Report Update Apr 1, 2024

Republic of Korea - Magnesium - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Magnesium Market 2024

Magnesium Market Size in Republic of Korea

The South Korean magnesium market reduced slightly to $X in 2022, with a decrease of X% 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, the total consumption indicated mild growth from 2012 to 2022: its value 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, consumption increased by X% against 2020 indices. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Magnesium Exports

Exports from Republic of Korea

In 2022, approx. X tons of magnesium were exported from South Korea; picking up by X% on 2021. In general, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, magnesium exports soared to $X in 2022. Overall, exports saw a significant expansion. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The United States (X tons) was the main destination for magnesium exports from South Korea, accounting for a X% share of total exports. It was followed by Japan (X tons), with a X% share of total exports. The third position in this ranking was held by Vietnam (X tons), with a X% share.

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

In value terms, the United States ($X) remains the key foreign market for magnesium exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Vietnam ($X), with a X% share of total exports. It was followed by the Netherlands, 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: Vietnam (X% per year) and the Netherlands (X% per year).

Export Prices by Country

The average magnesium export price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the export price recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Japan ($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 Vietnam (X%), while the prices for the other major destinations experienced mixed trend patterns.

Magnesium Imports

Imports into Republic of Korea

In 2022, after three years of growth, there was significant decline in purchases abroad of magnesium, when their volume decreased by X% to X tons. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, magnesium imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2021 with an increase of X%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, China (X tons) was the main supplier of magnesium to South Korea, with a X% share of total imports. It was followed by Taiwan (Chinese) (X tons), with less than X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%.

In value terms, China ($X) constituted the largest supplier of magnesium to South Korea, comprising X% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with less than X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%.

Import Prices by Country

In 2022, the average magnesium import price amounted to $X per ton, jumping by X% against the previous year. In general, the import price showed a pronounced increase. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Taiwan (Chinese) stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for magnesium in the world?

China remains the largest magnesium consuming country worldwide, accounting for 43% of total volume. Moreover, magnesium consumption in China exceeded the figures recorded by the second-largest consumer, the United States, sevenfold. The third position in this ranking was taken by Canada, with a 6.2% share.

What are the largest producers of magnesium in the world?

The country with the largest volume of magnesium production was China, comprising approx. 83% of total volume. Moreover, magnesium production in China exceeded the figures recorded by the second-largest producer, Russia, more than tenfold. The third position in this ranking was taken by Israel, with a 3% share.

What are the leading suppliers of magnesium to Republic of Korea?

In value terms, China constituted the largest supplier of magnesium to South Korea, comprising 99% of total imports. The second position in the ranking was held by Taiwan Chinese), with less than 0.1% share of total imports.

What are the leading importers of magnesium from Republic of Korea?

In value terms, the United States remains the key foreign market for magnesium exports from South Korea, comprising 93% of total exports. The second position in the ranking was held by Vietnam, with a 2.5% share of total exports. It was followed by the Netherlands, with a 2% share.

What is the average export price for magnesium in Republic of Korea?

In 2022, the average magnesium export price amounted to $5,883 per ton, surging by 40% against the previous year.

What is the average import price for magnesium in Republic of Korea?

The average magnesium import price stood at $5,213 per ton in 2022, increasing by 36% against the previous year.

This report provides an in-depth analysis of the magnesium market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023