South-Eastern Asia: Magnesium Market 2024

Magnesium Market Size in South-Eastern Asia

The Southeast Asian magnesium market declined to $X in 2021, shrinking by -5.3% against the previous year. In general, consumption continues to indicate a strong increase. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Magnesium Production in South-Eastern Asia

In value terms, magnesium production shrank significantly to $X in 2021 estimated in export price. Over the period under review, production saw a notable expansion. The pace of growth appeared the most rapid in 2020 with an increase of 2,314%. As a result, production reached the peak level of $X, and then dropped remarkably in the following year.

Magnesium Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of magnesium increased by 12% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 50% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, magnesium exports expanded remarkably to $X in 2021. In general, exports enjoyed a buoyant expansion. The growth pace was the most rapid in 2014 when exports increased by 38%. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

Exports by Country

Malaysia represented the major exporting country with an export of around X tons, which resulted at 79% of total exports. It was distantly followed by Thailand (X tons), constituting a 17% share of total exports. The following exporters - Singapore (X tons) and Vietnam (X tons) - each resulted at a 4% share of total exports.

Malaysia was also the fastest-growing in terms of the magnesium exports, with a CAGR of +13.8% from 2012 to 2021. At the same time, Singapore (+10.0%) and Thailand (+6.4%) displayed positive paces of growth. By contrast, Vietnam (-9.4%) illustrated a downward trend over the same period. While the share of Malaysia (+16 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Thailand (-7.8 p.p.) and Vietnam (-8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest magnesium supplier in South-Eastern Asia, comprising 87% of total exports. The second position in the ranking was held by Thailand ($X), with a 7.3% share of total exports. It was followed by Singapore, with a 4.4% share.

In Malaysia, magnesium exports increased at an average annual rate of +12.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+3.6% per year) and Singapore (+14.7% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, falling by -3.1% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the export price increased by 21%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.2%), while the other leaders experienced a decline in the export price figures.

Magnesium Imports

Imports in South-Eastern Asia

After two years of decline, purchases abroad of magnesium increased by 35% to X tons in 2021. In general, imports continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2016 when imports increased by 36%. The volume of import peaked in 2021 and is likely to see steady growth in the near future.

In value terms, magnesium imports soared to $X in 2021. Overall, imports enjoyed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand was the main importer of magnesium in South-Eastern Asia, with the volume of imports reaching X tons, which was near 50% of total imports in 2021. It was distantly followed by Vietnam (X tons), Malaysia (X tons) and Indonesia (X tons), together mixing up a 50% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +35.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constitutes the largest market for imported magnesium in South-Eastern Asia, comprising 47% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 20% share of total imports. It was followed by Malaysia, with a 14% share.

In Thailand, magnesium imports increased at an average annual rate of +18.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (+32.6% per year) and Malaysia (+14.1% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, picking up by 54% against the previous year. Import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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