Report Update Nov 1, 2024

Vietnam - Permanent Magnets - Market Analysis, Forecast, Size, Trends and Insights

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Vietnam: Permanent Magnet Market 2024

Permanent Magnet Market Size in Vietnam

The Vietnamese permanent magnet market surged to $X in 2021, rising by 31% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a strong expansion. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Permanent Magnet Exports

Exports from Vietnam

In 2021, shipments abroad of permanent magnets decreased by -15.9% to X tons for the first time since 2014, thus ending a six-year rising trend. In general, exports, however, showed a significant expansion. The growth pace was the most rapid in 2019 with an increase of 172% against the previous year. The exports peaked at X tons in 2020, and then dropped sharply in the following year.

In value terms, permanent magnet exports declined to $X in 2021. Over the period under review, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 262%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Philippines (X tons) was the main destination for permanent magnet exports from Vietnam, accounting for a 50% share of total exports. Moreover, permanent magnet exports to the Philippines exceeded the volume sent to the second major destination, Malaysia (X tons), fivefold. The third position in this ranking was taken by China (X tons), with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Philippines amounted to +69.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+48.6% per year) and China (+23.1% per year).

In value terms, the Philippines ($X) remains the key foreign market for permanent magnets exports from Vietnam, comprising 64% of total exports. The second position in the ranking was held by Malaysia ($X), with a 14% share of total exports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the Philippines totaled +57.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+50.2% per year) and Japan (+44.1% per year).

Export Prices by Country

In 2021, the average permanent magnet export price amounted to $X per ton, surging by 6.8% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 55% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Brazil ($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 Japan (+14.6%), while the prices for the other major destinations experienced mixed trend patterns.

Permanent Magnet Imports

Imports into Vietnam

In 2021, supplies from abroad of permanent magnets increased by 17% to X tons, rising for the fifth consecutive year after two years of decline. Over the period under review, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 95% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, permanent magnet imports skyrocketed to $X in 2021. Overall, imports recorded a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 40%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main permanent magnet supplier to Vietnam, accounting for a 95% share of total imports. It was followed by South Korea (X tons), with a 1.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +5.3%.

In value terms, China ($X) constituted the largest supplier of permanent magnets to Vietnam, comprising 90% of total imports. The second position in the ranking was taken by South Korea ($X), with a 3.7% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +16.9%.

Import Prices by Country

In 2021, the average permanent magnet import price amounted to $X per ton, picking up by 7.5% against the previous year. In general, the import price showed a resilient increase. The growth pace was the most rapid in 2016 when the average import price increased by 55%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

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 South Korea ($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 (+11.0%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for permanent magnets in the world?

The country with the largest volume of permanent magnet consumption was China, comprising approx. 26% of total volume. Moreover, permanent magnet consumption in China exceeded the figures recorded by the second-largest consumer, the United States, threefold. The third position in this ranking was occupied by Vietnam, with a 7.9% share.

What are the largest producers of permanent magnets in the world?

China remains the largest permanent magnet producing country worldwide, accounting for 60% of total volume. Moreover, permanent magnet production in China exceeded the figures recorded by the second-largest producer, the United States, sevenfold. The third position in this ranking was occupied by Japan, with a 5.7% share.

What are the leading suppliers of permanent magnets to Vietnam?

In value terms, China constituted the largest supplier of permanent magnet to Vietnam, comprising 86% of total imports. The second position in the ranking was occupied by Malaysia, with a 2% share of total imports.

What are the leading importers of permanent magnets from Vietnam?

In value terms, the Philippines remains the key foreign market for permanent magnet exports from Vietnam, comprising 54% of total exports. The second position in the ranking was occupied by Japan, with a 19% share of total exports. It was followed by China, with an 8.1% share.

What is the average export price for permanent magnets in Vietnam?

The average permanent magnet export price stood at $37 per unit in 2020, with an increase of 21% against the previous year.

What is the average import price for permanent magnets in Vietnam?

The average permanent magnet import price stood at $5.6 per unit in 2020, with a decrease of -31.8% against the previous year.

This report provides an in-depth analysis of the permanent magnet market in Vietnam. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 23441230 - Permanent magnets and articles intended to become permanent magnets (excluding of metal)
Prodcom 25992995 - Permanent magnets and articles intended to become permanent magnets, of metal

Country coverage:

Vietnam

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Vietnam
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023