Asia: Permanent Magnet Market 2025

Permanent Magnet Market Size in Asia

The Asian permanent magnet market totaled $X in 2021, increasing by 2.1% against the previous year. The total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +52.3% against 2016 indices. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Permanent Magnet Production in Asia

In value terms, permanent magnet production rose modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 12% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Permanent Magnet Exports

Exports in Asia

In 2021, shipments abroad of permanent magnets increased by 23% to X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, permanent magnet exports surged to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, resulting at X tons, which was near 76% of total exports in 2021. South Korea (X tons) ranks second in terms of the total exports with a 7.5% share, followed by Japan (4.7%). Hong Kong SAR (X tons) and the Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to permanent magnet exports from China stood at +3.1%. At the same time, the Philippines (+15.7%) and South Korea (+4.9%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in Asia, with a CAGR of +15.7% from 2012-2021. By contrast, Japan (-5.2%) and Hong Kong SAR (-7.5%) illustrated a downward trend over the same period. China (+6.3 p.p.) and South Korea (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Japan and Hong Kong SAR saw its share reduced by -4.5% and -5.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest permanent magnet supplier in Asia, comprising 68% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by the Philippines, with a 4.8% share.

In China, permanent magnet exports increased at an average annual rate of +4.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-8.9% per year) and the Philippines (+1.6% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, jumping by 22% against the previous year. In general, the export price, however, saw a mild decrease. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.0%), while the other leaders experienced a decline in the export price figures.

Permanent Magnet Imports

Imports in Asia

In 2021, overseas purchases of permanent magnets increased by 35% to X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +3.3% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, permanent magnet imports soared to $X in 2021. In general, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons), distantly followed by Vietnam (X tons), Hong Kong SAR (X tons), Japan (X tons), Thailand (X tons), China (X tons), South Korea (X tons), Malaysia (X tons), Indonesia (X tons), Turkey (X tons) and the Philippines (X tons) were the key importers of permanent magnets, together comprising 90% of total imports.

From 2012 to 2021, average annual rates of growth with regard to permanent magnet imports into India stood at +19.4%. At the same time, the Philippines (+34.4%), Vietnam (+5.5%), Turkey (+4.2%), South Korea (+3.8%), Thailand (+2.0%) and Japan (+1.4%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia, with a CAGR of +34.4% from 2012-2021. Malaysia experienced a relatively flat trend pattern. By contrast, China (-1.5%), Indonesia (-5.7%) and Hong Kong SAR (-5.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India, the Philippines and Vietnam increased by +17, +4.1 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest permanent magnet importing markets in Asia were Japan ($X), the Philippines ($X) and Vietnam ($X), with a combined 44% share of total imports.

The Philippines, with a CAGR of +50.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, approximately equating the previous year. Overall, the import price, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2019 when the import price increased by 8% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the Philippines ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+11.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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