India: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in India

For the ninth year in a row, the Indian metal permanent magnet market recorded growth in sales value, which increased by 37% to $X in 2022. Over the period under review, consumption recorded a resilient expansion. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Metal Permanent Magnet Production in India

In value terms, metal permanent magnet production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% 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 2020 when the production volume increased by 21% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Metal Permanent Magnet Exports

Exports from India

In 2022, the amount of metal permanent magnets exported from India reduced to X tons, which is down by -8.2% on the previous year. In general, total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +19.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 30% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal permanent magnet exports reduced modestly to $X in 2022. Over the period under review, total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 64%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

The Czech Republic (X tons) was the main destination for metal permanent magnet exports from India, accounting for a 37% share of total exports. Moreover, metal permanent magnet exports to the Czech Republic exceeded the volume sent to the second major destination, Germany (X tons), fourfold. The third position in this ranking was taken by Hong Kong SAR (X tons), with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume to the Czech Republic amounted to +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-0.8% per year) and Hong Kong SAR (+3.8% per year).

In value terms, the Czech Republic ($X) remains the key foreign market for metal permanent magnets exports from India, comprising 38% of total exports. The second position in the ranking was taken by Germany ($X), with a 9.6% share of total exports. It was followed by Hong Kong SAR, with a 7% share.

From 2012 to 2022, the average annual growth rate of value to the Czech Republic stood at +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-0.8% per year) and Hong Kong SAR (+2.9% per year).

Export Prices by Country

In 2022, the average metal permanent magnet export price amounted to $X per ton, picking up by 7.1% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 27%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 the United States (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Permanent Magnet Imports

Imports into India

In 2022, overseas purchases of metal permanent magnets increased by 63% to X tons, rising for the second consecutive year after two years of decline. In general, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 176% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, metal permanent magnet imports surged to $X in 2022. Over the period under review, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 55% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) was the main metal permanent magnet supplier to India, with a 91% share of total imports. Moreover, metal permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China stood at +25.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+31.4% per year) and South Korea (+2.5% per year).

In value terms, China ($X) constituted the largest supplier of metal permanent magnets to India, comprising 72% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 6.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+24.5% per year) and South Korea (+3.0% per year).

Import Prices by Country

The average metal permanent magnet import price stood at $X per ton in 2022, shrinking by -5.7% against the previous year. Overall, the import price showed a deep setback. The most prominent rate of growth was recorded in 2020 an increase of 21% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 2022, the most notable rate of growth in terms of prices was attained by South Korea (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :