Myanmar: Permanent Magnet Market 2024

Permanent Magnet Market Size in Myanmar

The Myanmar's permanent magnet market totaled $X in 2021, therefore, remained relatively stable against the previous year. In general, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -16.7% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Permanent Magnet Production in Myanmar

In value terms, permanent magnet production declined slightly to $X in 2021 estimated in export price. Overall, production saw a remarkable increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 91%. Over the period under review, production reached the peak level at $X in 2020, and then fell modestly in the following year.

Permanent Magnet Exports

Exports from Myanmar

In 2021, permanent magnet exports from Myanmar dropped sharply to X kg, reducing by -19.7% against 2020. Overall, exports recorded a significant contraction. The most prominent rate of growth was recorded in 2017 with an increase of 259%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, permanent magnet exports contracted remarkably to $X in 2021. Over the period under review, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2016 when exports increased by 202% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Ethiopia (X kg) was the main destination for permanent magnet exports from Myanmar, accounting for a 50% share of total exports. Moreover, permanent magnet exports to Ethiopia exceeded the volume sent to the second major destination, Vietnam (X kg), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ethiopia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-26.9% per year) and China (-5.9% per year).

In value terms, the largest markets for permanent magnet exported from Myanmar were Vietnam ($X), China ($X) and Ethiopia ($X), with a combined 80% share of total exports.

China, with a CAGR of +29.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average permanent magnet export price stood at $X per ton in 2021, almost unchanged from the previous year. In general, the export price, however, recorded prominent growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 104%. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then contracted in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Ethiopia ($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 China (+38.1%), while the prices for the other major destinations experienced more modest paces of growth.

Permanent Magnet Imports

Imports into Myanmar

In 2021, after two years of decline, there was significant growth in supplies from abroad of permanent magnets, when their volume increased by 27% to X tons. Over the period under review, imports, however, recorded a perceptible shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 374% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, permanent magnet imports fell to $X in 2021. Overall, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 308%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest permanent magnet supplier to Myanmar, with a 86% share of total imports. Moreover, permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold. Hong Kong SAR (X tons) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+21.0% per year) and Hong Kong SAR (+15.7% per year).

In value terms, China ($X) constituted the largest supplier of permanent magnets to Myanmar, comprising 69% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 5.5% share of total imports. It was followed by Singapore, with a 2.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +19.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+31.4% per year) and Singapore (+11.6% per year).

Import Prices by Country

The average permanent magnet import price stood at $X per ton in 2021, shrinking by -29.7% against the previous year. In general, the import price, however, saw a strong increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 455% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped sharply in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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