Permanent magnets market in Sweden

Earlier Report Observations

From 2020 to 2023, the Swedish permanent magnets market saw its value increase from 8.4 million USD to 17.7 million USD, even as the physical volume declined slightly. This rise in market value was primarily fueled by growing demand for high-performance rare-earth magnets, especially neodymium-iron-boron types, which are essential for wind turbine generators and electric vehicles. Sweden's wind turbine capacity expanded from 10.0 GW in 2020 to 12.1 GW in 2021, directly boosting requirements for these magnets.

Concurrently, the smart home device segment in Sweden grew, leading to a 30% increase in ferrite magnet installations. In 2022, the entry of GKN Powder Metallurgy into the permanent magnets market for electric vehicles, with plans to establish up to 4 000 tons of annual production capacity by 2024, marked a significant development in local supply capabilities.

By 2024, investments in rare-earth recycling startups emerged, supporting sustainable sourcing for magnet production. The physical market volume in tons decreased from 842 tons in 2020 to 583 tons in 2023, reflecting shifts in trade patterns and a possible move toward higher-value magnetic materials.

Production 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 permanent magnets from Sweden

Exports in kind, t

After two years of decline, Sweden's exports of permanent magnets rebounded in 2020. The export volume reached 645 tonnes, marking an 18.6% increase compared to 2019. Looking at the broader period from 2017 to 2020, exports decreased by 16% overall, which translates to an average annual decline of 5.7%. The lowest point was in 2019, with exports at 544 tonnes. The sharpest drop occurred in 2018, when exports fell by 24.3%.

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

From 2017 to 2020, Sweden's exports of permanent magnets in kind were distributed across a wide range of partners. Denmark accounted for 13.0% of these exports, Italy for 11.7%, and Norway for 10.7%. Together, these three countries represented just 35.4% of the total export flows, indicating a highly diversified market.

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

Following two years of decline, Sweden's exports of permanent magnets in value terms saw an uptick in 2020. The country exported permanent magnets worth 11 170 thousand US dollars, a 3.6% increase year-on-year. Over the period from 2017 to 2020, however, exports decreased by 21.3% in total, with a compound annual growth rate (CAGR) of -7.7%. The lowest value was recorded in 2019 at 10 782 thousand US dollars. The most significant decline occurred in 2019, with a drop of 15.1%.

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

Between 2017 and 2020, Sweden's exports of permanent magnets in value terms remained highly diversified. Norway was the top destination, accounting for 13.0% of exports, followed by Germany at 10.4% and the United States at 9.8%. Combined, these three markets made up only 33.3% of total export flows, while a long tail of smaller markets contributed the remaining 66.7%.

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

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

Imports permanent magnets to Sweden

Imports in kind, t

Sweden's imports of permanent magnets in kind declined for the second consecutive year in 2020. Import volume totaled 1 432 tonnes, reflecting a 5.6% decrease from the previous year. Over the period from 2017 to 2020, imports fell by 7.2% overall, averaging an annual decline of 2.5%. The peak was in 2018, with imports reaching 1 665 tonnes. The largest decrease occurred in 2019, with an 8.9% drop, while the highest increase was in 2018, at 7.9%.

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

From 2017 to 2020, China, the Netherlands, and Germany were the main suppliers of permanent magnets to Sweden in kind. China led with 40.9% of imports, followed by the Netherlands at 33.0% and Germany at 7.0%. Together, these three countries accounted for 80.9% of total imports in kind.

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 permanent magnets in value terms fell for the second year in a row in 2020. The country imported permanent magnets worth 14 324 thousand US dollars, a notable 15.7% decrease from 2019. Between 2017 and 2020, imports declined by 16.3% in total, with an average annual rate of -5.8%. The highest value was in 2018, at 18 079 thousand US dollars. The largest increase was also in 2018, at 5.6%.

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

Throughout 2017 to 2020, China, Germany, and the Netherlands were the key sources for Sweden's imports of permanent magnets in value terms. China dominated with 50.4% of imports, Germany contributed 16.0%, and the Netherlands added 7.7%. Collectively, these three markets represented 74.1% of total import flows.

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

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