Vietnam magnet importing volume and market forecast 2023

Vietnam is expected to increase its import of NdFeB and ferrite magnets in 2023. This prediction is based on the steady growth of the country's manufacturing sector, which primarily uses these types of magnets in its production processes. Looking at the market prospects, the demand for NdFeB magnets is expected to grow due to its high-performance properties, while ferrite magnets are anticipated to gain demand from the automotive industry. This report presents a thorough analysis of the use of these magnets across various industries and provides insights into the potential market opportunities in Vietnam.

Magnets are essential components across various industries, from electrical and electronic equipment to healthcare and more. NdFeB and ferrite magnets are two of the most popular types used in Vietnam, primarily due to their unique properties and affordability. These two types of magnets are predicted to see a surge in demand in Vietnam, particularly in 2023. This report aims to provide an extensive analysis of the market trends, application areas, and potential opportunities for these two types of magnets in Vietnam.

Market Trends

Vietnam's manufacturing sector has been growing rapidly in recent years, primarily driven by the increasing foreign investment in the country. This has led to a higher demand for magnets in various industries such as automotive, electronics, and renewable energy. The market for NdFeB magnets is expected to grow faster than ferrite magnets, mainly due to its high-performance properties. NdFeB magnets have a high magnetic flux density and coercivity, making them ideal for applications that require high power-to-weight ratios, such as electric motors and wind turbines.

Ferrite magnets, on the other hand, have a lower magnetic flux density than NdFeB magnets, but they remain popular over their low cost and excellent temperature stability. The automotive industry is the primary consumer of ferrite magnets, mainly due to their ability to withstand high temperatures and harsh environments.

Application Areas

NdFeB magnets are used across various industries, including aerospace, defense, and healthcare. However, their primary application areas in Vietnam are in the automotive, electronics, and renewable energy sectors. In the automotive industry, NdFeB magnets are used in power steering pumps, electric power steering motors, and hybrid and electric vehicles. In the electronics industry, they are used in hard disks, mobile phones, and speakers, among others. The renewable energy sector primarily uses NdFeB magnets in wind turbines and generators.

Ferrite magnets are used primarily in the automotive, electrical, and electronic industries. In the automotive industry, they are used in alternators, starters, and fuel injectors, among other applications. The electrical and electronic equipment industry uses ferrite magnets in transformers, antennas, and inductors.

Potential Market Opportunities

Vietnam presents numerous market opportunities for the NdFeB and ferrite magnet producers and importers. One of the primary drivers is the country's rapidly developing manufacturing sector, which is expected to grow further in the forecasted years. Moreover, the country is positioning itself as a hub for the renewable energy sector, which will demand more NdFeB magnets for wind turbines and solar panels. The favorable government policies towards electric mobility are also expected to drive demand for NdFeB magnets in the automotive industry.

In the case of ferrite magnets, the growing automotive industry in Vietnam is expected to increase the demand for these magnets, particularly in alternators, starters, and fuel injectors. The continued to develop IT market in Vietnam will also aid in growing demand for these magnets.

Conclusion

NdFeB and ferrite magnets play critical roles across various industries and are expected to see a surge in demand in Vietnam in the forecast period. The growth of the country's manufacturing sector and the adoption of electric mobility and renewable energy sources are expected to drive demand for NdFeB magnets. Similarly, the growing automotive industry in the country is expected to create more opportunities for ferrite magnets. The application areas of these magnets are vast, and this report has presented a few areas where these magnets are used. The market opportunities in Vietnam for both NdFeB and ferrite magnets are expected to remain positive in the coming years, and businesses must remain vigilant to take advantage of these emerging trends for import and export.

Zhejiang Zhongke Magnetic lndustry Co., Ltd. is a professional manufacturer of ferrite magnet and neodymium magnet for many years. Lts high-quality products include permanent sintered neodymium magnet and sintered ferrite magnet which is widely used in consumer electronics, energy-saving white appliances, new energy vehicles, etc. It owns more than 4000 items, mainly supplied to large and medium-scale customers at home and abroad, including SAMSUNG, amazon, Nidec, Xiaomi, GREE, Midea, WOLONG, etc.

lt has two production bases, sintered Ferrite magnet factory and sintered NdFeB factory, which can guarantee fast delivery and high-quality. Zhongke has a strict quality system and has already passed ISO14001, ISO9001, TS16949, OHSAS 18001, ISO 45001. All products meet RoHS, REACH and have MSDS Certificate. Zhongke is a famous Brand in Zhejiang, a provincial high-tech R&D Center and an innovative Demonstration Enterprise in Zhejiang.