Magnesite market in Asia

Earlier Report Observations

The market volume for natural magnesium carbonate in Asia fluctuated significantly between 2018 and 2022. After reaching 21 355 thousand tons in 2018, it dropped sharply to 13 147 thousand tons in 2019. This decline was primarily driven by reduced demand for magnesium in aluminum alloys and increased competitive pressure from low-cost Chinese imports, which constrained domestic production. The market recovered to 16 322 thousand tons in 2020, supported by stable demand for pharmaceutical-grade magnesium carbonate during the COVID-19 pandemic and stricter food safety regulations that reinforced quality requirements.

Growth continued into 2021, with the market reaching 16 720 thousand tons, fueled by expanding demand for magnesium alloys in electric vehicles and industry efforts to diversify supply chains away from China. However, in 2022, the market volume declined to 15 594 thousand tons as cheap imports from China continued to impact local production volumes. In subsequent years, the global market focused on supply chain resilience, with new mining rights and major investments in Romania aiming for 90 000 tons of annual production by 2027, alongside new production facilities built in the United States and Canada. Demand for food-grade magnesium carbonate kept rising under stringent food safety rules, while pharmaceutical applications also expanded.

Production magnesite in Asia

In kind, 2017-2020, K t

Top producers of magnesite, 2017-2020

World map of production of magnesite, 2017-2020

After two years of decline, magnesite production in Asia rebounded. In 2020, Asia produced 16 398 K t of magnesite, marking a 24.2% increase compared to 2019. Over the 2017-2020 period, production decreased by 24.2%, with a compound annual growth rate (CAGR) of -8.8%. The lowest production level was recorded in 2019 at 13 201 K t, which also saw the largest decline of 38.3%.

Annual dynamics of production in Asia in kind, 2017-2020, K t

Exports magnesite from Asia

Exports in kind, K t

The data reveals irregular changes, indicating a volatile market environment. Exports varied significantly, with a 2.8-fold difference between the low in 2017 and the high in 2018. In 2020, Asia's magnesite export volume stood at 109.5 K t, reflecting a controlled decrease of 7.0% compared to 2019. The maximum value was recorded in 2018 at 133.6 K t, which also saw the largest increase of 179.7%. The largest decline occurred in 2019 at 11.9%.

Annual dynamics of product's exports from Asia in kind, 2017-2020, K t

The structure of exports in kind from 2017 to 2020 can be described as diversified. Greece (5.8% of exports in kind), New Caledonia (5.4% of exports in kind), and Italy (1.2% of exports in kind) together accounted for just 12.3% of total flows, with no single country holding a clearly dominant position.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Asia in kind, 2017-2020

Exports in value, K $ US

Asia's magnesite export volume declined for the second consecutive year. In 2020, exports totalled 17 232 K $ US, marking a contraction of 2.6% compared to 2019. Over the 2017-2020 period, exports increased by 39.3%, with a compound annual growth rate (CAGR) of 11.7%. The maximum value was recorded in 2018 at 19 101 K $ US, which also saw the largest increase of 54.5%. The largest decline occurred in 2019 at 7.3%.

Annual dynamics of product's exports from Asia in value, 2017-2020, K $ US

The structure of exports in value terms from 2017 to 2020 points to a diversified set of partners. Greece (12.7% of exports in value terms), the United Kingdom (4.2% of exports in value terms), and New Caledonia (3.5% of exports in value terms) jointly accounted for only 20.4% of total flows, while the remaining 79.6% was dispersed among numerous smaller markets.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Asia in value, 2017-2020

Imports magnesite to Asia

Imports in kind, K t

Volatility characterized the market behavior during these years. Imports varied by a 2.5-fold difference, with the low in 2017 and the high in 2018. In 2020, magnesite deliveries to Asia amounted to 33.0 K t, corresponding to a steep drop of 48.1% from 2019. The maximum value was recorded in 2018 at 80.4 K t, which also saw the largest increase of 147.2%.

Annual dynamics of product's imports to Asia in kind, 2017-2020, K t

Over the 2017-2020 period, Russia and Australia were the main destinations for imports in kind of magnesite to Asia, together accounting for 6.9% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Asia in kind, 2017-2020

Imports in value, K $ US

The market showed signs of volatility over the observed period. Volumes dropped to a minimum in 2017 and climbed to their maximum in 2018, a 1.9-fold shift. In 2020, magnesite volumes in Asia totalled 19 791 K $ US, which is 24.3% lower year-over-year. The maximum value was recorded in 2018 at 29 104 K $ US, which also saw the largest increase of 93.0%.

Annual dynamics of product's imports to Asia in value, 2017-2020, K $ US

From 2017 to 2020, the country structure of imports in value terms remained highly diversified. Russia (19.9% of imports in value terms), the United Kingdom (3.9% of imports in value terms), and Australia (2.7% of imports in value terms) together accounted for only 26.4% of total flows, with a long tail of smaller markets forming the remaining 73.6%.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Asia in value, 2017-2020