GCC: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in GCC

The GCC metal permanent magnet market shrank slightly to $X in 2023, dropping by X% against the previous year. The total consumption indicated tangible growth 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, consumption increased by X% against 2021 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Metal Permanent Magnet Production in GCC

In value terms, metal permanent magnet production shrank modestly to $X in 2023 estimated in export price. The total production indicated a measured expansion 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, production increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Metal Permanent Magnet Exports

Exports in GCC

For the fourth consecutive year, GCC recorded decline in overseas shipments of metal permanent magnets, which decreased by X% to X tons in 2023. Overall, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2015 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2023, the exports stood at a somewhat lower figure.

In value terms, metal permanent magnet exports reduced rapidly to $X in 2023. In general, exports, however, showed pronounced growth. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2023, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, recording X tons, which was approx. X% of total exports in 2023. The following exporters - Kuwait (X kg), Oman (X kg), Saudi Arabia (X kg) and Bahrain (X kg) - together made up X% of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%), Oman (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. Kuwait (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and the United Arab Emirates saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In the United Arab Emirates, metal permanent magnet exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Oman (X% per year) and Kuwait (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, with an increase of X% against the previous year. Overall, the export price showed buoyant growth. The pace of growth appeared the most rapid in 2022 an increase of X% against the previous year. The level of export peaked in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Oman ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Metal Permanent Magnet Imports

Imports in GCC

In 2023, approx. X tons of metal permanent magnets were imported in GCC; which is down by X% on the previous year's figure. In general, imports, however, recorded a tangible expansion. The most prominent rate of growth was recorded in 2019 when imports increased by X%. As a result, imports reached the peak of X tons. From 2020 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, metal permanent magnet imports contracted sharply to $X in 2023. Over the period under review, imports, however, enjoyed noticeable growth. The pace of growth was the most pronounced in 2019 with an increase of X%. The level of import peaked at $X in 2022, and then dropped dramatically in the following year.

Imports by Country

The United Arab Emirates was the largest importing country with an import of around X tons, which recorded X% of total imports. Oman (X tons) ranks second in terms of the total imports with an X% share, followed by Qatar (X%). Kuwait (X tons) held a relatively small share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. Kuwait experienced a relatively flat trend pattern. By contrast, Qatar (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total imports, while Kuwait and Qatar saw its share reduced by X% and X% from 2012 to 2023, respectively.

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

In the United Arab Emirates, metal permanent magnet imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (X% per year) and Oman (X% per year).

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. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform