Non-metal permanent magnets market in Sweden

Earlier Report Observations

From 2018, the Swedish non-metal permanent magnets market was shaped by rising demand from electric vehicles and renewable energy projects, particularly wind turbines using neodymium-iron-boron magnets. The European Union's regulatory environment, including restrictions on magnet production and use, along with the preparation of the Critical Raw Materials Act, influenced manufacturer and importer strategies. The COVID-19 pandemic in 2020 caused global supply chain disruptions, affecting raw material availability. During this period, magnet recycling initiatives also emerged to reduce dependence on critical raw materials.

The market value stood at USD 3.3 million in 2020, declined to USD 2.1 million in 2022, but recovered to USD 3.4 million by 2024. The growth in 2023-2024 was partly driven by Hitachi's launch of recycled rare-earth magnets in March 2023, enabling their integration into European renewable energy projects. Additionally, over 35 new rare-earth recycling startups, including Swedish ventures, secured funding in 2023, boosting supply chain innovation. Sweden's wind energy capacity growth, from 10.0 GW in 2020 to 12.1 GW in 2021, continued to spur demand for magnets in turbine generators.

Concurrently, the rise of smart home devices led to a 30% increase in ferrite magnet installations in 2022 due to investments in advanced electronic systems. Consumer preferences shifted towards sustainable and recyclable magnets, aligning with EU policies on recyclability and product safety. These factors contributed to the market's structural evolution amid overall value fluctuations.

Production non-metal permanent magnets in Sweden

In value, 2017-2020, K $ US

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

In kind, 2017-2020, kg

Annual dynamics of production in Sweden in kind, 2017-2020, kg

Exports non-metal permanent magnets from Sweden

Exports in kind, t

After two years of decline, Sweden's exports of non-metal permanent magnets rebounded in 2020. The country shipped 435 tonnes that year, marking a 35.5% increase from 2019. Looking at the full 2017-2020 period, exports fell by 14.3%, which translates to an average annual decline of 5.0%. The lowest export volume was recorded in 2019 at 321 tonnes, while the sharpest drop occurred in 2018 with a 25.9% decrease.

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

From 2017 to 2020, Sweden's exports of non-metal permanent magnets in physical terms were highly diversified geographically. Italy accounted for 17.4% of these exports, Denmark for 15.2%, and Germany for 12.4%. Together, these three countries represented just 45.0% of total flows, with the remaining 55.0% distributed among numerous smaller trading partners.

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

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

Exports in value, K $ US

Sweden's exports of non-metal permanent magnets in value terms declined for the second consecutive year in 2020. That year, exports amounted to 6 384 thousand US dollars, showing a modest 3.1% decrease from 2019. Over the 2017-2020 period, exports dropped by 21%, equivalent to an average annual decline of 7.6%. The peak value was reached in 2018 at 8 861 thousand US dollars, while the largest decline occurred in 2019 with a 25.6% fall. The most significant increase was recorded in 2018 at 9.6%.

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

Between 2017 and 2020, Sweden's exports of non-metal permanent magnets in value terms were relatively evenly distributed. Germany accounted for 13.1% of these exports, Romania for 11.8%, and Hungary for 8.3%. Combined, these three countries represented only 33.3% of total export flows.

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

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

Imports non-metal permanent magnets to Sweden

Imports in kind, t

Sweden's imports of non-metal permanent magnets in physical terms showed noticeable fluctuations from 2017 to 2020. The lowest point was in 2017, while imports peaked in 2018, with a 1.7-fold difference between these years. In 2020, imports stood at 844 tonnes, reflecting a 9.3% contraction from the previous year. The highest import volume was recorded in 2018 at 1 036 tonnes. The largest decline occurred in 2019 with a 10.2% drop, while the most significant increase was in 2018 at 72.0%.

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

From 2017 to 2020, three key markets dominated Sweden's imports of non-metal permanent magnets in physical terms: the Netherlands, China, and Germany. Together, they accounted for 82.3% of total imports.

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

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

Imports in value, K $ US

Sweden's imports of non-metal permanent magnets in value terms fell for the second year in a row in 2020. That year, imports totaled 4 404 thousand US dollars, which is 7.4% lower than in 2019. Over the 2017-2020 period, imports decreased by 9.4%, equating to an average annual decline of 3.2%. The highest import value was recorded in 2018 at 5 938 thousand US dollars. The largest drop occurred in 2019 with a 19.9% decrease, while the most notable increase was in 2018 at 22.1%.

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

Between 2017 and 2020, China was the leading supplier of non-metal permanent magnets to Sweden in value terms, accounting for 50.2% of imports. The Netherlands followed with 17.4%, and Germany with 7.6%. Together, these three countries comprised 75.3% of total imports.

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

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