Bangladesh: Permanent Magnet Market 2024

Permanent Magnet Market Size in Bangladesh

The Bangladeshi permanent magnet market surged to $X in 2021, picking up by 123% 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, consumption saw a notable expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Permanent Magnet Exports

Exports from Bangladesh

In 2021, the amount of permanent magnets exported from Bangladesh reduced sharply to X kg, waning by -70.6% compared with the year before. Over the period under review, exports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 173% against the previous year. As a result, the exports attained the peak of X kg. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, permanent magnet exports fell sharply to $X in 2021. Overall, exports faced a sharp decrease. The pace of growth was the most pronounced in 2018 with an increase of 427% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Switzerland (X kg), Slovakia (X kg) and Maldives (X kg) were the main destinations of permanent magnet exports from Bangladesh, together accounting for 81% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +2.1%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for permanent magnet exported from Bangladesh were Switzerland ($X), China ($X) and Slovakia ($X), with a combined 80% share of total exports.

Switzerland, with a CAGR of +6.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average permanent magnet export price amounted to $X per ton, with an increase of 16% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2018 when the average export price increased by 172% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Maldives ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Permanent Magnet Imports

Imports into Bangladesh

In 2021, permanent magnet imports into Bangladesh soared to X tons, with an increase of 93% against the year before. Overall, imports saw a relatively flat trend pattern. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, permanent magnet imports skyrocketed to $X in 2021. In general, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main supplier of permanent magnet to Bangladesh, accounting for a 92% share of total imports. It was followed by India (X tons), with a 2.5% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-18.3% per year) and South Korea (+38.1% per year).

In value terms, China ($X) constituted the largest supplier of permanent magnets to Bangladesh, comprising 74% of total imports. The second position in the ranking was taken by India ($X), with a 4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-15.9% per year) and South Korea (+10.5% per year).

Import Prices by Country

In 2021, the average permanent magnet import price amounted to $X per ton, rising by 26% against the previous year. Overall, the import price saw a buoyant expansion. The pace of growth was the most pronounced in 2013 an increase of 80% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($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 (+8.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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