U.S.: Magnesium Market 2024

Magnesium Market Size in the U.S.

For the third consecutive year, the U.S. magnesium market recorded growth in sales value, which increased by 2.2% to $X in 2021. Overall, consumption, however, recorded a resilient increase. Over the period under review, the market attained the peak level in 2021 and is likely to see steady growth in the immediate term.

Magnesium Exports

Exports from the U.S.

In 2021, the amount of magnesium exported from the United States dropped sharply to X tons, with a decrease of -36.7% against 2020. In general, exports showed a abrupt curtailment. The growth pace was the most rapid in 2020 when exports increased by 24%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, magnesium exports dropped to $X in 2021. Overall, exports recorded a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of 29% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Canada (X tons) was the main destination for magnesium exports from the United States, accounting for a 82% share of total exports. Moreover, magnesium exports to Canada exceeded the volume sent to the second major destination, France (X tons), more than tenfold. The third position in this ranking was held by Australia (X tons), with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada totaled +1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+244.3% per year) and Australia (+35.5% per year).

In value terms, Canada ($X) remains the key foreign market for magnesium exports from the United States, comprising 74% of total exports. The second position in the ranking was taken by Singapore ($X), with a 15% share of total exports. It was followed by Greece, with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada amounted to +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-7.1% per year) and Greece (0.0% per year).

Export Prices by Country

In 2021, the average magnesium export price amounted to $X per ton, surging by 46% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Australia ($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 Singapore (+50.4%), while the prices for the other major destinations experienced more modest paces of growth.

Magnesium Imports

Imports into the U.S.

In 2021, after two years of growth, there was significant decline in supplies from abroad of magnesium, when their volume decreased by -15.2% to X tons. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when imports increased by 22%. Over the period under review, imports reached the peak figure at X tons in 2020, and then contracted dramatically in the following year.

In value terms, magnesium imports fell to $X in 2021. Over the period under review, total imports indicated a mild increase from 2012 to 2021: its value 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, imports increased by +50.1% against 2018 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 36% against the previous year. Imports peaked at $X in 2020, and then fell in the following year.

Imports by Country

Turkey (X tons), the Czech Republic (X tons) and Russia (X tons) were the main suppliers of magnesium imports to the United States, with a combined 51% share of total imports. These countries were followed by Canada, China, Taiwan (Chinese), Israel, South Korea, Germany, Hungary, Austria and Brazil, which together accounted for a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +113.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest magnesium suppliers to the United States were Israel ($X), Turkey ($X) and the Czech Republic ($X), with a combined 48% share of total imports. These countries were followed by Russia, China, Taiwan (Chinese), Germany, South Korea, Canada, Hungary, Brazil and Austria, which together accounted for a further 42%.

In terms of the main suppliers, South Korea, with a CAGR of +128.0%, recorded 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 average magnesium import price stood at $X per ton in 2021, rising by 4.3% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2020 an increase of 20% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

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 Israel ($X per ton), while the price for Canada ($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 (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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