Mica Market

The article provides a comprehensive analysis of the global mica market, covering consumption trends, production statistics, import and export data, and key player rankings from 2012 to 2022. The report highlights fluctuations in market performance and forecasts an upward consumption trend over the next eight years. China dominates both consumption and imports of mica, with Madagascar leading in production and exports. The article also delves into average annual growth rates, per capita consumption figures, and pricing trends for mica in various countries.

Market Forecast

Driven by increasing demand for mica 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 +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 259K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $182M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Mica

In 2022, global mica consumption dropped sharply to 205K tons, waning by -17% on 2021 figures. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak volume of 277K tons. From 2019 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global mica market value shrank sharply to $122M in 2022, which is down by -18% 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 showed a relatively flat trend pattern. As a result, consumption reached the peak level of $153M. From 2019 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

China (140K tons) remains the largest mica consuming country worldwide, comprising approx. 69% of total volume. Moreover, mica consumption in China exceeded the figures recorded by the second-largest consumer, Madagascar (11K tons), more than tenfold. India (9.5K tons) ranked third in terms of total consumption with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +6.6%. The remaining consuming countries recorded the following average annual rates of consumption growth: Madagascar (-12.8% per year) and India (-8.1% per year).

In value terms, China ($83M) led the market, alone. The second position in the ranking was held by India ($6.2M). It was followed by Japan.

From 2012 to 2022, the average annual growth rate of value in China stood at +6.6%. The remaining consuming countries recorded the following average annual rates of market growth: India (-10.7% per year) and Japan (-2.2% per year).

In 2022, the highest levels of mica per capita consumption was registered in Madagascar (385 kg per 1000 persons), followed by China (99 kg per 1000 persons), Japan (70 kg per 1000 persons) and Germany (46 kg per 1000 persons), while the world average per capita consumption of mica was estimated at 26 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the mica per capita consumption in Madagascar totaled -15.1%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: China (+6.1% per year) and Japan (-2.2% per year).

Production

World Production of Mica

In 2022, production of mica decreased by -0.7% to 126K tons for the first time since 2011, thus ending a ten-year rising trend. The total output volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 2.4% against the previous year. Over the period under review, global production hit record highs at 127K tons in 2021, and then reduced slightly in the following year.

In value terms, mica production shrank modestly to $53M in 2022 estimated in export price. In general, production recorded a mild setback. The pace of growth appeared the most rapid in 2013 when the production volume increased by 4.8% against the previous year. As a result, production reached the peak level of $65M. From 2014 to 2022, global production growth failed to regain momentum.

Production By Country

Madagascar (61K tons) remains the largest mica producing country worldwide, accounting for 49% of total volume. Moreover, mica production in Madagascar exceeded the figures recorded by the second-largest producer, India (29K tons), twofold. The third position in this ranking was taken by Nigeria (9.9K tons), with a 7.8% share.

In Madagascar, mica production increased at an average annual rate of +2.3% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+0.9% per year) and Nigeria (+2.2% per year).

Imports

World Imports of Mica

In 2022, supplies from abroad of mica decreased by -22.7% to 173K tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, showed a noticeable increase. The most prominent rate of growth was recorded in 2018 when imports increased by 275%. Over the period under review, global imports attained the maximum at 225K tons in 2021, and then declined sharply in the following year.

In value terms, mica imports fell to $86M in 2022. Overall, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -11.8% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 34%. As a result, imports reached the peak of $101M, and then contracted in the following year.

Imports By Country

China dominates imports structure, resulting at 143K tons, which was near 83% of total imports in 2022. It was distantly followed by Japan (9.5K tons), mixing up a 5.5% share of total imports. The following importers - Germany (3.9K tons) and the UK (2.8K tons) - each finished at a 3.8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to mica imports into China stood at +6.0%. At the same time, the UK (+21.3%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing importer imported in the world, with a CAGR of +21.3% from 2012-2022. By contrast, Japan (-1.8%) and Germany (-8.0%) illustrated a downward trend over the same period. While the share of China (+17 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Japan (-3.9 p.p.) and Germany (-5.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($62M) constitutes the largest market for imported mica worldwide, comprising 73% of global imports. The second position in the ranking was taken by Japan ($6.3M), with a 7.3% share of global imports. It was followed by Germany, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +5.7%. In the other countries, the average annual rates were as follows: Japan (-1.6% per year) and Germany (-2.3% per year).

Import Prices By Country

The average mica import price stood at $495 per ton in 2022, growing by 10% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 161% against the previous year. Global import price peaked at $1,235 per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($1,069 per ton), while China ($435 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.2%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Mica

After two years of growth, overseas shipments of mica decreased by -9.7% to 95K tons in 2022. Over the period under review, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 43% against the previous year. Over the period under review, the global exports reached the peak figure at 105K tons in 2021, and then reduced in the following year.

In value terms, mica exports rose slightly to $40M in 2022. Overall, exports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 28%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Madagascar represented the key exporter of mica in the world, with the volume of exports accounting for 50K tons, which was approx. 53% of total exports in 2022. India (21K tons) ranks second in terms of the total exports with a 22% share, followed by Spain (4.5%). The following exporters - Nigeria (3.9K tons), Brazil (3.5K tons), China (3K tons) and Russia (2.9K tons) - together made up 14% of total exports.

From 2012 to 2022, average annual rates of growth with regard to mica exports from Madagascar stood at +26.5%. At the same time, Russia (+30.6%), Nigeria (+24.5%), India (+16.0%) and Spain (+9.1%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in the world, with a CAGR of +30.6% from 2012-2022. By contrast, Brazil (-3.3%) and China (-7.1%) illustrated a downward trend over the same period. Madagascar (+38 p.p.), India (+7.4 p.p.), Nigeria (+2.8 p.p.) and Russia (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while Brazil and China saw its share reduced by -11.7% and -16.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest mica supplying countries worldwide were Madagascar ($15M), India ($12M) and Brazil ($2.7M), with a combined 75% share of global exports.

In terms of the main exporting countries, Madagascar, with a CAGR of +25.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average mica export price stood at $420 per ton in 2022, surging by 14% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable descent. The global export price peaked at $677 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 China ($788 per ton), while Nigeria ($251 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform