Republic of Korea: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in Republic of Korea

The South Korean metal permanent magnet market reduced to $X in 2023, falling by X% against the previous year. Overall, consumption showed buoyant growth. As a result, consumption attained the peak level of $X, and then declined in the following year.

Metal Permanent Magnet Production in Republic of Korea

In value terms, metal permanent magnet production fell markedly to $X in 2023 estimated in export price. In general, production recorded a pronounced decline. The pace of growth appeared the most rapid in 2015 when the production volume increased by X%. Metal permanent magnet production peaked at $X in 2020; however, from 2021 to 2023, production remained at a lower figure.

Metal Permanent Magnet Exports

Exports from Republic of Korea

Metal permanent magnet exports from South Korea shrank notably to X tons in 2023, waning by X% compared with 2022 figures. In general, exports saw a deep slump. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2023, the growth of the exports failed to regain momentum.

In value terms, metal permanent magnet exports rose markedly to $X in 2023. Overall, exports continue to indicate a mild decline. The pace of growth appeared the most rapid in 2015 when exports increased by X%. As a result, the exports attained the peak of $X. From 2016 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), Mexico (X tons) and China (X tons) were the main destinations of metal permanent magnet exports from South Korea, with a combined X% share of total exports. Slovakia and the Philippines lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for metal permanent magnet exported from South Korea were China ($X), Mexico ($X) and the United States ($X), together comprising X% of total exports. The Philippines and Slovakia lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, the Philippines, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average metal permanent magnet export price stood at $X per ton in 2023, jumping by X% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2023: its price 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. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (X%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Permanent Magnet Imports

Imports into Republic of Korea

In 2023, after three years of growth, there was decline in purchases abroad of metal permanent magnets, when their volume decreased by X% to X tons. Over the period under review, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2022, and then dropped in the following year.

In value terms, metal permanent magnet imports contracted notably to $X in 2023. In general, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2022, and then shrank rapidly in the following year.

Imports by Country

In 2023, China (X tons) was the main supplier of metal permanent magnet to South Korea, with a X% share of total imports. Moreover, metal permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), more than tenfold.

From 2012 to 2023, the average annual growth rate of volume from China stood at X%.

In value terms, China ($X) constituted the largest supplier of metal permanent magnets to South Korea, comprising X% of total imports. The second position in the ranking was held by the Philippines ($X), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of value from China amounted to X%.

Import Prices by Country

The average metal permanent magnet import price stood at $X per ton in 2023, shrinking by X% against the previous year. In general, import price indicated temperate growth from 2012 to 2023: its price 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, metal permanent magnet import price increased by X% against 2015 indices. The growth pace was the most rapid in 2022 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton, and then contracted notably in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Philippines (X%).

Source: IndexBox Platform