Magnesium Market

The global magnesium market is predicted to experience a positive growth trend with increasing demand for magnesium worldwide. The market performance is expected to accelerate, with a forecasted CAGR of +3.5% in consumption and +4.3% in value from 2022 to 2030. China dominates both magnesium consumption and production, leading the market in volume and value. The market saw a modest reduction in worldwide magnesium consumption in 2022, with production stabilizing. Despite fluctuations, the market is projected to continue growth in the near future. Magnesium imports and exports also surged in 2022, with China as the major exporting country. Unwrought magnesium of at least 99.8% purity was the largest imported and exported product, driving growth in both volume and value terms. Import and export prices increased significantly, with strong growth expected to continue in the coming years.

Market Forecast

Driven by increasing demand for magnesium worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market volume to 1.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market value to $5.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Magnesium

In 2022, the amount of magnesium consumed worldwide reduced modestly to 1M tons, approximately reflecting 2021 figures. The total consumption volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak volume of 1.1M tons. From 2020 to 2022, the growth of the global consumption failed to regain momentum.

The global magnesium market value expanded notably to $4.1B in 2022, increasing by 8.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the maximum level in 2022 and is likely to continue growth in the near future.

Consumption By Country

China (504K tons) constituted the country with the largest volume of magnesium consumption, accounting for 49% of total volume. Moreover, magnesium consumption in China exceeded the figures recorded by the second-largest consumer, Russia (62K tons), eightfold. The third position in this ranking was taken by Canada (50K tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +1.6%. The remaining consuming countries recorded the following average annual rates of consumption growth: Russia (-0.3% per year) and Canada (+2.2% per year).

In value terms, China ($1.6B) led the market, alone. The second position in the ranking was held by the United States ($355M). It was followed by Canada.

In China, the magnesium market increased at an average annual rate of +1.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+21.1% per year) and Canada (+6.1% per year).

In 2022, the highest levels of magnesium per capita consumption was registered in Norway (3,175 kg per 1000 persons), followed by Canada (1,303 kg per 1000 persons), Kazakhstan (1,059 kg per 1000 persons) and Russia (431 kg per 1000 persons), while the world average per capita consumption of magnesium was estimated at 131 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the magnesium per capita consumption in Norway amounted to +1.5%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Canada (+1.1% per year) and Kazakhstan (-1.6% per year).

Production

World Production of Magnesium

Global magnesium production contracted modestly to 1.1M tons in 2022, stabilizing at 2021 figures. The total output volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 17% against the previous year. As a result, production reached the peak volume of 1.1M tons; afterwards, it flattened through to 2022.

In value terms, magnesium production fell remarkably to $3.7B in 2022 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +48.5% against 2016 indices. The pace of growth was the most pronounced in 2021 when the production volume increased by 62% against the previous year. As a result, production reached the peak level of $4.5B, and then fell dramatically in the following year.

Production By Country

The country with the largest volume of magnesium production was China (913K tons), accounting for 84% of total volume. Moreover, magnesium production in China exceeded the figures recorded by the second-largest producer, Russia (61K tons), more than tenfold. Brazil (20K tons) ranked third in terms of total production with a 1.8% share.

In China, magnesium production expanded at an average annual rate of +2.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Russia (-0.6% per year) and Brazil (+2.3% per year).

Imports

World Imports of Magnesium

In 2022, global magnesium imports amounted to 564K tons, increasing by 13% on the previous year's figure. The total import volume increased at an average annual rate of +5.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 16% against the previous year. Global imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, magnesium imports surged to $3.7B in 2022. Overall, imports showed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the Netherlands (103K tons), distantly followed by Canada (56K tons), the United States (43K tons) and Germany (40K tons) represented the major importers of magnesium, together making up 43% of total imports. India (25K tons), Japan (23K tons), South Korea (22K tons), Norway (18K tons), Romania (17K tons), the Czech Republic (17K tons), Turkey (16K tons), Taiwan (Chinese) (15K tons) and the United Arab Emirates (14K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Netherlands (with a CAGR of +31.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($608M), the Netherlands ($575M) and Canada ($362M) were the countries with the highest levels of imports in 2022, with a combined 42% share of global imports.

