ASEAN: Magnesite Market 2024

Magnesite Market Size in ASEAN

In 2021, the ASEAN magnesite market increased by 274% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption enjoyed a prominent expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Magnesite Production in ASEAN

In value terms, magnesite production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 43% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Magnesite Exports

Exports in ASEAN

In 2021, approx. X tons of magnesite were exported in ASEAN; which is down by -72.8% on 2020 figures. In general, exports showed a perceptible decline. The growth pace was the most rapid in 2020 when exports increased by 143% against the previous year. As a result, the exports reached the peak of X tons, and then fell remarkably in the following year.

In value terms, magnesite exports shrank notably to $X in 2021. Overall, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 when exports increased by 84% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Indonesia (X tons), Malaysia (X tons), Vietnam (X tons) and the Philippines (X tons), together resulting at 93% of total export. It was distantly followed by Thailand (X tons), comprising a 6.1% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +28.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest magnesite supplying countries in ASEAN were Vietnam ($X), Indonesia ($X) and Malaysia ($X), together comprising 92% of total exports.

Among the main exporting countries, Malaysia, with a CAGR of +26.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, rising by 103% against the previous year. Over the period under review, the export price, however, recorded a perceptible shrinkage. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+6.1%), while the other leaders experienced mixed trends in the export price figures.

Magnesite Imports

Imports in ASEAN

In 2021, overseas purchases of magnesite increased by 335% to X tons, rising for the second year in a row after two years of decline. Overall, imports enjoyed resilient growth. The growth pace was the most rapid in 2017 with an increase of 338% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, magnesite imports skyrocketed to $X in 2021. In general, imports posted a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia dominates imports structure, resulting at X tons, which was approx. 85% of total imports in 2021. It was distantly followed by the Philippines (X tons), generating a 6.8% share of total imports. The following importers - Thailand (X tons) and Malaysia (X tons) - each recorded a 7.9% share of total imports.

Imports into Indonesia increased at an average annual rate of +22.7% from 2012 to 2021. At the same time, the Philippines (+56.8%) and Thailand (+3.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +56.8% from 2012-2021. By contrast, Malaysia (-6.9%) illustrated a downward trend over the same period. Indonesia (+31 p.p.) and the Philippines (+6.3 p.p.) significantly strengthened its position in terms of the total imports, while Thailand and Malaysia saw its share reduced by -9% and -23.4% from 2012 to 2021, respectively.

In value terms, Indonesia ($X) constitutes the largest market for imported magnesite in ASEAN, comprising 86% of total imports. The second position in the ranking was held by Thailand ($X), with a 4.4% share of total imports. It was followed by Malaysia, with a 4.1% share.

In Indonesia, magnesite imports expanded at an average annual rate of +16.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+0.5% per year) and Malaysia (-7.5% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, rising by 38% against the previous year. Over the period under review, the import price, however, saw a pronounced descent. The level of import peaked at $X per ton in 2015; however, from 2016 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 Malaysia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform