Ireland: Permanent Magnet Market 2024

Permanent Magnet Market Size in Ireland

The Irish permanent magnet market dropped sharply to $X in 2021, falling by -59.6% 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 continues to indicate a abrupt slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Permanent Magnet Exports

Exports from Ireland

In 2021, permanent magnet exports from Ireland skyrocketed to X tons, rising by 26% against 2020. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 429% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, permanent magnet exports expanded notably to $X in 2021. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 456% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

The UK (X tons) was the main destination for permanent magnet exports from Ireland, with a 54% share of total exports. Moreover, permanent magnet exports to the UK exceeded the volume sent to the second major destination, the United States (X tons), twofold. Romania (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to the UK amounted to +57.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+7.8% per year) and Romania (+451.3% per year).

In value terms, the largest markets for permanent magnet exported from Ireland were the United States ($X), Romania ($X) and the UK ($X), together comprising 91% of total exports.

Among the main countries of destination, Romania, with a CAGR of +439.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average permanent magnet export price amounted to $X per ton, falling by -11.2% against the previous year. In general, the export price, however, recorded a slight increase. The pace of growth appeared the most rapid in 2018 an increase of 113%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to the UK ($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 the United States (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Permanent Magnet Imports

Imports into Ireland

In 2021, supplies from abroad of permanent magnets decreased by -61.7% to X tons for the first time since 2014, thus ending a six-year rising trend. Over the period under review, imports saw a abrupt contraction. The pace of growth appeared the most rapid in 2020 when imports increased by 27% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, permanent magnet imports reduced remarkably to $X in 2021. In general, imports faced a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 50%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest permanent magnet supplier to Ireland, with a 54% share of total imports. Moreover, permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), threefold. The third position in this ranking was held by Germany (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -12.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-16.5% per year) and Germany (+9.6% per year).

In value terms, China ($X) constituted the largest supplier of permanent magnets to Ireland, comprising 38% of total imports. The second position in the ranking was taken by the UK ($X), with a 17% share of total imports. It was followed by the United States, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-7.1% per year) and the United States (+18.3% per year).

Import Prices by Country

The average permanent magnet import price stood at $X per ton in 2021, increasing by 33% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Hong Kong SAR ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+26.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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