Mexico: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in Mexico

The Mexican metal permanent magnet market surged to $X in 2022, growing by 15% against the previous year. Overall, consumption recorded a buoyant expansion. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in years to come.

Metal Permanent Magnet Production in Mexico

In value terms, metal permanent magnet production shrank slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate significant growth. The growth pace was the most rapid in 2019 with an increase of 123%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Metal Permanent Magnet Exports

Exports from Mexico

For the fourth year in a row, Mexico recorded growth in overseas shipments of metal permanent magnets, which increased by 5.3% to X tons in 2022. Over the period under review, exports showed a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 238% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, metal permanent magnet exports skyrocketed to $X in 2022. In general, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 93% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons) was the main destination for metal permanent magnet exports from Mexico, with a approx. 98% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +16.5%.

In value terms, the United States ($X) also remains the key foreign market for metal permanent magnets exports from Mexico.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +8.6%.

Export Prices by Country

The average metal permanent magnet export price stood at $X per ton in 2022, increasing by 20% against the previous year. Overall, the export price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2016 an increase of 68% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to -6.8% per year.

Metal Permanent Magnet Imports

Imports into Mexico

In 2022, purchases abroad of metal permanent magnets increased by 10% to X tons, rising for the third year in a row after five years of decline. Overall, imports recorded moderate growth. The growth pace was the most rapid in 2021 with an increase of 217% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, metal permanent magnet imports surged to $X in 2022. Over the period under review, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +88.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 45%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of metal permanent magnet to Mexico, with a 83% share of total imports. Moreover, metal permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The third position in this ranking was taken by South Korea (X tons), with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-7.4% per year) and South Korea (+1.0% per year).

In value terms, China ($X) constituted the largest supplier of metal permanent magnets to Mexico, comprising 83% of total imports. The second position in the ranking was held by the United States ($X), with an 8.4% share of total imports. It was followed by Germany, with a 1.9% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.2% per year) and Germany (+0.7% per year).

Import Prices by Country

In 2022, the average metal permanent magnet import price amounted to $X per ton, jumping by 17% against the previous year. In general, the import price continues to indicate a temperate expansion. The most prominent rate of growth was recorded in 2015 when the average import price increased by 55%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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