The Netherlands, with a CAGR of +37.6%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Unwrought magnesium of at least 99.8% purity was the largest imported product with an import of around 353K tons, which finished at 62% of total imports. It was distantly followed by unwrought magnesium of less than 99.8% purity (212K tons), generating a 38% share of total imports.

From 2012 to 2022, the biggest increases were recorded for unwrought magnesium of at least 99.8% purity (with a CAGR of +5.8%).

In value terms, unwrought magnesium of at least 99.8% purity ($2.3B) and unwrought magnesium of less than 99.8% purity ($1.4B) appeared to be the products with the highest levels of imports in 2022.

Unwrought magnesium of at least 99.8% purity, with a CAGR of +12.8%, saw the highest rates of growth with regard to the value of imports, among the main imported products over the period under review.

Import Prices By Type

In 2022, the average magnesium import price amounted to $6,513 per ton, growing by 81% against the previous year. In general, the import price posted a strong increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was unwrought magnesium of less than 99.8% purity ($6,718 per ton), while the price for unwrought magnesium of at least 99.8% purity stood at $6,390 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by unwrought magnesium of at least 99.8% purity (+6.6%).

Import Prices By Country

The average magnesium import price stood at $6,513 per ton in 2022, picking up by 81% against the previous year. Over the period under review, the import price saw buoyant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($14,248 per ton), while Turkey ($5,176 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Magnesium

In 2022, global exports of magnesium stood at 621K tons, surging by 13% on the previous year's figure. The total export volume increased at an average annual rate of +5.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when exports increased by 22% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, magnesium exports surged to $3.7B in 2022. In general, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 83%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China represented the major exporting country with an export of about 410K tons, which recorded 66% of total exports. It was distantly followed by the Netherlands (95K tons), mixing up a 15% share of total exports. Israel (18K tons), the Czech Republic (18K tons) and Turkey (13K tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +4.4% from 2012 to 2022. At the same time, Turkey (+60.1%), the Netherlands (+32.6%) and the Czech Republic (+9.5%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +60.1% from 2012-2022. By contrast, Israel (-4.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands and Turkey increased by +14 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.3B) remains the largest magnesium supplier worldwide, comprising 62% of global exports. The second position in the ranking was held by the Netherlands ($462M), with a 13% share of global exports. It was followed by Israel, with a 5.8% share.

In China, magnesium exports expanded at an average annual rate of +10.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the Netherlands (+36.9% per year) and Israel (+6.6% per year).

Exports By Type

Unwrought magnesium of at least 99.8% purity represented the largest type of magnesium in the world, with the volume of exports recording 376K tons, which was near 61% of total exports in 2022. It was distantly followed by unwrought magnesium of less than 99.8% purity (244K tons), constituting a 39% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exported products, was attained by unwrought magnesium of at least 99.8% purity (with a CAGR of +5.2%).

In value terms, the largest types of exported magnesium were unwrought magnesium of at least 99.8% purity ($2.2B) and unwrought magnesium of less than 99.8% purity ($1.4B).

Among the main exported products, unwrought magnesium of at least 99.8% purity, with a CAGR of +11.6%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices By Type

The average magnesium export price stood at $5,908 per ton in 2022, jumping by 46% against the previous year. Overall, the export price showed strong growth. The growth pace was the most rapid in 2021 when the average export price increased by 54% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was unwrought magnesium of less than 99.8% purity ($5,939 per ton), while the average price for exports of unwrought magnesium of at least 99.8% purity stood at $5,881 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by unwrought magnesium of at least 99.8% purity (+6.1%).

Export Prices By Country

In 2022, the average magnesium export price amounted to $5,908 per ton, jumping by 46% against the previous year. Overall, the export price posted a buoyant increase. The growth pace was the most rapid in 2021 when the average export price increased by 54% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($11,875 per ton), while the Netherlands ($4,879 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+11.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform