Asia: Magnesium Market 2024

Magnesium Market Size in Asia

The Asian magnesium market fell slightly to $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, the market hit record highs at $X in 2021, and then fell slightly in the following year.

Magnesium Production in Asia

In value terms, magnesium production shrank slightly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

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Magnesium Exports

Exports in Asia

Magnesium exports skyrocketed to X tons in 2022, jumping by X% on the previous year. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, magnesium exports soared to $X in 2022. Overall, exports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by X%. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

China dominates exports structure, resulting at X tons, which was near X% of total exports in 2022. It was distantly followed by Israel (X tons), creating a X% share of total exports. Turkey (X tons) and Taiwan (Chinese) (X tons) held a minor share of total exports.

Exports from China increased at an average annual rate of X% from 2012 to 2022. At the same time, Turkey (X%), Taiwan (Chinese) (X%) and Israel (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2022. Turkey (X p.p.) significantly strengthened its position in terms of the total exports, while China and Israel saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest magnesium supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by Israel ($X), with a X% share of total exports. It was followed by Turkey, with a X% share.

In China, magnesium exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (X% per year) and Turkey (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, surging by X% against the previous year. In general, the export price showed a buoyant increase. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, the export prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

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 Turkey ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

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

Magnesium Imports

Imports in Asia

In 2022, magnesium imports in Asia expanded remarkably to X tons, growing by X% against 2021. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, magnesium imports soared to $X in 2022. Over the period under review, imports saw a buoyant increase. The pace of growth was the most pronounced in 2021 when imports increased by X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

The purchases of the seven major importers of magnesium, namely India, Japan, South Korea, Bahrain, the United Arab Emirates, Turkey and Taiwan (Chinese), represented more than two-thirds of total import. Vietnam (X tons) ranks next in terms of the total imports with a X% share, followed by Thailand (X%).

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

In value terms, the largest magnesium importing markets in Asia were India ($X), Japan ($X) and South Korea ($X), together accounting for X% of total imports. The United Arab Emirates, Taiwan (Chinese), Turkey, Bahrain, Thailand and Vietnam lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Turkey, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, rising by X% against the previous year. Overall, the import price showed a tangible increase. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 Taiwan (Chinese) ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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