Permanent magnets market in Finland

Earlier Report Observations

The Finnish permanent magnets market demonstrated initial stability, with its size remaining around 20 200 thousand USD in both 2018 and 2019. A pronounced contraction occurred in 2020, reducing the market to 16 936 thousand USD.

A vigorous recovery followed, driving the market to 22 604 thousand USD in 2021 and then to a peak of 36 891 thousand USD in 2022. This expansion was sharply reversed in 2023, with the market halving to 18 034 thousand USD, and the downturn persisted into 2024, falling to 15 733 thousand USD. The decline in 2024 aligned with elevated prices for metals such as molybdenum, which increased manufacturing costs and likely restrained demand for magnets.

Concurrent with these shifts, the market landscape featured a diversification into product segments like promotional magnets and magnetic stickers. Furthermore, the technical requirements for magnets used in electric motors, critical for performance and longevity, continued to steer specific industrial demand within Finland.

Production permanent magnets in Finland

In value, 2017-2020, K $ US

Finland's permanent magnet production declined for the second year in a row. In 2020, output was valued at 13 553 thousand US dollars, a slight decrease of 1.0% compared to 2019. Over the 2017-2020 period, production fell by 11.9%, with an average annual decline of 4.1%. The highest value was recorded in 2018 at 17 826 thousand US dollars, which represented a 15.9% increase from the previous year. The largest drop occurred in 2019, when production fell by 23.2%.

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

In kind, 2017-2020, t

Finland's permanent magnet production increased for the second consecutive year. In 2020, the country produced 137.5 tonnes, up 6.2% year-over-year. However, over the 2017-2020 period, overall production decreased by 7.6%, with an average annual decline of 2.6%. The lowest volume was recorded in 2018 at 123.6 tonnes, marking a 17.0% drop from the previous year.

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

Exports permanent magnets from Finland

Exports in kind, t

The market exhibited volatility during the observed period. Export volumes reached their peak in 2018 at 171.3 tonnes and fell to their lowest point in 2019 at 13.0 tonnes, representing a 13.2-fold difference. In 2020, Finland exported 164.0 tonnes of permanent magnets, a dramatic increase of 1,158.7% compared to the previous year. The largest decline occurred in 2019, when exports dropped by 92.4%.

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

From 2017 to 2020, Poland, the United States, and the Netherlands were the top destinations for Finland's permanent magnet exports by volume. Poland accounted for 28.2% of exports, the United States for 16.2%, and the Netherlands for 10.2%. Together, these three countries represented 54.6% of total export flows.

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 permanent magnet exports were valued at 11 983 thousand US dollars, a notable increase of 18.8% from the previous year. Over the 2017-2020 period, exports grew by 13.3%, with an average annual growth rate of 4.3%. The lowest value was recorded in 2019 at 10 084 thousand US dollars, a 26.2% decline from 2018. The highest value was in 2018 at 13 654 thousand US dollars, which marked a 29.1% increase from 2017.

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

From 2017 to 2020, the leading destinations for Finland's permanent magnet exports by value were the United States, the Netherlands, and Sweden. The United States accounted for 33.0% of export value, the Netherlands for 22.1%, and Sweden for 16.4%. Combined, these three countries made up 71.5% of total export flows.

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

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

Imports permanent magnets to Finland

Imports in kind, t

Market performance showed noticeable fluctuations during this period. Import volumes varied significantly, with a 20-fold difference between the low in 2019 at 35.0 tonnes and the high in 2020 at 700.3 tonnes. In 2020, Finland imported 700.3 tonnes of permanent magnets, an intense increase of 1,903.0% compared to the previous year. The largest decline occurred in 2019, when imports fell by 93.9%.

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

From 2017 to 2020, China, Germany, and Czechia were consistently the top sources for Finland's permanent magnet imports by volume. China accounted for 66.6% of imports, Germany for 7.7%, and Czechia for 6.4%. Together, these three countries represented 80.6% of total import flows.

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, Finland's permanent magnet imports declined. In 2020, imports were valued at 15 366 thousand US dollars, a contraction of 7.8% year-over-year. Over the 2017-2020 period, imports increased by 17.5%, with an average annual growth rate of 5.5%. The highest value was recorded in 2019 at 16 663 thousand US dollars, following a 22.4% increase in 2018.

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

From 2017 to 2020, China dominated Finland's permanent magnet imports by value, accounting for 81.4% of total flows. The remaining share was distributed among various smaller destinations.

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

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