MENA: Magnesite Market 2024

Magnesite Market Size in MENA

In 2021, the MENA's magnesite market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a pronounced downturn. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Magnesite Production in MENA

In value terms, magnesite production surged to $X in 2021 estimated in export price. The total production indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -37.0% against 2013 indices. The pace of growth was the most pronounced in 2013 with an increase of 80% 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.

Magnesite Exports

Exports in MENA

In 2021, approx. X tons of magnesite were exported in MENA; rising by 61% against 2020 figures. In general, exports saw a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 67% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, magnesite exports skyrocketed to $X in 2021. Overall, exports posted a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 70% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the near future.

Exports by Country

Turkey dominates exports structure, resulting at X tons, which was near 87% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), committing a 7.5% share of total exports. Saudi Arabia (X tons) and Oman (X tons) followed a long way behind the leaders.

Exports from Turkey increased at an average annual rate of +12.9% from 2012 to 2021. At the same time, Oman (+215.1%), the United Arab Emirates (+47.1%) and Saudi Arabia (+41.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of +215.1% from 2012-2021. The United Arab Emirates (+6.7 p.p.), Oman (+2.5 p.p.) and Saudi Arabia (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by -9.1% from 2012 to 2021, respectively.

In value terms, Turkey ($X) remains the largest magnesite supplier in MENA, comprising 63% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 25% share of total exports. It was followed by Saudi Arabia, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +10.0%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+31.3% per year) and Saudi Arabia (+39.2% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, shrinking by -8.7% against the previous year. In general, the export price showed a mild setback. The pace of growth appeared the most rapid in 2014 an increase of 18% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 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 the United Arab Emirates ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+11.8%), while the other leaders experienced a decline in the export price figures.

Magnesite Imports

Imports in MENA

Magnesite imports surged to X tons in 2021, picking up by 57% compared with the previous year's figure. Overall, imports showed a strong expansion. The pace of growth was the most pronounced in 2015 when imports increased by 120%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, magnesite imports rose notably to $X in 2021. Over the period under review, imports recorded a temperate expansion. The pace of growth was the most pronounced in 2015 with an increase of 93%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Oman (X tons) was the main importer of magnesite, achieving 50% of total imports. Algeria (X tons) ranks second in terms of the total imports with a 16% share, followed by Egypt (15%). Tunisia (X tons), Israel (X tons), Morocco (X tons) and Iran (X tons) followed a long way behind the leaders.

Oman was also the fastest-growing in terms of the magnesite imports, with a CAGR of +43.7% from 2012 to 2021. At the same time, Algeria (+30.1%), Iran (+24.5%), Morocco (+20.3%), Israel (+17.2%) and Tunisia (+7.0%) displayed positive paces of growth. By contrast, Egypt (-1.8%) illustrated a downward trend over the same period. While the share of Oman (+45 p.p.), Algeria (+12 p.p.) and Iran (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Egypt (-29.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Algeria ($X), Egypt ($X) and Oman ($X) constituted the countries with the highest levels of imports in 2021, together comprising 60% of total imports.

In terms of the main importing countries, Algeria, with a CAGR of +30.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, falling by -27.5% against the previous year. Overall, the import price saw a abrupt decrease. The most prominent rate of growth was recorded in 2013 when the import price increased by 41%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Morocco ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+7.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform