Metal permanent magnets market in Finland

Earlier Report Observations

The Finnish market for metal permanent magnets remained steady between 18.5 million USD and 19 million USD in 2018 and 2019. A sharp contraction of 22% followed in 2020, reducing the market size to 14.7 million USD.

A strong recovery began in 2021 with 42% growth, accelerating to a 68% surge in 2022 that lifted the market to nearly 35 million USD. This peak was supported by the entry of GKN Powder Metallurgy into the permanent magnets sector for electric vehicles, a strategic move signaling increased capacity and competition. Subsequently, the market corrected sharply, falling by 54% in 2023 and a further 14% in 2024 to finish at 13.9 million USD.

Production metal permanent magnets in Finland

In value, 2017-2020, K $ US

Finland's production of metal permanent magnets declined for the second consecutive year. In 2020, output was valued at 13 553 thousand US dollars, down 1.0% from the previous year. Between 2017 and 2020, production decreased by 11.9%, representing an average annual decline of 4.1%. The highest value was recorded in 2018 at 17 826 thousand US dollars, which saw the largest increase of 15.9%. The most significant decline occurred in 2019, with a drop of 23.2%.

Annual dynamics of production in Finland in value, 2017-2020, K $ US

In kind, 2017-2020, t

Finland's production of metal permanent magnets increased for the second consecutive year. In 2020, 137.5 tonnes were produced, up 6.2% from 2019. However, over the period from 2017 to 2020, production decreased by 7.6%, with a compound annual growth rate of -2.6%. The lowest output was recorded in 2018 at 123.6 tonnes, which also saw the largest decline of 17.0%.

Annual dynamics of production in Finland in kind, 2017-2020, t

Exports metal permanent magnets from Finland

Exports in kind, t

Export volumes of metal permanent magnets from Finland showed significant fluctuations during this period. The maximum was recorded in 2018 at 167.4 tonnes, while the minimum was in 2019 at 10.1 tonnes, representing a 17-fold difference. In 2020, exports stood at 162.0 tonnes, marking a dramatic increase of 1,496.6% compared to the previous year. The largest decline occurred in 2019, with a drop of 93.9%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, t

From 2017 to 2020, the largest buyers of metal permanent magnets from Finland in volume terms were Poland, accounting for 29.0% of exports, the United States with 16.6%, and the Netherlands at 10.3%. Together, these three markets formed 55.9% of Finland's total exports in kind.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, K $ US

In 2020, Finland's exports of metal permanent magnets were valued at 11 855 thousand US dollars, up 20.9% from the previous year. Over the period from 2017 to 2020, exports increased by 13.6%, with an average annual growth rate of 4.3%. The highest value was recorded in 2018 at 13 525 thousand US dollars, which saw the largest increase of 29.6%. The lowest value was in 2019 at 9 803 thousand US dollars, with the most significant decline of 27.5%.

Annual dynamics of product's exports from Finland in value, 2017-2020, K $ US

From 2017 to 2020, the three main markets for Finland's metal permanent magnets in value terms were the United States, the Netherlands, and Sweden. Together, they accounted for 72.4% of total exports.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports metal permanent magnets to Finland

Imports in kind, t

Import volumes of metal permanent magnets into Finland were highly volatile during these years. The minimum was recorded in 2019 at 16.0 tonnes, while the maximum was in 2020 at 493.1 tonnes, representing a 31-fold increase. In 2020, imports surged to 493.1 tonnes, up 2,982.6% from 2019. The largest decline occurred in 2019, with a drop of 95.9%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, t

From 2017 to 2020, the leading suppliers of metal permanent magnets to Finland in volume terms were China, with a share of 69.3%, Czechia at 9.5%, and the United Kingdom with 6.2%. Collectively, these three countries accounted for 85.1% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, K $ US

After two years of growth, imports of metal permanent magnets into Finland declined. In 2020, imports were valued at 13 010 thousand US dollars, down 13.6% from 2019. However, between 2017 and 2020, imports increased by 42.4%, with an average annual growth rate of 12.5%. The highest value was recorded in 2019 at 15 055 thousand US dollars, while the largest increase occurred in 2018, with a rise of 56.2%.

Annual dynamics of product's imports to Finland in value, 2017-2020, K $ US

From 2017 to 2020, China dominated Finland's imports of metal permanent magnets in value terms, accounting for 84.9% of total flows. The remainder was distributed among other trading partners.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020