Oman: Permanent Magnet Market 2024

Permanent Magnet Market Size in Oman

The Omani permanent magnet market was estimated at $X in 2021, surging by 5.8% against the previous year. Overall, consumption enjoyed a prominent expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Permanent Magnet Production in Oman

In value terms, permanent magnet production reduced modestly to $X in 2021 estimated in export price. In general, production continues to indicate a strong increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 44%. Permanent magnet production peaked at $X in 2020, and then fell modestly in the following year.

Permanent Magnet Exports

Exports from Oman

After two years of decline, overseas shipments of permanent magnets increased by 49% to X tons in 2021. In general, exports saw mild growth. The pace of growth appeared the most rapid in 2017 with an increase of 1,485% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, permanent magnet exports surged to $X in 2021. Over the period under review, exports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 1,338% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Qatar (X kg), India (X kg) and the United States (X kg) were the main destinations of permanent magnet exports from Oman, with a combined 97% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of +31.6%), while the other leaders experienced a decline.

In value terms, India ($X) remains the key foreign market for permanent magnets exports from Oman, comprising 65% of total exports. The second position in the ranking was taken by the United States ($X), with a 21% share of total exports. It was followed by Qatar, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value to India stood at +20.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+16.9% per year) and Qatar (+18.9% per year).

Export Prices by Country

The average permanent magnet export price stood at $X per ton in 2021, increasing by 70% against the previous year. Over the period under review, the export price continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2013 when the average export price increased by 182%. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see steady growth in the near future.

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 the United States ($X per ton), while the average price for exports to Qatar ($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 (+28.2%), while the prices for the other major destinations experienced more modest paces of growth.

Permanent Magnet Imports

Imports into Oman

Permanent magnet imports into Oman skyrocketed to X tons in 2021, jumping by 171% on the previous year. In general, imports showed a prominent expansion. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, permanent magnet imports soared to $X in 2021. Overall, imports showed a temperate expansion. The growth pace was the most rapid in 2016 when imports increased by 124% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest permanent magnet supplier to Oman, with a 77% share of total imports. Moreover, permanent magnet imports from India exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), sixfold. China (X tons) ranked third in terms of total imports with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India totaled +21.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.5% per year) and China (-4.8% per year).

In value terms, India ($X) constituted the largest supplier of permanent magnets to Oman, comprising 42% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 19% share of total imports. It was followed by China, with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India stood at +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-4.0% per year) and China (-3.7% per year).

Import Prices by Country

In 2021, the average permanent magnet import price amounted to $X per ton, shrinking by -47.4% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2016 an increase of 44%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

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 Qatar ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+35.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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