In 2023, the import of metal permanent magnets and articles intended as magnets to India was lower than the forecasted 17.486 million kilograms for 2024. Between 2024 and 2028, projections indicate a steady growth in imports, rising from 17.486 million kilograms to 20.053 million kilograms. Year-on-year, imports are expected to grow by approximately 3.78% from 2024 to 2025, 3.57% from 2025 to 2026, 3.39% from 2026 to 2027, and 3.20% from 2027 to 2028. The compound annual growth rate (CAGR) over this five-year period is approximately 3.48%, reflecting a consistent upward trend.

Future trends to watch for include:

Technological advancements driving demand for high-performance magnets.
Growth in consumer electronics and automotive industries impacting import volumes.
Supply chain dynamics and geopolitical factors influencing sourcing strategies.
Potential environmental and regulatory changes affecting production and trade policies.