Turkey: Magnesium Market 2024

Magnesium Market Size in Turkey

The Turkish magnesium market stood at $X in 2021, leveling off at the previous year. Over the period under review, consumption continues to indicate a abrupt contraction. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Magnesium Production in Turkey

In value terms, magnesium production declined markedly to $X in 2021 estimated in export price. Overall, production recorded significant growth. Magnesium production peaked at $X in 2020, and then fell sharply in the following year.

Magnesium Exports

Exports from Turkey

For the third year in a row, Turkey recorded growth in overseas shipments of magnesium, which increased by 65% to X tons in 2021. In general, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 574% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, magnesium exports soared to $X in 2021. Over the period under review, exports saw a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 533% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

The United States (X tons) was the main destination for magnesium exports from Turkey, with a 52% share of total exports. Moreover, magnesium exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), fourfold. The third position in this ranking was held by Belgium (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +202.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+39.8% per year) and Belgium (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for magnesium exports from Turkey, comprising 47% of total exports. The second position in the ranking was taken by Belgium ($X), with a 17% share of total exports. It was followed by the Netherlands, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +170.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and the Netherlands (+61.6% per year).

Export Prices by Country

In 2021, the average magnesium export price amounted to $X per ton, rising by 30% against the previous year. Overall, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +4.4% 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 +135.1% against 2017 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 38% against the previous year. The export price peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Greece ($X per ton), while the average price for exports to the Netherlands ($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 Greece (+45.5%), while the prices for the other major destinations experienced more modest paces of growth.

Magnesium Imports

Imports into Turkey

Magnesium imports into Turkey surged to X tons in 2021, growing by 62% against 2020 figures. Over the period under review, imports recorded significant growth. The pace of growth appeared the most rapid in 2019 when imports increased by 194% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, magnesium imports soared to $X in 2021. Overall, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2019 when imports increased by 183%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest magnesium supplier to Turkey, with a 85% share of total imports. Moreover, magnesium imports from China exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +19.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (0.0% per year) and Israel (+33.6% per year).

In value terms, China ($X) constituted the largest supplier of magnesium to Turkey, comprising 87% of total imports. The second position in the ranking was taken by Israel ($X), with a 6.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Israel (+44.5% per year) and Ukraine (0.0% per year).

Import Prices by Country

In 2021, the average magnesium import price amounted to $X per ton, increasing by 70% against the previous year. In general, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. 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.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Israel ($X per ton), while the price for Ukraine ($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 (+8.1%).

Source: IndexBox Platform

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