MENA: Permanent Magnet Market 2024

Permanent Magnet Market Size in MENA

The MENA's permanent magnet market expanded rapidly to $X in 2021, picking up by 8.4% against the previous year. The total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +92.9% against 2016 indices. Over the period under review, the market reached the maximum level in 2021 and is likely to see gradual growth in the immediate term.

Permanent Magnet Production in MENA

In value terms, permanent magnet production reached $X in 2021 estimated in export price. Overall, production recorded a remarkable increase. The pace of growth was the most pronounced in 2017 with an increase of 51%. The level of production peaked in 2021 and is expected to retain growth in the near future.

Permanent Magnet Exports

Exports in MENA

For the third consecutive year, MENA recorded growth in shipments abroad of permanent magnets, which increased by 11% to X tons in 2021. In general, exports recorded a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 97% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, permanent magnet exports soared to $X in 2021. Overall, exports recorded significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 63% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Israel represented the largest exporter of permanent magnets in MENA, with the volume of exports accounting for X tons, which was approx. 64% of total exports in 2021. Turkey (X tons) ranks second in terms of the total exports with a 19% share, followed by Tunisia (12%). The United Arab Emirates (X tons) followed a long way behind the leaders.

Israel was also the fastest-growing in terms of the permanent magnets exports, with a CAGR of +53.5% from 2012 to 2021. At the same time, Tunisia (+18.7%) and Turkey (+13.8%) displayed positive paces of growth. By contrast, the United Arab Emirates (-2.2%) illustrated a downward trend over the same period. Israel (+54 p.p.) significantly strengthened its position in terms of the total exports, while Tunisia, the United Arab Emirates and Turkey saw its share reduced by -6.9%, -17.4% and -24.6% from 2012 to 2021, respectively.

In value terms, Israel ($X) remains the largest permanent magnet supplier in MENA, comprising 82% of total exports. The second position in the ranking was held by Turkey ($X), with a 12% share of total exports. It was followed by Tunisia, with a 3% share.

From 2012 to 2021, the average annual growth rate of value in Israel amounted to +33.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+14.4% per year) and Tunisia (+8.7% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, jumping by 19% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 29% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.5%), while the other leaders experienced a decline in the export price figures.

Permanent Magnet Imports

Imports in MENA

In 2021, permanent magnet imports in MENA surged to X tons, jumping by 32% against 2020 figures. The total import volume increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. 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. The total import value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey prevails in imports structure, amounting to X tons, which was near 66% of total imports in 2021. Iran (X tons) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (9.6%). Israel (X tons), Egypt (X tons), Saudi Arabia (X tons) and Tunisia (X tons) held a little share of total imports.

Imports into Turkey increased at an average annual rate of +4.2% from 2012 to 2021. At the same time, the United Arab Emirates (+13.0%), Egypt (+8.7%) and Israel (+1.6%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in MENA, with a CAGR of +13.0% from 2012-2021. Iran experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-3.1%) and Tunisia (-9.0%) illustrated a downward trend over the same period. Turkey (+5.8 p.p.) and the United Arab Emirates (+5.4 p.p.) significantly strengthened its position in terms of the total imports, while Tunisia and Iran saw its share reduced by -3.4% and -3.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported permanent magnets in MENA, comprising 52% of total imports. The second position in the ranking was taken by Israel ($X), with a 14% share of total imports. It was followed by the United Arab Emirates, with a 10% share.

In Turkey, permanent magnet imports expanded at an average annual rate of +5.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Israel (+1.6% per year) and the United Arab Emirates (+6.5% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, falling by -3.1% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by 17%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tunisia (+11.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform