Republic of Korea: Permanent Magnet Market 2024

Permanent Magnet Market Size in Republic of Korea

In 2021, after four years of growth, there was significant decline in the South Korean permanent magnet market, when its value decreased by -5.8% to $X. In general, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.3% 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 increased by +57.3% against 2016 indices. Over the period under review, the market reached the maximum level at $X in 2020, and then declined in the following year.

Permanent Magnet Production in Republic of Korea

In value terms, permanent magnet production fell to $X in 2021 estimated in export price. Over the period under review, the total production indicated resilient growth 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, production increased by +74.7% against 2012 indices. The most prominent rate of growth was recorded in 2014 with an increase of 29%. Permanent magnet production peaked at $X in 2020, and then declined slightly in the following year.

Permanent Magnet Exports

Exports from Republic of Korea

After three years of decline, overseas shipments of permanent magnets increased by 15% to X tons in 2021. In general, total exports indicated tangible growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when exports increased by 47%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, permanent magnet exports expanded slightly to $X in 2021. Overall, total exports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -25.8% against 2017 indices. The pace of growth was the most pronounced in 2016 with an increase of 44%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons), Germany (X tons) and Italy (X tons) were the main destinations of permanent magnet exports from South Korea, together accounting for 44% of total exports. The Netherlands, Mexico, India, the United States, Japan, Hong Kong SAR, Hungary, Brazil, Indonesia and France lagged somewhat behind, together comprising a further 48%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +43.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for permanent magnets exports from South Korea, comprising 21% of total exports. The second position in the ranking was held by the United States ($X), with a 9.4% share of total exports. It was followed by Germany, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+10.2% per year) and Germany (-3.3% per year).

Export Prices by Country

In 2021, the average permanent magnet export price amounted to $X per ton, falling by -10.2% against the previous year. In general, the export price saw a slight slump. The pace of growth appeared the most rapid in 2014 an increase of 15% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Netherlands ($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 (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Permanent Magnet Imports

Imports into Republic of Korea

In 2021, permanent magnet imports into South Korea soared to X tons, rising by 22% against the previous year's figure. Overall, total imports indicated tangible growth from 2012 to 2021: its volume increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 39% 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 skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 37% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main supplier of permanent magnet to South Korea, with a 95% share of total imports. It was followed by the Philippines (X tons), with a 2.8% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +4.0%.

In value terms, China ($X) constituted the largest supplier of permanent magnets to South Korea, comprising 86% of total imports. The second position in the ranking was held by the Philippines ($X), with a 9.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +2.8%.

Import Prices by Country

In 2021, the average permanent magnet import price amounted to $X per ton, which is down by -2.4% against the previous year. In general, the import price showed a perceptible decline. The growth pace was the most rapid in 2017 an increase of 12%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-1.1%).

Source: IndexBox Platform

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