Metal Permanent Magnet Market

The global metal permanent magnet market is projected to experience a continued upward consumption trend, with forecasted growth in both volume and value over the next eight years. Market performance is expected to expand at an anticipated CAGR of +0.4% from 2022 to 2030, reaching a volume of 440K tons and a value of $12.9B by the end of 2030. Consumption of metal permanent magnets increased in 2022, with notable growth rates recorded in top consuming countries such as China, the United States, and India. Production and exports also showed positive trends, with China leading in both categories. Import prices and export prices saw increases in 2022, indicating consistent growth in the global market.

Market Forecast

Driven by increasing demand for metal permanent magnets worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 440K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market value to $12.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Metal Permanent Magnets

In 2022, consumption of metal permanent magnets increased by 7.6% to 427K tons, rising for the sixth consecutive year after four years of decline. In general, the total consumption indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.3% 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 +100.4% against 2016 indices. Over the period under review, global consumption attained the peak volume in 2022 and is expected to retain growth in the immediate term.

The global metal permanent magnet market revenue amounted to $10.5B in 2022, rising by 12% 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). Overall, the total consumption indicated strong growth 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 +102.3% against 2016 indices. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (87K tons), the United States (63K tons) and India (40K tons), with a combined 45% share of global consumption. Japan, Mexico, Indonesia, Malaysia, Germany, South Korea, Vietnam, Poland, Canada and the Philippines lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Japan (with a CAGR of +27.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.8B), the United States ($1.4B) and Japan ($1.3B) appeared to be the countries with the highest levels of market value in 2022, with a combined 43% share of the global market.

In terms of the main consuming countries, Japan, with a CAGR of +21.7%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of metal permanent magnet per capita consumption was registered in Malaysia (472 kg per 1000 persons), followed by South Korea (218 kg per 1000 persons), Japan (213 kg per 1000 persons) and Poland (193 kg per 1000 persons), while the world average per capita consumption of metal permanent magnet was estimated at 54 kg per 1000 persons.

In Malaysia, metal permanent magnet per capita consumption contracted by an average annual rate of -5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+7.9% per year) and Japan (+27.3% per year).

Production

World Production of Metal Permanent Magnets

In 2022, approx. 379K tons of metal permanent magnets were produced worldwide; leveling off at the previous year. Overall, the total production indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.4% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 50% against the previous year. Global production peaked at 381K tons in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, metal permanent magnet production contracted to $12.7B in 2022 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +56.8% against 2014 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 21%. Global production peaked at $13.7B in 2021, and then shrank in the following year.

Production By Country

China (205K tons) remains the largest metal permanent magnet producing country worldwide, accounting for 54% of total volume. Moreover, metal permanent magnet production in China exceeded the figures recorded by the second-largest producer, the United States (29K tons), sevenfold. Japan (28K tons) ranked third in terms of total production with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +4.4%. In the other countries, the average annual rates were as follows: the United States (-2.2% per year) and Japan (+4.0% per year).

Imports

World Imports of Metal Permanent Magnets

Global metal permanent magnet imports expanded rapidly to 228K tons in 2022, picking up by 11% against the previous year's figure. In general, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.3% 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 +55.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 41% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, metal permanent magnet imports surged to $7B in 2022. Overall, imports continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 47%. Over the period under review, global imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

The United States (34K tons), India (24K tons), Mexico (20K tons), Malaysia (19K tons), Germany (15K tons), Vietnam (11K tons), Japan (10K tons), the Philippines (9.2K tons), South Korea (8.9K tons), Thailand (7.5K tons), Italy (6K tons) and the Netherlands (5.4K tons) represented roughly 75% of total imports in 2022. Indonesia (4.5K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of +46.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($866M), Japan ($848M) and the United States ($640M) constituted the countries with the highest levels of imports in 2022, with a combined 34% share of global imports. South Korea, the Philippines, Vietnam, Mexico, Thailand, Italy, India, Malaysia, the Netherlands and Indonesia lagged somewhat behind, together comprising a further 41%.

The Philippines, with a CAGR of +70.5%, 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.

Import Prices By Country

In 2022, the average metal permanent magnet import price amounted to $30,638 per ton, rising by 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. As a result, import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($82,987 per ton), while India ($7,268 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+16.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Metal Permanent Magnets

In 2022, approx. 180K tons of metal permanent magnets were exported worldwide; with a decrease of -3.2% compared with 2021. The total export volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 28% against the previous year. As a result, the exports reached the peak of 186K tons, and then declined slightly in the following year.

In value terms, metal permanent magnet exports soared to $6.8B in 2022. In general, exports, however, enjoyed a measured expansion. The most prominent rate of growth was recorded in 2021 with an increase of 55%. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports By Country

China prevails in exports structure, amounting to 122K tons, which was approx. 68% of total exports in 2022. It was distantly followed by Japan (12K tons), constituting a 6.7% share of total exports. The following exporters - Vietnam (5.3K tons), Germany (4.2K tons), South Korea (4.2K tons), India (3.9K tons), the Netherlands (3.7K tons), Indonesia (3.7K tons) and Malaysia (3.1K tons) - together made up 16% of total exports.

From 2012 to 2022, average annual rates of growth with regard to metal permanent magnet exports from China stood at +3.7%. At the same time, Vietnam (+31.8%), Indonesia (+5.1%), India (+4.0%) and Germany (+2.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +31.8% from 2012-2022. By contrast, Malaysia (-1.4%), South Korea (-2.6%), the Netherlands (-2.6%) and Japan (-6.6%) illustrated a downward trend over the same period. While the share of China (+12 p.p.) and Vietnam (+2.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Japan (-9.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.6B) remains the largest metal permanent magnet supplier worldwide, comprising 68% of global exports. The second position in the ranking was held by Japan ($580M), with an 8.6% share of global exports. It was followed by Germany, with a 3.7% share.

In China, metal permanent magnet exports increased at an average annual rate of +7.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-8.1% per year) and Germany (-0.2% per year).

Export Prices By Country

The average metal permanent magnet export price stood at $37,515 per ton in 2022, growing by 33% against the previous year. In general, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal permanent magnet export price increased by +71.0% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($60,512 per ton), while India ($7,773 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+12.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform