Magnesite Market

The global magnesite market is projected to experience a positive consumption trend over the next eight years, with forecasted increases in both market volume and value. China is the leading consumer and producer of magnesite, with significant growth rates in both volume and value. The market saw fluctuations in consumption and production figures from 2012 to 2022, with varying growth rates across different countries. Additionally, global imports and exports of magnesite have shown strong growth, with China emerging as a major player in the export market. Overall, the global magnesite market is expected to continue expanding in the coming years.

Market Forecast

Driven by increasing demand for magnesite worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 35M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market value to $7.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Magnesite

In 2022, approx. 29M tons of magnesite were consumed worldwide; reducing by -3.7% compared with the previous year's figure. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak volume of 30M tons. From 2015 to 2022, the growth of the global consumption failed to regain momentum.

The global magnesite market size fell slightly to $5.4B in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $6.4B. From 2015 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

China (19M tons) remains the largest magnesite consuming country worldwide, comprising approx. 65% of total volume. Moreover, magnesite consumption in China exceeded the figures recorded by the second-largest consumer, Brazil (1.9M tons), tenfold. The third position in this ranking was held by Turkey (1.5M tons), with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +1.6%. In the other countries, the average annual rates were as follows: Brazil (+0.8% per year) and Turkey (-4.6% per year).

In value terms, China ($2.9B) led the market, alone. The second position in the ranking was held by Austria ($329M). It was followed by Russia.

From 2012 to 2022, the average annual growth rate of value in China stood at +2.0%. In the other countries, the average annual rates were as follows: Austria (+1.2% per year) and Russia (-4.7% per year).

The countries with the highest levels of magnesite per capita consumption in 2022 were Austria (94 kg per person), Slovakia (94 kg per person) and Australia (32 kg per person).

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +42.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Magnesite

In 2022, the amount of magnesite produced worldwide contracted slightly to 28M tons, falling by -4.9% against 2021 figures. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 14% against the previous year. As a result, production attained the peak volume of 30M tons. From 2015 to 2022, global production growth failed to regain momentum.

In value terms, magnesite production rose modestly to $5.6B in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 12%. Over the period under review, global production attained the maximum level at $5.7B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

China (19M tons) constituted the country with the largest volume of magnesite production, comprising approx. 69% of total volume. Moreover, magnesite production in China exceeded the figures recorded by the second-largest producer, Brazil (1.9M tons), tenfold. Turkey (1.6M tons) ranked third in terms of total production with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +1.7%. The remaining producing countries recorded the following average annual rates of production growth: Brazil (+0.8% per year) and Turkey (-4.4% per year).

Imports

World Imports of Magnesite

For the sixth year in a row, the global market recorded growth in purchases abroad of magnesite, which increased by 30% to 1.5M tons in 2022. In general, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2018 when imports increased by 117%. Global imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, magnesite imports skyrocketed to $151M in 2022. Over the period under review, imports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 76% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

Indonesia was the main importing country with an import of about 776K tons, which accounted for 52% of total imports. Japan (413K tons) held the second position in the ranking, distantly followed by India (67K tons). All these countries together held approx. 32% share of total imports. The following importers - Greece (30K tons) and the United States (27K tons) - each amounted to a 3.8% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +76.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($77M) constitutes the largest market for imported magnesite worldwide, comprising 51% of global imports. The second position in the ranking was held by Japan ($17M), with a 12% share of global imports. It was followed by the United States, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia stood at +24.9%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+46.0% per year) and the United States (+1.9% per year).

Import Prices By Country

In 2022, the average magnesite import price amounted to $101 per ton, increasing by 2.6% against the previous year. Overall, the import price, however, showed a deep reduction. The pace of growth appeared the most rapid in 2021 when the average import price increased by 14%. Global import price peaked at $263 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($255 per ton), while India ($37 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (-1.9%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Magnesite

In 2022, overseas shipments of magnesite increased by 4.1% to 436K tons, rising for the second year in a row after two years of decline. Over the period under review, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 57% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, magnesite exports soared to $97M in 2022. Overall, exports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 43% against the previous year. The global exports peaked in 2022 and are likely to continue growth in years to come.

Exports By Country

China represented the main exporting country with an export of about 221K tons, which amounted to 51% of total exports. It was distantly followed by Spain (56K tons), Turkey (47K tons), Slovakia (31K tons) and Pakistan (31K tons), together achieving a 38% share of total exports. The following exporters - Serbia (10K tons) and Guatemala (9.4K tons) - each accounted for a 4.5% share of total exports.

China was also the fastest-growing in terms of the magnesite exports, with a CAGR of +120.1% from 2012 to 2022. At the same time, Spain (+48.9%), Slovakia (+30.6%), Pakistan (+26.4%), Serbia (+18.7%), Turkey (+5.1%) and Guatemala (+1.3%) displayed positive paces of growth. While the share of China (+51 p.p.), Spain (+12 p.p.), Slovakia (+5 p.p.) and Pakistan (+4.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Guatemala (-5.9 p.p.) and Turkey (-17.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($55M) remains the largest magnesite supplier worldwide, comprising 56% of global exports. The second position in the ranking was held by Spain ($17M), with an 18% share of global exports. It was followed by Turkey, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +133.5%. In the other countries, the average annual rates were as follows: Spain (+52.7% per year) and Turkey (+5.0% per year).

Export Prices By Country

In 2022, the average magnesite export price amounted to $221 per ton, with an increase of 22% against the previous year. In general, the export price, however, continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2016 when the average export price increased by 26%. As a result, the export price attained the peak level of $436 per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Spain ($304 per ton), while Slovakia ($51 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform