June 9, 2024

Magnesium Market Size to Rake USD 9.05 Billion by 2033

The global magnesium market size was estimated at USD 5.33 billion in 2023 and is predicted to rake around USD 9.05 billion by 2033, growing at a CAGR of 5.44% from 2024 to 2033.

Key Points

  • Asia Pacific dominated the market with the largest market share of 35% in 2023.
  • Europe is projected to witness significant growth in the market over the estimated period.
  • By application, the aluminum alloying segment dominated the market in 2023
  • By application, the die casting segment is anticipated to witness substantial growth during the forecast period.

Magnesium Market Size 2024 to 2033

The global magnesium market has experienced steady growth in recent years, driven by its diverse applications across various industries such as automotive, aerospace, electronics, healthcare, and construction. Magnesium, a lightweight metal with excellent strength-to-weight ratio and corrosion resistance, finds extensive use in the production of alloys, die-casting, and as a reducing agent in the production of metals such as titanium and zirconium. The market for magnesium is characterized by robust demand from emerging economies, technological advancements in manufacturing processes, and increasing awareness of the metal’s environmental benefits. Despite facing challenges related to volatility in raw material prices and regulatory constraints, the magnesium market is poised for further expansion in the coming years.

Get a Sample: https://www.precedenceresearch.com/sample/4047

Growth Factors:

Several factors contribute to the growth of the global magnesium market. Firstly, the automotive industry is a significant driver of demand for magnesium, particularly in the production of lightweight components such as engine blocks, transmission cases, and structural components, aimed at improving fuel efficiency and reducing emissions. Additionally, magnesium’s growing use in aerospace applications, including aircraft components and structural parts, is bolstering market growth, driven by the aerospace industry’s focus on weight reduction and fuel savings. Furthermore, advancements in magnesium extraction and processing technologies, such as the development of environmentally friendly extraction methods and efficient recycling processes, are enhancing the availability and sustainability of magnesium resources, supporting market growth.

Region Insights

The magnesium market exhibits regional variations in terms of production, consumption, and market dynamics. China dominates global magnesium production, accounting for a significant share of the market due to abundant reserves, low production costs, and a robust industrial base. However, environmental concerns and regulatory measures aimed at curbing pollution have led to stricter environmental regulations and capacity closures in China’s magnesium industry, impacting global supply dynamics. North America and Europe are significant consumers of magnesium, driven by demand from automotive, aerospace, and electronics industries. Moreover, emerging economies in Asia-Pacific, such as India, South Korea, and Japan, are witnessing increasing demand for magnesium owing to industrialization, urbanization, and infrastructure development.

Trends

Several trends are shaping the evolution of the magnesium market. One notable trend is the increasing use of magnesium alloys in automotive lightweighting applications to meet stringent fuel efficiency and emissions standards. Automakers are adopting magnesium alloys for components such as body panels, seat frames, and chassis components to reduce vehicle weight and improve fuel economy without compromising safety or performance. Another trend is the growing adoption of magnesium-based biomedical implants and devices in healthcare applications, leveraging magnesium’s biocompatibility, corrosion resistance, and mechanical properties for orthopedic implants, cardiovascular stents, and surgical instruments. Furthermore, advancements in magnesium die-casting technologies, such as vacuum die-casting and high-pressure die-casting, are enabling the production of complex and lightweight magnesium components with improved dimensional accuracy and surface finish.

Magnesium Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 5.44%
Global Market Size in 2023 USD 5.33 Billion
Global Market Size in 2024 USD 5.62 Billion
Global Market Size by 2033 USD 9.05 Billion
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Magnesium Market Dynamics

Drivers

Several drivers are fueling the demand for magnesium globally. Firstly, the automotive industry’s focus on lightweighting and emissions reduction is driving the adoption of magnesium alloys for lightweight structural components, leading to increased demand from automakers seeking to improve fuel efficiency and meet regulatory requirements. Additionally, the aerospace industry’s emphasis on lightweight materials for aircraft construction, aimed at reducing fuel consumption and enhancing performance, is driving demand for magnesium alloys in aircraft components and structural parts. Moreover, magnesium’s growing use in electronic devices, such as laptops, smartphones, and tablets, is driven by its excellent thermal conductivity, electromagnetic shielding properties, and lightweight characteristics, catering to the demand for smaller, lighter, and more energy-efficient devices.

