Hungary: Magnesium Market 2024

Magnesium Market Size in Hungary

In 2022, the Hungarian magnesium market increased by X% to $X, rising for the fifth year in a row after three years of decline. Overall, consumption enjoyed a resilient expansion. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Magnesium Production in Hungary

In value terms, magnesium production dropped modestly to $X in 2022 estimated in export price. In general, production saw a slight contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Magnesium Exports

Exports from Hungary

In 2022, shipments abroad of magnesium increased by X% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, magnesium exports surged to $X in 2022. In general, exports enjoyed a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

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

From 2012 to 2022, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (X% per year) and Slovakia (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (X% per year) and Germany (X% per year).

Export Prices by Country

In 2022, the average magnesium export price amounted to $X per ton, surging by X% against the previous year. In general, the export price posted strong growth. As a result, the export 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 suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Austria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Magnesium Imports

Imports into Hungary

In 2022, supplies from abroad of magnesium increased by X% to X tons, rising for the second year in a row after three years of decline. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, magnesium imports soared to $X in 2022. Overall, imports showed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X tons), China (X tons) and Israel (X tons) were the main suppliers of magnesium imports to Hungary, together comprising X% of total imports. The Czech Republic, the Netherlands, Belgium and Slovenia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), China ($X) and Israel ($X) were the largest magnesium suppliers to Hungary, with a combined X% share of total imports.

In terms of the main suppliers, Israel, with a CAGR of X%, saw 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 2022, jumping by X% against the previous year. In general, the import price recorded a slight increase. 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 origin: amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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