased by +5.6 and +4.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported permanent magnets in the Middle East, comprising 58% of total imports. The second position in the ranking was taken by Israel ($X), with a 15% share of total imports. It was followed by the United Arab Emirates, with an 11% share.

In Turkey, permanent magnet imports expanded at an average annual rate of +5.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Israel (+1.6% per year) and the United Arab Emirates (+6.5% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, flattening at the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 19% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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