Opportunities

The magnesium market presents numerous opportunities for stakeholders across the value chain. Magnesium producers and manufacturers have the opportunity to capitalize on growing demand from automotive, aerospace, electronics, and healthcare industries by investing in research and development to develop innovative alloys, improve manufacturing processes, and explore new applications. Furthermore, advancements in magnesium recycling technologies offer opportunities to enhance resource efficiency, reduce environmental impact, and mitigate supply chain risks associated with raw material availability. Moreover, collaborations between industry players, research institutions, and government agencies can foster innovation, promote sustainable practices, and address technical challenges related to magnesium production, processing, and applications.

Challenges

Despite the positive growth prospects, the magnesium market faces several challenges that could impact its expansion. One of the primary challenges is the volatility of magnesium prices, influenced by factors such as raw material costs, energy prices, and market demand dynamics. Fluctuations in prices can affect profitability and investment decisions across the value chain, posing challenges for producers, manufacturers, and end-users. Additionally, environmental concerns associated with magnesium production, such as energy consumption, emissions, and waste generation, highlight the need for sustainable practices and regulatory compliance to mitigate environmental impact. Moreover, regulatory constraints related to health, safety, and environmental regulations, particularly in regions with stringent regulations, can pose challenges for market participants in terms of compliance costs and operational restrictions.

Read Also: Electric Construction Equipment Market Size, Share, Report by 2033

Recent Developments

  • In February 2023, Western Magnesium Corporation announced its plan to build a new production facility for magnesium metal with an initial annual capacity of 25,000 metric tons and a new research and development center in Nevada. With the help of this new production facility, the company aims to serve automotive, aerospace, airline, eco-friendly technology companies, and defense contractors through this expansion.
  • In July 2022, Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd (a wholly owned subsidiary of RSM Group/ Nanjing Yunhai Special Metals Co. Ltd) announced the completion of a high-performance magnesium-aluminum alloy and deep processing project (Phase II project) located in Pingshan Industrial Park, Chongqing City. The new production facilities could have various workshops, including a magnesium particle production workshop with a 7,200 tons/year capacity.
  • In January 2022, VSMPO-AVISMA Corporation (VSMPO) announced the extension of a long-term agreement with Barnes Aerospace (Barnes) until December 2026, with an approximate value of $35M. Under the amended contract, VSMPO intends to provide Barnes with an agreed-upon range of alloys and sizes of titanium mill products to support their commercial aircraft manufacturing programs.
  • In April 2022, Western Magnesium Corporation announced a non-brokered private placement of USD 3,000,000 in principal amount of unsecured convertible notes.

Magnesium Market Companies

  • U.S. Magnesium LLC
  • Mag Specialties Inc.
  • RIMA Group
  • China Magnesium Corporation Ltd.
  • Taiyuan Tongxiangyuan Fine Material Co., Ltd.
  • POSCO Magnesium Corporation
  • Norsk Hydro ASA
  • Dead Sea Magnesium Ltd.
  • Wenxi YinGuang Magnesium Industry (Group) Co., Ltd.
  • Yinguang Magnesium Industry (Group) Co., Ltd.
  • Shanxi Wenxi Hongfu Magnesium Co., Ltd.
  • Taiyuan Yiwei Magnesium Co., Ltd.
  • Shanxi Credit Magnesium Co., Ltd.
  • Shanxi Fugu Tianyu Mineral Industry Co., Ltd.
  • Shanxi Xinghua Magnesium Co., Ltd.
  • Shanxi Yinguang Huasheng Magnesium Co., Ltd.
  • Solikamsk Magnesium Works OAO (SMW)
  • Timminco Limited
  • Ningxia Hui-Ye Magnesium Marketing Group Co., Ltd.
  • JSC Magnezit Group

Segments Covered in the Report

By Application

  • Aluminum Alloying
  • Die casting
  • Desulfurization
  • Metal Reduction
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/

Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

View all posts by Prathamesh →

Leave a Reply

Your email address will not be published. Required fields are marked *