Permanent Magnet Market

The global permanent magnet market is expected to see continued growth in both volume and value over the next eight years. Market performance is forecasted to expand with a CAGR of +2.5% for the period from 2022 to 2030, reaching a volume of 860K tons and a value of $11.7B by the end of 2030. Consumption and production patterns have shown significant growth over the past decade, with notable fluctuations in trend patterns. China, the United States, and Brazil are the top consuming countries, while China leads in production volume. Global imports and exports of permanent magnets have also seen growth, with China dominating as the largest exporter and importer. Non-metal permanent magnets are the key type exported, while metal permanent magnets dominate in value. The average import and export prices have shown increases, with significant variations by product type and exporting country.

Market Forecast

Driven by increasing demand for permanent magnets worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 860K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $11.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Permanent Magnets

In 2022, approx. 706K tons of permanent magnets were consumed worldwide; shrinking by -1.9% compared with the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +60.7% against 2016 indices. Over the period under review, global consumption reached the peak volume at 720K tons in 2021, and then shrank slightly in the following year.

The global permanent magnet market value expanded remarkably to $8.8B in 2022, growing by 9.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +39.5% against 2020 indices. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (115K tons), the United States (83K tons) and Brazil (73K tons), together comprising 38% of global consumption. South Korea, India, Mexico, Germany, Malaysia, Japan, Indonesia, Vietnam, Canada and Thailand lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Malaysia (with a CAGR of +27.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.4B), China ($1.1B) and Japan ($973M) appeared to be the countries with the highest levels of market value in 2022, together accounting for 40% of the global market. Germany, Canada, Mexico, Vietnam, Malaysia, South Korea, Thailand, India, Indonesia and Brazil lagged somewhat behind, together comprising a further 37%.

Malaysia, with a CAGR of +21.1%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of permanent magnet per capita consumption in 2022 were South Korea (1,081 kg per 1000 persons), Malaysia (910 kg per 1000 persons) and Germany (402 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +25.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Permanent Magnets

In 2022, approx. 644K tons of permanent magnets were produced worldwide; waning by -5.5% against 2021 figures. Overall, the total production indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +7.0% against 2020 indices. The growth pace was the most rapid in 2017 when the production volume increased by 33%. Global production peaked at 682K tons in 2021, and then fell in the following year.

In value terms, permanent magnet production reduced to $8.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 25%. Global production peaked at $9.3B in 2021, and then reduced in the following year.

Production By Country

China (380K tons) constituted the country with the largest volume of permanent magnet production, comprising approx. 59% of total volume. Moreover, permanent magnet production in China exceeded the figures recorded by the second-largest producer, Brazil (67K tons), sixfold. The third position in this ranking was taken by South Korea (64K tons), with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +3.3%. The remaining producing countries recorded the following average annual rates of production growth: Brazil (+16.1% per year) and South Korea (+6.0% per year).

Imports

World Imports of Permanent Magnets

Global permanent magnet imports dropped modestly to 511K tons in 2022, which is down by -1.9% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 31% against the previous year. As a result, imports attained the peak of 521K tons, and then contracted slightly in the following year.

In value terms, permanent magnet imports skyrocketed to $8.8B in 2022. Over the period under review, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 41%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (48K tons), India (46K tons), Malaysia (43K tons), Germany (37K tons), Mexico (37K tons) and Vietnam (31K tons) was the major importer of permanent magnets in the world, achieving 47% of total import. The following importers - Italy (20K tons), Japan (19K tons), South Korea (19K tons), China (19K tons), Thailand (16K tons), the Netherlands (14K tons) and France (12K tons) - together made up 23% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +16.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($1B), Japan ($916M) and the United States ($745M) were the countries with the highest levels of imports in 2022, with a combined 31% share of global imports. South Korea, Vietnam, Mexico, China, Thailand, Italy, India, Malaysia, the Netherlands and France lagged somewhat behind, together comprising a further 39%.

South Korea, with a CAGR of +18.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, non-metal permanent magnets (275K tons), distantly followed by metal permanent magnets (228K tons) were the key types of permanent magnets, together generating 100% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key imported products, was attained by metal permanent magnets (with a CAGR of +3.3%).

In value terms, metal permanent magnets ($7B) constitutes the largest type of permanent magnets imported worldwide, comprising 79% of global imports. The second position in the ranking was held by non-metal permanent magnets ($1.8B), with a 21% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of metal permanent magnets imports amounted to +4.7%.

Import Prices By Type

The average permanent magnet import price stood at $17,200 per ton in 2022, with an increase of 29% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Global import price peaked at $17,345 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was metal permanent magnets ($30,638 per ton), while the price for non-metal permanent magnets amounted to $6,623 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by metal permanent magnet (+1.4%).

Import Prices By Country

In 2022, the average permanent magnet import price amounted to $17,200 per ton, rising by 29% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Global import price peaked at $17,345 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($48,228 per ton), while Malaysia ($4,440 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+12.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Permanent Magnets

In 2022, approx. 449K tons of permanent magnets were exported worldwide; which is down by -7% on 2021 figures. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 29% against the previous year. Over the period under review, the global exports hit record highs at 483K tons in 2021, and then reduced in the following year.

In value terms, permanent magnet exports soared to $8.3B in 2022. Over the period under review, total exports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +80.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 48% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

China prevails in exports structure, amounting to 284K tons, which was near 63% of total exports in 2022. It was distantly followed by South Korea (27K tons), comprising a 5.9% share of total exports. The following exporters - Japan (17K tons), Germany (14K tons), Malaysia (14K tons), Italy (11K tons), the Netherlands (10K tons), the Philippines (9K tons), Vietnam (8.9K tons) and Hong Kong SAR (7.8K tons) - together made up 21% of total exports.

From 2012 to 2022, average annual rates of growth with regard to permanent magnet exports from China stood at +2.1%. At the same time, Vietnam (+27.7%), the Philippines (+8.2%), Italy (+4.7%), Malaysia (+4.4%) and the Netherlands (+2.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +27.7% from 2012-2022. South Korea, Germany and Japan experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-12.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Vietnam increased by +3.5 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($5.1B) remains the largest permanent magnet supplier worldwide, comprising 62% of global exports. The second position in the ranking was taken by Japan ($662M), with an 8% share of global exports. It was followed by Germany, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +7.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-7.7% per year) and Germany (-0.5% per year).

Exports By Type

In 2022, non-metal permanent magnets (264K tons) was the major type of permanent magnets, comprising 59% of total exports. It was distantly followed by metal permanent magnets (180K tons), making up a 41% share of total exports.

From 2012 to 2022, the biggest increases were recorded for metal permanent magnets (with a CAGR of +1.8%).

In value terms, metal permanent magnets ($6.8B) remains the largest type of permanent magnets supplied worldwide, comprising 81% of global exports. The second position in the ranking was held by non-metal permanent magnets ($1.5B), with a 19% share of global exports.

For metal permanent magnets, exports increased at an average annual rate of +3.0% over the period from 2012-2022.

Export Prices By Type

The average permanent magnet export price stood at $18,459 per ton in 2022, with an increase of 32% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was metal permanent magnets ($37,515 per ton), while the average price for exports of non-metal permanent magnets totaled $5,808 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by metal permanent magnet (+1.2%).

Export Prices By Country

In 2022, the average permanent magnet export price amounted to $18,459 per ton, jumping by 32% against the previous year. Overall, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($38,398 per ton), while South Korea ($5,116 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform