Mercury Market

The global mercury market is anticipated to see continued growth in consumption over the next eight years, with a projected CAGR of +4.0% from 2022 to 2030. By the end of 2030, the market volume is expected to reach 16K tons, with a value of $719M. China dominates both consumption and production of mercury, with a CAGR of +15.1% in market value and +15.9% in volume from 2012 to 2022. Other key players include Spain, Indonesia, the United Arab Emirates, and Tajikistan. Despite fluctuations in market performance, overall consumption and production have shown positive growth trends.

Market Forecast

Driven by increasing demand for mercuries worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market volume to 16K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.2% for the period from 2022 to 2030, which is projected to bring the market value to $719M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Mercury

In 2022, global mercury consumption stood at 11K tons, picking up by 1.6% compared with 2021 figures. Overall, the total consumption indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.8% against 2020 indices. Over the period under review, global consumption hit record highs at 11K tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global mercury market size contracted slightly to $444M in 2022, falling by -4.8% against 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). In general, consumption recorded a notable increase. As a result, consumption reached the peak level of $528M. From 2020 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

China (5.9K tons) constituted the country with the largest volume of mercury consumption, accounting for 52% of total volume. Moreover, mercury consumption in China exceeded the figures recorded by the second-largest consumer, Spain (1.2K tons), fivefold. Indonesia (746 tons) ranked third in terms of total consumption with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +15.9%. In the other countries, the average annual rates were as follows: Spain (+15.5% per year) and Indonesia (+0.9% per year).

In value terms, China ($220M) led the market, alone. The second position in the ranking was held by the Netherlands ($49M). It was followed by Indonesia.

In China, the mercury market increased at an average annual rate of +15.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the Netherlands (+1.9% per year) and Indonesia (+1.0% per year).

The countries with the highest levels of mercury per capita consumption in 2022 were Spain (25 kg per 1000 persons), the United Arab Emirates (23 kg per 1000 persons) and the Netherlands (20 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +34.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Mercury

In 2022, after ten years of growth, there was decline in production of mercuries, when its volume decreased by -1% to 12K tons. Overall, the total production indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +85.5% against 2012 indices. The pace of growth was the most pronounced in 2018 with an increase of 11%. Global production peaked at 12K tons in 2021, and then contracted slightly in the following year.

In value terms, mercury production declined to $463M in 2022 estimated in export price. Over the period under review, production, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2019 with an increase of 66% against the previous year. As a result, production attained the peak level of $585M. From 2020 to 2022, global production growth failed to regain momentum.

Production By Country

China (5.9K tons) remains the largest mercury producing country worldwide, accounting for 50% of total volume. Moreover, mercury production in China exceeded the figures recorded by the second-largest producer, Spain (1.2K tons), fivefold. Indonesia (746 tons) ranked third in terms of total production with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +15.9%. In the other countries, the average annual rates were as follows: Spain (+0.1% per year) and Indonesia (+0.9% per year).

Imports

World Imports of Mercury

In 2022, the amount of mercuries imported worldwide reduced to 980 tons, which is down by -5.6% compared with the previous year's figure. In general, imports saw a deep setback. The most prominent rate of growth was recorded in 2021 when imports increased by 32%. Over the period under review, global imports reached the maximum at 2.8K tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, mercury imports shrank to $31M in 2022. Overall, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 34% against the previous year. Global imports peaked at $143M in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

The United Arab Emirates was the key importing country with an import of around 383 tons, which finished at 39% of total imports. Togo (159 tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by India (9.1%), Bolivia (9%) and Vietnam (5.6%). South Africa (25 tons), Italy (24 tons), Eritrea (22 tons) and Sudan (20 tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the mercuries imports, with a CAGR of +40.4% from 2012 to 2022. At the same time, Vietnam (+32.9%), Italy (+18.8%), Bolivia (+18.8%), Togo (+18.6%) and Eritrea (+14.7%) displayed positive paces of growth. By contrast, Sudan (-2.8%), India (-3.2%) and South Africa (-4.4%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+39 p.p.), Togo (+15 p.p.), Bolivia (+8.4 p.p.), Vietnam (+5.5 p.p.), India (+4.6 p.p.), Italy (+2.3 p.p.) and Eritrea (+2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest mercury importing markets worldwide were the United Arab Emirates ($9.8M), Bolivia ($5.1M) and India ($4.1M), together comprising 61% of global imports. South Africa, Vietnam, Togo, Sudan, Eritrea and Italy lagged somewhat behind, together accounting for a further 21%.

Vietnam, with a CAGR of +26.3%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average mercury import price amounted to $31,675 per ton, which is down by -4.2% against the previous year. Overall, the import price continues to indicate a noticeable slump. The most prominent rate of growth was recorded in 2018 an increase of 48% against the previous year. Over the period under review, average import prices hit record highs at $61,546 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Africa ($74,552 per ton), while Italy ($8,772 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+4.2%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Mercury

In 2022, after two years of growth, there was significant decline in shipments abroad of mercuries, when their volume decreased by -19.8% to 1.4K tons. Overall, exports recorded a abrupt decline. The growth pace was the most rapid in 2021 with an increase of 184%. Over the period under review, the global exports reached the maximum at 2.7K tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, mercury exports amounted to $28M in 2022. Over the period under review, exports recorded a deep downturn. The growth pace was the most rapid in 2018 with an increase of 50% against the previous year. The global exports peaked at $124M in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

Nigeria was the main exporter of mercuries in the world, with the volume of exports resulting at 716 tons, which was approx. 49% of total exports in 2022. Tajikistan (326 tons) took the second position in the ranking, distantly followed by the United Arab Emirates (153 tons). All these countries together held approx. 33% share of total exports. Japan (51 tons), Vietnam (39 tons) and Thailand (32 tons) took a minor share of total exports.

Nigeria was also the fastest-growing in terms of the mercuries exports, with a CAGR of +153.8% from 2012 to 2022. At the same time, Tajikistan (+36.1%), the United Arab Emirates (+19.5%), Thailand (+18.0%) and Vietnam (+14.9%) displayed positive paces of growth. By contrast, Japan (-2.9%) illustrated a downward trend over the same period. Nigeria (+49 p.p.), Tajikistan (+22 p.p.), the United Arab Emirates (+9.6 p.p.), Vietnam (+2.3 p.p.) and Thailand (+2 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Tajikistan ($9M) remains the largest mercury supplier worldwide, comprising 32% of global exports. The second position in the ranking was taken by Nigeria ($4.3M), with a 15% share of global exports. It was followed by the United Arab Emirates, with an 8.7% share.

In Tajikistan, mercury exports expanded at an average annual rate of +36.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (+695.7% per year) and the United Arab Emirates (+9.4% per year).

Export Prices By Country

The average mercury export price stood at $19,412 per ton in 2022, picking up by 27% against the previous year. Overall, the export price, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2019 when the average export price increased by 87% against the previous year. As a result, the export price attained the peak level of $66,926 per ton. From 2020 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($55,747 per ton), while Nigeria ($6,059 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+213.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform