ASEAN: Magnesium Market 2024

Magnesium Market Size in ASEAN

The ASEAN magnesium market reduced to $X in 2021, shrinking by -5.3% against the previous year. Overall, consumption recorded a buoyant increase. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Magnesium Production in ASEAN

In value terms, magnesium production shrank dramatically to $X in 2021 estimated in export price. Over the period under review, production enjoyed a notable increase. The most prominent rate of growth was recorded in 2020 with an increase of 2,314% against the previous year. As a result, production attained the peak level of $X, and then shrank dramatically in the following year.

Magnesium Exports

Exports in ASEAN

In 2021, overseas shipments of magnesium increased by 12% to X tons, rising for the third consecutive year after two years of decline. In general, exports continue to indicate resilient growth. The growth pace was the most rapid in 2014 when exports increased by 50% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in the near future.

In value terms, magnesium exports rose rapidly to $X in 2021. Overall, exports posted buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 38%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

Malaysia was the key exporting country with an export of around X tons, which amounted to 79% of total exports. It was distantly followed by Thailand (X tons), constituting a 17% share of total exports. The following exporters - Singapore (X tons) and Vietnam (X tons) - each amounted to a 4% share of total exports.

Malaysia was also the fastest-growing in terms of the magnesium exports, with a CAGR of +13.8% from 2012 to 2021. At the same time, Singapore (+10.0%) and Thailand (+6.4%) displayed positive paces of growth. By contrast, Vietnam (-9.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Malaysia increased by +16 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest magnesium supplier in ASEAN, comprising 87% of total exports. The second position in the ranking was held by Thailand ($X), with a 7.3% share of total exports. It was followed by Singapore, with a 4.4% share.

In Malaysia, magnesium exports increased at an average annual rate of +12.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+3.6% per year) and Singapore (+14.7% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, which is down by -3.1% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 21%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.2%), while the other leaders experienced a decline in the export price figures.

Magnesium Imports

Imports in ASEAN

In 2021, supplies from abroad of magnesium was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports enjoyed a strong increase. The growth pace was the most rapid in 2016 when imports increased by 36%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

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

Imports by Country

Thailand was the major importing country with an import of around X tons, which resulted at 50% of total imports. Vietnam (X tons) held a 26% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (12%) and Indonesia (11%).

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +35.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constitutes the largest market for imported magnesium in ASEAN, comprising 47% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 20% share of total imports. It was followed by Malaysia, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at +18.3%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+32.6% per year) and Malaysia (+14.1% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, increasing by 54% against the previous year. Import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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 ($X per ton), while Vietnam ($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 (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform