Norway: Permanent Magnet Market 2024

Permanent Magnet Market Size in Norway

In 2021, the Norwegian permanent magnet market decreased by -4.6% to $X, falling for the second consecutive year after two years of growth. In general, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -18.3% 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 somewhat lower figure.

Permanent Magnet Exports

Exports from Norway

In 2021, the amount of permanent magnets exported from Norway dropped dramatically to X tons, waning by -34.8% on 2020. In general, exports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2014 when exports increased by 808% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, permanent magnet exports shrank rapidly to $X in 2021. Over the period under review, exports, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of 852%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Sweden (X tons), the United States (X tons) and France (X tons) were the main destinations of permanent magnet exports from Norway, together comprising 40% of total exports.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +70.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for permanent magnet exported from Norway were Brazil ($X), the United States ($X) and the United Arab Emirates ($X), together accounting for 41% of total exports.

Brazil, with a CAGR of +51.2%, 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 more modest paces of growth.

Export Prices by Country

The average permanent magnet export price stood at $X per ton in 2021, surging by 5.1% against the previous year. Over the period under review, the export price, however, saw a mild curtailment. The most prominent rate of growth was recorded in 2018 an increase of 101%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Austria ($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 Brazil (+27.2%), while the prices for the other major destinations experienced more modest paces of growth.

Permanent Magnet Imports

Imports into Norway

Permanent magnet imports into Norway contracted to X tons in 2021, waning by -4.4% against the year before. In general, total imports indicated a moderate increase from 2012 to 2021: its volume increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -21.0% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 60%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, permanent magnet imports contracted to $X in 2021. Overall, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -19.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 76% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of permanent magnet to Norway, with a 58% share of total imports. Moreover, permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, Sweden (X tons), threefold. Denmark (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+5.1% per year) and Denmark (+13.1% per year).

In value terms, China ($X) constituted the largest supplier of permanent magnets to Norway, comprising 52% of total imports. The second position in the ranking was held by Sweden ($X), with an 11% share of total imports. It was followed by Denmark, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-3.3% per year) and Denmark (+18.7% per year).

Import Prices by Country

The average permanent magnet import price stood at $X per ton in 2021, shrinking by -4.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2019 an increase of 23% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, 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 Germany ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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