ASEAN: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in ASEAN

For the fifth consecutive year, the ASEAN metal permanent magnet market recorded growth in sales value, which increased by 8.6% to $X in 2022. The total consumption indicated a notable expansion 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, consumption increased by +70.9% against 2017 indices. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Metal Permanent Magnet Production in ASEAN

In value terms, metal permanent magnet production declined to $X in 2022 estimated in export price. Overall, production continues to indicate buoyant growth. The growth pace was the most rapid in 2019 when the production volume increased by 60%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Metal Permanent Magnet Exports

Exports in ASEAN

Metal permanent magnet exports soared to X tons in 2022, picking up by 158% compared with the previous year's figure. Overall, exports recorded a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, metal permanent magnet exports contracted to $X in 2022. In general, exports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 120% against the previous year. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, Malaysia (X tons) was the key exporter of metal permanent magnets, creating 70% of total exports. It was distantly followed by Vietnam (X tons), Indonesia (X tons) and the Philippines (X tons), together generating a 25% share of total exports. Thailand (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to metal permanent magnet exports from Malaysia stood at +32.4%. At the same time, the Philippines (+59.5%), Vietnam (+29.3%), Thailand (+12.6%) and Indonesia (+3.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +59.5% from 2012-2022. From 2012 to 2022, the share of Malaysia, the Philippines and Vietnam increased by +38, +5.7 and +4.8 percentage points, respectively.

In value terms, the largest metal permanent magnet supplying countries in ASEAN were Vietnam ($X), the Philippines ($X) and Malaysia ($X), with a combined 80% share of total exports.

Among the main exporting countries, the Philippines, with a CAGR of +45.7%, saw the highest rates of growth with regard to 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 export price in ASEAN stood at $X per ton in 2022, falling by -65.5% against the previous year. In general, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2013 when the export price increased by 37%. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+12.1%), while the other leaders experienced more modest paces of growth.

Metal Permanent Magnet Imports

Imports in ASEAN

In 2022, after three years of growth, there was decline in overseas purchases of metal permanent magnets, when their volume decreased by -4% to X tons. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 22% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then contracted slightly in the following year.

In value terms, metal permanent magnet imports amounted to $X in 2022. Overall, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2019 when imports increased by 51%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, the Philippines (X tons), Thailand (X tons), Vietnam (X tons) and Malaysia (X tons) represented the largest importer of metal permanent magnets in ASEAN, creating 86% of total import. It was distantly followed by Indonesia (X tons), committing a 7.2% share of total imports. Myanmar (X tons) and Cambodia (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +121.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) constitutes the largest market for imported metal permanent magnets in ASEAN, comprising 44% of total imports. The second position in the ranking was held by Vietnam ($X), with a 21% share of total imports. It was followed by Thailand, with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Philippines totaled +70.5%. In the other countries, the average annual rates were as follows: Vietnam (+15.4% per year) and Thailand (+5.6% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, with an increase of 11% against the previous year. In general, the import price posted a remarkable increase. The growth pace was the most rapid in 2019 an increase of 24% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to continue growth in the near future.

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 the Philippines ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+16.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform