Africa: Magnesium Market 2024

Magnesium Market Size in Africa

The African magnesium market surged to $X in 2021, rising by 44% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Magnesium Production in Africa

In value terms, magnesium production reduced to $X in 2021 estimated in export price. Over the period under review, production saw a deep slump. The pace of growth was the most pronounced in 2013 when the production volume increased by 521% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Magnesium Exports

Exports in Africa

In 2021, shipments abroad of magnesium increased by 39% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, continue to indicate a noticeable setback. The pace of growth appeared the most rapid in 2013 with an increase of 465% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, magnesium exports contracted to $X in 2021. In general, exports, however, recorded a slight slump. The most prominent rate of growth was recorded in 2013 when exports increased by 1,654%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Cameroon (X tons) and Nigeria (X tons) prevails in exports structure, together mixing up 88% of total exports. It was distantly followed by South Africa (X tons), creating a 9.9% share of total exports. Tunisia (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +4.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Cameroon ($X) remains the largest magnesium supplier in Africa, comprising 58% of total exports. The second position in the ranking was taken by South Africa ($X), with a 27% share of total exports. It was followed by Nigeria, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Cameroon amounted to -4.8%. The remaining exporting countries recorded the following average annual rates of exports growth: South Africa (+15.2% per year) and Nigeria (0.0% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2021, reducing by -35.4% against the previous year. In general, the export price, however, continues to indicate a slight expansion. The pace of growth was the most pronounced in 2013 when the export price increased by 210%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the 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 South Africa ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+10.5%), while the other leaders experienced mixed trends in the export price figures.

Magnesium Imports

Imports in Africa

In 2021, approx. X tons of magnesium were imported in Africa; increasing by 22% on the previous year. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by 30%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, magnesium imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Africa (X tons) represented the largest importer of magnesium, achieving 70% of total imports. Egypt (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (4.8%). Cameroon (X tons), Tunisia (X tons) and Algeria (X tons) held a minor share of total imports.

South Africa experienced a relatively flat trend pattern with regard to volume of imports of magnesium. At the same time, Senegal (+57.9%), Algeria (+32.7%), Cameroon (+27.0%) and Tunisia (+14.7%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Africa, with a CAGR of +57.9% from 2012-2021. By contrast, Egypt (-3.9%) illustrated a downward trend over the same period. Senegal (+4.7 p.p.), Cameroon (+2.8 p.p.) and Algeria (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Egypt and South Africa saw its share reduced by -5.6% and -6.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported magnesium in Africa, comprising 68% of total imports. The second position in the ranking was taken by Egypt ($X), with a 12% share of total imports. It was followed by Senegal, with a 5.7% share.

In South Africa, magnesium imports declined by an average annual rate of -2.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Egypt (-6.7% per year) and Senegal (+66.3% per year).

Import Prices by Country

The import price in Africa stood at $X per ton in 2021, surging by 31% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Algeria ($X per ton), while Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Algeria (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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