Middle East: Magnesium Market 2024

Magnesium Market Size in the Middle East

In 2021, the Middle Eastern magnesium market increased by 18% to $X, rising for the fifth year in a row after two years of decline. Overall, consumption enjoyed a remarkable increase. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Magnesium Production in the Middle East

In value terms, magnesium production dropped sharply to $X in 2021 estimated in export price. Overall, production enjoyed a slight increase. The most prominent rate of growth was recorded in 2020 with an increase of 74% against the previous year. As a result, production attained the peak level of $X, and then declined significantly in the following year.

Magnesium Exports

Exports in the Middle East

In 2021, after three years of decline, there was significant growth in overseas shipments of magnesium, when their volume increased by 65% to X tons. Total exports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +2.6% 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, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, magnesium exports surged to $X in 2021. Total exports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% 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 +117.1% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey represented the largest exporter of magnesium in the Middle East, with the volume of exports recording X tons, which was approx. 62% of total exports in 2021. It was distantly followed by Israel (X tons), comprising a 37% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +71.8%).

In value terms, the largest magnesium supplying countries in the Middle East were Turkey ($X) and Israel ($X).

Turkey, with a CAGR of +79.3%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, with an increase of 8.5% against the previous year. Export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.7% 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 +91.7% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the export price increased by 29% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

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 Israel ($X per ton), while Turkey stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+5.1%).

Magnesium Imports

Imports in the Middle East

Magnesium imports surged to X tons in 2021, rising by 73% compared with the previous year's figure. Over the period under review, imports posted a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, magnesium imports surged to $X in 2021. Overall, imports posted a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons), Turkey (X tons), Saudi Arabia (X tons) and Bahrain (X tons) represented roughly 87% of total imports in 2021. It was distantly followed by Qatar (X tons), comprising a 5.5% share of total imports. The following importers - Israel (X tons) and Iran (X tons) - each amounted to a 6.2% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +48.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Bahrain ($X) were the countries with the highest levels of imports in 2021, together comprising 73% of total imports. These countries were followed by Saudi Arabia, Qatar, Iran and Israel, which together accounted for a further 25%.

Among the main importing countries, Saudi Arabia, with a CAGR of +44.3%, saw the highest rates of growth with regard to 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

In 2021, the import price in the Middle East amounted to $X per ton, with an increase of 67% against the previous year. Import price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the United Arab Emirates ($X per ton), while Israel ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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