Hungary: Magnesium Market 2024

Magnesium Market Size in Hungary

In 2021, the Hungarian magnesium market increased by 34% to $X, rising for the fourth consecutive year after three years of decline. Overall, consumption posted a remarkable increase. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Magnesium Production in Hungary

In value terms, magnesium production reached $X in 2021 estimated in export price. Over the period under review, production, however, saw a slight decline. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Magnesium Exports

Exports from Hungary

In 2021, shipments abroad of magnesium decreased by -2.3% to X tons, falling for the fourth consecutive year after three years of growth. Overall, exports recorded a mild decline. The growth pace was the most rapid in 2015 with an increase of 28% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, magnesium exports soared to $X in 2021. In general, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +33.2% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Austria (X tons), the United States (X tons) and Poland (X tons) were the main destinations of magnesium exports from Hungary, with a combined 73% share of total exports. These countries were followed by Bulgaria, Romania and the Netherlands, which together accounted for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bulgaria (with a CAGR of +172.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Austria ($X) and Poland ($X) appeared to be the largest markets for magnesium exported from Hungary worldwide, together accounting for 78% of total exports. These countries were followed by Bulgaria, Romania and the Netherlands, which together accounted for a further 17%.

In terms of the main countries of destination, Bulgaria, with a CAGR of +205.7%, recorded 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

The average magnesium export price stood at $X per ton in 2021, with an increase of 30% against the previous year. Over the period under review, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, magnesium export price increased by +95.3% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+12.1%), while the prices for the other major destinations experienced more modest paces of growth.

Magnesium Imports

Imports into Hungary

In 2021, supplies from abroad of magnesium was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +5.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 66% against the previous year. As a result, imports attained the peak of X tons; afterwards, it flattened through to 2021.

In value terms, magnesium imports skyrocketed to $X in 2021. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 62% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Germany (X tons), Israel (X tons) and China (X tons) were the main suppliers of magnesium imports to Hungary, together accounting for 82% of total imports.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +2,096.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Israel ($X) and China ($X) appeared to be the largest magnesium suppliers to Hungary, with a combined 82% share of total imports.

Israel, with a CAGR of +2,379.8%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average magnesium import price stood at $X per ton in 2021, with an increase of 22% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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