Global Magnesite Market Expected to See Strong Growth with Forecasted CAGR of +2.4% in Volume from 2023 to 2030

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The global market for magnesite is experiencing steady growth, with consumption expected to increase by +2.4% annually from 2023 to 2030. China dominates as the largest consumer and producer of magnesite, with a market value of $2.9B in 2023. Imports and exports are also on the rise, with countries like Indonesia and Japan showing notable growth in recent years. Overall, the future outlook for the magnesite market seems positive, with continued growth expected in the near future.

Market Forecast

Market Forecast

Driven by increasing demand for magnesite worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.4% for the period from 2023 to 2030, which is projected to bring the market volume to 35M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2023 to 2030, which is projected to bring the market value to $7.6B (in nominal prices) by the end of 2030.

Consumption

Consumption

In 2023, approx. 29M tons of magnesite were consumed worldwide; with an increase of 2.2% compared with the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak volume of 30M tons. From 2015 to 2023, the growth of the global consumption failed to regain momentum.

The global magnesite market revenue reached $5.7B in 2023, growing by 5.4% 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). Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $6.4B. From 2015 to 2023, the growth of the global market remained at a lower figure.

Consumption By Country

The country with the largest volume of magnesite consumption was China (19M tons), accounting for 65% of total volume. Moreover, magnesite consumption in China exceeded the figures recorded by the second-largest consumer, Brazil (1.9M tons), tenfold. The third position in this ranking was held by Turkey (1.5M tons), with a 5.3% share.

In China, magnesite consumption expanded at an average annual rate of +1.1% over the period from 2013-2022. In the other countries, the average annual rates were as follows: Brazil (+6.1% per year) and Turkey (-5.5% per year).

In value terms, China ($2.9B) led the market, alone. The second position in the ranking was taken by Austria ($329M). It was followed by Russia.

From 2013 to 2022, the average annual rate of growth in terms of value in China totaled +2.0%. In the other countries, the average annual rates were as follows: Austria (+1.9% per year) and Russia (-5.1% per year).

The countries with the highest levels of magnesite per capita consumption in 2022 were Austria (94 kg per person), Slovakia (94 kg per person) and Australia (32 kg per person).

From 2013 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Indonesia (with a CAGR of +74.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

Production

Global magnesite production reduced slightly to 28M tons in 2022, falling by -4.9% on the year before. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 14% against the previous year. As a result, production attained the peak volume of 30M tons. From 2015 to 2022, global production growth remained at a lower figure.

In value terms, magnesite production rose to $5.6B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2013 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by 12%. Over the period under review, global production hit record highs at $5.7B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

China (19M tons) remains the largest magnesite producing country worldwide, comprising approx. 69% of total volume. Moreover, magnesite production in China exceeded the figures recorded by the second-largest producer, Brazil (1.9M tons), tenfold. The third position in this ranking was taken by Turkey (1.6M tons), with a 5.7% share.

From 2013 to 2022, the average annual rate of growth in terms of volume in China stood at +1.2%. In the other countries, the average annual rates were as follows: Brazil (+6.1% per year) and Turkey (-5.4% per year).

Imports

Imports

Global magnesite imports surged to 1.5M tons in 2022, picking up by 30% compared with the previous year's figure. Overall, imports saw significant growth. The pace of growth was the most pronounced in 2018 when imports increased by 117%. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, magnesite imports surged to $151M in 2022. Over the period under review, imports posted a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 76%. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports By Country

Indonesia represented the major importer of magnesite in the world, with the volume of imports finishing at 776K tons, which was approx. 52% of total imports in 2022. Japan (413K tons) ranks second in terms of the total imports with a 28% share, followed by India (4.5%). The following importers - Greece (30K tons) and the United States (27K tons) - each amounted to a 3.8% share of total imports.

From 2013 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Japan (with a CAGR of +84.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($77M) constitutes the largest market for imported magnesite worldwide, comprising 51% of global imports. The second position in the ranking was held by Japan ($17M), with a 12% share of global imports. It was followed by the United States, with a 4.5% share.

In Indonesia, magnesite imports expanded at an average annual rate of +48.0% over the period from 2013-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+51.6% per year) and the United States (+2.7% per year).

Import Prices By Country

The average magnesite import price stood at $101 per ton in 2022, increasing by 2.6% against the previous year. Overall, the import price, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by 14%. Global import price peaked at $251 per ton in 2013; however, from 2014 to 2022, 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 the United States ($255 per ton), while India ($37 per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Greece (-2.6%), while the other global leaders experienced a decline in the import price figures.

Exports

Exports

In 2022, shipments abroad of magnesite increased by 4.1% to 436K tons, rising for the second consecutive year after two years of decline. In general, exports showed strong growth. The growth pace was the most rapid in 2021 when exports increased by 57%. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, magnesite exports surged to $97M in 2022. Over the period under review, total exports indicated a prominent increase from 2013 to 2022: its value increased at an average annual rate of +9.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +81.6% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 43%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, China (221K tons) was the major exporter of magnesite, constituting 51% of total exports. Spain (56K tons) held the second position in the ranking, followed by Turkey (47K tons), Slovakia (31K tons) and Pakistan (31K tons). All these countries together took approx. 38% share of total exports. The following exporters - Serbia (10K tons) and Guatemala (9.4K tons) - each resulted at a 4.5% share of total exports.

China was also the fastest-growing in terms of the magnesite exports, with a CAGR of +85.7% from 2013 to 2022. At the same time, Spain (+60.4%), Slovakia (+32.9%), Pakistan (+25.0%), Serbia (+16.8%), Turkey (+2.3%) and Guatemala (+2.1%) displayed positive paces of growth. While the share of China (+50 p.p.), Spain (+12 p.p.), Slovakia (+4.9 p.p.) and Pakistan (+3.2 p.p.) increased significantly in terms of the global exports from 2013-2022, the share of Guatemala (-5.2 p.p.) and Turkey (-25.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($55M) remains the largest magnesite supplier worldwide, comprising 56% of global exports. The second position in the ranking was taken by Spain ($17M), with an 18% share of global exports. It was followed by Turkey, with a 4.8% share.

From 2013 to 2022, the average annual growth rate of value in China totaled +100.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+51.1% per year) and Turkey (+1.4% per year).

Export Prices By Country

The average magnesite export price stood at $221 per ton in 2022, jumping by 22% against the previous year. Overall, the export price, however, continues to indicate a deep slump. The growth pace was the most rapid in 2016 an increase of 26%. As a result, the export price reached the peak level of $436 per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Spain ($304 per ton), while Slovakia ($51 per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.0%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform