China: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in China

The Chinese metal permanent magnet market was estimated at $X in 2022, growing by 11% against the previous year. In general, consumption showed a relatively flat trend pattern. Metal permanent magnet consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Metal Permanent Magnet Production in China

In value terms, metal permanent magnet production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 11% against the previous year. Metal permanent magnet production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Metal Permanent Magnet Exports

Exports from China

In 2022, the amount of metal permanent magnets exported from China dropped to X tons, with a decrease of -3.9% on 2021 figures. The total export volume increased at an average annual rate of +3.7% 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 exports increased by 26%. As a result, the exports reached the peak of X tons, and then fell modestly in the following year.

In value terms, metal permanent magnet exports soared to $X in 2022. Overall, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2021 when exports increased by 63% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons), India (X tons) and Germany (X tons) were the main destinations of metal permanent magnet exports from China, with a combined 35% share of total exports. Vietnam, South Korea, Japan, Thailand, Mexico, Indonesia, Italy, Poland, Brazil and Russia lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +24.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and South Korea ($X) appeared to be the largest markets for metal permanent magnet exported from China worldwide, with a combined 40% share of total exports. Vietnam, Thailand, Japan, Italy, Poland, India, Mexico, Russia, Brazil and Indonesia lagged somewhat behind, together accounting for a further 34%.

Poland, with a CAGR of +32.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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 2022, jumping by 48% against the previous year. Over the period under review, the export price showed a notable increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Permanent Magnet Imports

Imports into China

In 2022, overseas purchases of metal permanent magnets increased by 5.6% to X tons, rising for the second year in a row after four years of decline. In general, imports, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 12% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, metal permanent magnet imports expanded significantly to $X in 2022. Over the period under review, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 15%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Japan (X tons) constituted the largest metal permanent magnet supplier to China, with a 26% share of total imports. Moreover, metal permanent magnet imports from Japan exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. Vietnam (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to -9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-15.3% per year) and Vietnam (+70.6% per year).

In value terms, Japan ($X), Vietnam ($X) and the Philippines ($X) were the largest metal permanent magnet suppliers to China, together comprising 60% of total imports.

Among the main suppliers, Vietnam, with a CAGR of +68.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average metal permanent magnet import price amounted to $X per ton, growing by 7.9% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable descent. The pace of growth appeared the most rapid in 2017 when the average import price increased by 27% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+16.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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