India: Permanent Magnet Market 2025

Permanent Magnet Market Size in India

The Indian permanent magnet market soared to $X in 2021, surging by 82% against the previous year. In general, consumption posted a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Permanent Magnet Production in India

In value terms, permanent magnet production reached $X in 2021 estimated in export price. Overall, production continues to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2013 with an increase of 64% against the previous year. Permanent magnet production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Permanent Magnet Exports

Exports from India

Permanent magnet exports from India surged to X tons in 2021, picking up by 23% on 2020 figures. Over the period under review, total exports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -11.1% against 2019 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 30%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, permanent magnet exports surged to $X in 2021. Overall, total exports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Czech Republic (X tons), China (X tons) and Mexico (X tons) were the main destinations of permanent magnet exports from India, with a combined 48% share of total exports. These countries were followed by Germany, Hong Kong SAR, the United States, Italy, Thailand, Brazil, Turkey, Tunisia, Poland and Nigeria, which together accounted for a further 39%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +20.8%), while the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X) remains the key foreign market for permanent magnets exports from India, comprising 31% of total exports. The second position in the ranking was taken by China ($X), with a 15% share of total exports. It was followed by Hong Kong SAR, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value to the Czech Republic stood at +12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+13.9% per year) and Hong Kong SAR (+4.6% per year).

Export Prices by Country

In 2021, the average permanent magnet export price amounted to $X per ton, picking up by 29% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Brazil ($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 Italy (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Permanent Magnet Imports

Imports into India

In 2021, after two years of decline, there was significant growth in overseas purchases of permanent magnets, when their volume increased by 138% to X tons. Over the period under review, imports enjoyed a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, permanent magnet imports soared to $X in 2021. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest permanent magnet supplier to India, with a 87% share of total imports. It was followed by Hong Kong SAR (X tons), with a 2.7% share of total imports. South Korea (X tons) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +21.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+29.0% per year) and South Korea (+15.2% per year).

In value terms, China ($X) constituted the largest supplier of permanent magnets to India, comprising 64% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.9% share of total imports. It was followed by South Korea, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.0% per year) and South Korea (+13.8% per year).

Import Prices by Country

In 2021, the average permanent magnet import price amounted to $X per ton, waning by -33.9% against the previous year. Overall, the import price showed a abrupt downturn. The growth pace was the most rapid in 2020 when the average import price increased by 11%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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