Non-Metal Permanent Magnet Market

The article discusses the increasing demand for non-metal permanent magnets worldwide, with consumption projected to rise over the next eight years. Market performance is forecast to grow at a CAGR of +2.5% in volume and +3.6% in value from 2022 to 2030, reaching 447K tons and $5B respectively by 2030. In 2022, global consumption remained stable at 367K tons, with China, the United States, and India leading in consumption. The article also covers production, imports, and exports data, highlighting key players and growth rates. Key insights include trends in consumption, production, import prices, and export prices, providing comprehensive information on the global non-metal permanent magnet market.

Market Forecast

Driven by increasing demand for non-metal 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 447K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Non-Metal Permanent Magnets

In 2022, approx. 367K tons of non-metal permanent magnets were consumed worldwide; therefore, remained relatively stable against the year before. The total consumption volume increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak volume of 376K tons. From 2019 to 2022, the growth of the global consumption failed to regain momentum.

The global non-metal permanent magnet market size totaled $3.7B in 2022, increasing by 2.8% 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). The market value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the maximum level 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 (57K tons), the United States (46K tons) and India (32K tons), with a combined 37% share of global consumption. Germany, Vietnam, Malaysia, Mexico, Japan, South Korea, Indonesia, Turkey, Thailand and Ethiopia lagged somewhat behind, together accounting for a further 33%.

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 +22.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.5B) led the market, alone. The second position in the ranking was taken by Ethiopia ($166M). It was followed by China.

In the United States, the non-metal permanent magnet market expanded at an average annual rate of +3.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ethiopia (+4.5% per year) and China (+5.4% per year).

In 2022, the highest levels of non-metal permanent magnet per capita consumption was registered in Malaysia (443 kg per 1000 persons), followed by South Korea (217 kg per 1000 persons), Germany (216 kg per 1000 persons) and Vietnam (165 kg per 1000 persons), while the world average per capita consumption of non-metal permanent magnet was estimated at 47 kg per 1000 persons.

In Malaysia, non-metal permanent magnet per capita consumption expanded at an average annual rate of +20.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: South Korea (+12.5% per year) and Germany (+6.7% per year).

Production

World Production of Non-Metal Permanent Magnets

In 2022, global production of non-metal permanent magnets reduced slightly to 356K tons, with a decrease of -3.3% on 2021 figures. The total output volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 15%. Global production peaked at 389K tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, non-metal permanent magnet production shrank modestly to $2.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 15%. Global production peaked at $3.3B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (204K tons) remains the largest non-metal permanent magnet producing country worldwide, comprising approx. 57% of total volume. Moreover, non-metal permanent magnet production in China exceeded the figures recorded by the second-largest producer, the United States (34K tons), sixfold. The third position in this ranking was held by South Korea (23K tons), with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +1.7%. In the other countries, the average annual rates were as follows: the United States (-0.1% per year) and South Korea (+5.3% per year).

Imports

World Imports of Non-Metal Permanent Magnets

In 2022, the amount of non-metal permanent magnets imported worldwide fell to 275K tons, dropping by -3.6% against 2021 figures. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 26%. As a result, imports reached the peak of 286K tons, and then dropped in the following year.

In value terms, non-metal permanent magnet imports rose remarkably to $1.8B in 2022. The total import value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 25%. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports By Country

The countries with the highest levels of non-metal permanent magnet imports in 2022 were Germany (23K tons), India (21K tons), Vietnam (20K tons), Mexico (16K tons), China (15K tons), Malaysia (14K tons), Italy (14K tons), the United States (13K tons), South Korea (9.9K tons), Turkey (9.1K tons), Japan (8.8K tons) and the Netherlands (8.4K tons), together amounting to 62% of total import. Thailand (8.1K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +18.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($174M), China ($114M) and Italy ($112M) appeared to be the countries with the highest levels of imports in 2022, with a combined 22% share of global imports. Thailand, the United States, Mexico, South Korea, Vietnam, India, Japan, Malaysia, the Netherlands and Turkey lagged somewhat behind, together comprising a further 40%.

South Korea, with a CAGR of +12.2%, saw the highest growth rate of the value of imports, among 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

The average non-metal permanent magnet import price stood at $6,623 per ton in 2022, surging by 9% against the previous year. In general, the import price, however, continues to indicate a mild downturn. Global import price peaked at $7,938 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($13,445 per ton), while Turkey ($3,155 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+9.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Non-Metal Permanent Magnets

In 2022, approx. 264K tons of non-metal permanent magnets were exported worldwide; shrinking by -7.6% on 2021 figures. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 20% against the previous year. As a result, the exports attained the peak of 286K tons, and then contracted in the following year.

In value terms, non-metal permanent magnet exports reached $1.5B in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 26%. The global exports peaked at $1.6B in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China dominates exports structure, recording 162K tons, which was near 61% of total exports in 2022. It was distantly followed by South Korea (22K tons), comprising an 8.2% share of total exports. The following exporters - Germany (9.8K tons), Italy (9.6K tons), Malaysia (7.5K tons), Hong Kong SAR (6.9K tons), the Philippines (6.6K tons), the Netherlands (6.5K tons), Japan (5.3K tons) and the Czech Republic (4.5K tons) - together made up 21% of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-metal permanent magnet exports from China stood at +1.1%. At the same time, Malaysia (+11.1%), the Netherlands (+6.3%), the Philippines (+5.0%), the Czech Republic (+4.4%), Italy (+4.2%) and South Korea (+1.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.1% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, Japan (-2.3%) and Hong Kong SAR (-12.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Malaysia increased by +1.8 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($531M) remains the largest non-metal permanent magnet supplier worldwide, comprising 35% of global exports. The second position in the ranking was taken by the Philippines ($133M), with an 8.7% share of global exports. It was followed by Germany, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +3.5%. In the other countries, the average annual rates were as follows: the Philippines (-5.0% per year) and Germany (-1.0% per year).

Export Prices By Country

In 2022, the average non-metal permanent magnet export price amounted to $5,808 per ton, surging by 9.8% against the previous year. In general, the export price, however, continues to indicate a mild descent. The global export price peaked at $6,478 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 the Philippines ($20,156 per ton), while China ($3,279 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.5%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform