Colombia: Permanent Magnet Market 2025

Permanent Magnet Market Size in Colombia

The Colombian permanent magnet market soared to $X in 2021, with an increase of 38% 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). The market value increased at an average annual rate of +6.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Permanent Magnet Exports

Exports from Colombia

In 2021, exports of permanent magnets from Colombia skyrocketed to X tons, increasing by 138% on 2020. Overall, exports, however, showed a perceptible setback. The pace of growth was the most pronounced in 2019 with an increase of 268% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, permanent magnet exports soared to $X in 2021. In general, exports posted a modest increase. The most prominent rate of growth was recorded in 2013 when exports increased by 118% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ecuador (X tons) was the main destination for permanent magnet exports from Colombia, accounting for a 68% share of total exports. Moreover, permanent magnet exports to Ecuador exceeded the volume sent to the second major destination, Chile (X tons), sixfold. The third position in this ranking was held by Argentina (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Ecuador stood at -6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+14.3% per year) and Argentina (+8.7% per year).

In value terms, Ecuador ($X) remains the key foreign market for permanent magnets exports from Colombia, comprising 55% of total exports. The second position in the ranking was taken by Argentina ($X), with a 9.9% share of total exports. It was followed by Chile, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador totaled -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+36.4% per year) and Chile (+18.7% per year).

Export Prices by Country

In 2021, the average permanent magnet export price amounted to $X per ton, reducing by -14.8% against the previous year. In general, the export price, however, continues to indicate resilient growth. The pace of growth appeared the most rapid in 2018 when the average export price increased by 121% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Mexico ($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 Argentina (+25.5%), while the prices for the other major destinations experienced more modest paces of growth.

Permanent Magnet Imports

Imports into Colombia

Permanent magnet imports into Colombia skyrocketed to X tons in 2021, rising by 40% against 2020 figures. In general, total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +61.6% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, permanent magnet imports surged to $X in 2021. The total import value increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 42%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

China (X tons) and Germany (X tons) were the main suppliers of permanent magnet imports to Colombia.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +8.1%).

In value terms, China ($X) constituted the largest supplier of permanent magnets to Colombia, comprising 58% of total imports. The second position in the ranking was taken by Germany ($X), with a 27% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +4.5%.

Import Prices by Country

In 2021, the average permanent magnet import price amounted to $X per ton, approximately mirroring the previous year. In general, the import price, however, continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2017 an increase of 6.2% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for Germany stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+2.1%).

Source: IndexBox Platform

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