Asia: Magnesite Market 2024

Magnesite Market Size in Asia

In 2021, after two years of decline, there was significant growth in the Asian magnesite market, when its value increased by 11% to $X. Overall, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Magnesite Production in Asia

In value terms, magnesite production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2015 with an increase of 154% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Magnesite Exports

Exports in Asia

For the seventh year in a row, Asia recorded growth in overseas shipments of magnesite, which increased by 113% to X tons in 2021. Overall, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 when exports increased by 529% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, magnesite exports surged to $X in 2021. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 94%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in years to come.

Exports by Country

China dominates exports structure, recording X tons, which was approx. 90% of total exports in 2021. It was distantly followed by Turkey (X tons), constituting a 6.7% share of total exports. Pakistan (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the magnesite exports, with a CAGR of +192.3% from 2012 to 2021. At the same time, Pakistan (+30.2%) and Turkey (+12.9%) displayed positive paces of growth. While the share of China (+89 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Pakistan (-4.9 p.p.) and Turkey (-64.9 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest magnesite supplier in Asia, comprising 63% of total exports. The second position in the ranking was taken by Turkey ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +132.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+10.0% per year) and Pakistan (+16.8% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, with a decrease of -16.3% against the previous year. In general, the export price saw a abrupt decline. The pace of growth was the most pronounced in 2018 an increase of 32%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-2.6%), while the other leaders experienced a decline in the export price figures.

Magnesite Imports

Imports in Asia

Magnesite imports skyrocketed to X tons in 2021, growing by 151% compared with the previous year's figure. Over the period under review, imports showed a significant increase. The growth pace was the most rapid in 2018 when imports increased by 207% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, magnesite imports surged to $X in 2021. Overall, 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

Japan was the main importing country with an import of around X tons, which finished at 61% of total imports. It was distantly followed by Indonesia (X tons) and India (X tons), together making up a 32% share of total imports. China (X tons) and the Philippines (X tons) took a little share of total imports.

Japan was also the fastest-growing in terms of the magnesite imports, with a CAGR of +86.9% from 2012 to 2021. At the same time, the Philippines (+56.8%), China (+52.5%), India (+39.4%) and Indonesia (+22.7%) displayed positive paces of growth. Japan (+59 p.p.), India (+9.4 p.p.), Indonesia (+3.1 p.p.) and China (+3 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported magnesite in Asia, comprising 53% of total imports. The second position in the ranking was held by Japan ($X), with a 23% share of total imports. It was followed by China, with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Indonesia stood at +16.9%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+49.9% per year) and China (+31.7% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, surging by 26% against the previous year. Overall, the import price, however, continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2017 when the import price increased by 63% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Japan ($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 (-4.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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