Norway: Magnesite Market 2024

Magnesite Market Size in Norway

In 2021, the Norwegian magnesite market increased by 145% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a prominent expansion. Magnesite consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Magnesite Production in Norway

In value terms, magnesite production declined slightly to $X in 2021 estimated in export price. In general, production saw a mild setback. The most prominent rate of growth was recorded in 2013 with an increase of 53%. Magnesite production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Magnesite Exports

Exports from Norway

In 2021, shipments abroad of magnesite decreased by -88.5% to X tons, falling for the second consecutive year after five years of growth. Over the period under review, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 2,400% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, magnesite exports shrank markedly to $X in 2021. In general, exports showed a sharp decrease. The pace of growth appeared the most rapid in 2018 when exports increased by 1,795%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Myanmar (X tons) was the main destination for magnesite exports from Norway, accounting for a 90% share of total exports. Moreover, magnesite exports to Myanmar exceeded the volume sent to the second major destination, Sweden (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Myanmar amounted to -6.2%.

In value terms, Myanmar ($X) remains the key foreign market for magnesite exports from Norway, comprising 89% of total exports. The second position in the ranking was held by Sweden ($X), with a 5.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Myanmar stood at -9.4%.

Export Prices by Country

The average magnesite export price stood at $X per ton in 2021, waning by -2.5% against the previous year. Overall, the export price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when the average export price increased by 154% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Myanmar amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (-3.4%), while the prices for the other major destinations experienced a decline.

Magnesite Imports

Imports into Norway

Magnesite imports into Norway shrank dramatically to X tons in 2021, dropping by -36.4% compared with the year before. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 165% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, magnesite imports plummeted to $X in 2021. Overall, imports, however, saw a remarkable increase. The growth pace was the most rapid in 2017 when imports increased by 259%. Over the period under review, imports reached the peak figure at $X in 2020, and then fell dramatically in the following year.

Imports by Country

In 2021, Italy (X tons) constituted the largest magnesite supplier to Norway, with a 62% share of total imports. Moreover, magnesite imports from Italy exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by the Netherlands (X tons), with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from Italy totaled +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+14.5% per year) and the Netherlands (-17.8% per year).

In value terms, Italy ($X) constituted the largest supplier of magnesite to Norway, comprising 24% of total imports. The second position in the ranking was taken by Germany ($X), with a 9.7% share of total imports. It was followed by Sweden, with a 1% share.

From 2012 to 2021, the average annual growth rate of value from Italy amounted to -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.1% per year) and Sweden (-5.4% per year).

Import Prices by Country

The average magnesite import price stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the import price posted buoyant growth. The most prominent rate of growth was recorded in 2018 an increase of 83% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in the near future.

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 Sweden ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+366.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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