Magnesium Metal Market Size, Share, Trends, Growth and Forecast 2030

According to the report published by Zion Market Research, the global Magnesium Metal Market size was valued at USD 5,280.46 Million in 2022 and is predicted to reach USD 8,403.56 Million by the end of 2030. The market is expected to grow with a CAGR of 5.98% during the forecast period. The report analyzes the global Magnesium Metal Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Magnesium Metal Market industry.

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Global Magnesium Metal Market: Overview

Magnesium is the lightest alkaline-earth metal of Group II of the periodic table. Magnesium is less dense compared to aluminium, and when it is combined with aluminium to use as an alloying agent, it improves the fabrication, mechanical, and welding features of aluminium. These alloys are widely used in the construction of airplanes and cars. The presence of magnesium metal is abundant on Earth due to its characteristics it is one of the most commonly used structural metals in the global magnesium metal market. Due to its properties, the uses of magnesium can be seen in many end use industries around the world.

Global Magnesium Metal Market: Growth Factors

The global magnesium metal market is expected to grow at a significant rate over the forecast period. The global market is primarily flourishing due to the increasing use of magnesium alloys in automobile industry to produce lightweight vehicles. Big vehicle brands are in a race for making electric vehicles and fuel-efficient vehicles owing to a shift in government policies for environmental safety. This has significantly increased the demand for magnesium metal in European and Asian countries. Along with this, mounting demand for magnesium alloy can be seen in the manufacturing of TVs, LCDs, and PC casings. As magnesium alloy efficiently dissipates heat generated by electronic circuits.

Moreover, increasing research on the use of magnesium alloys to increase its use in aerospace airframe, engine, and internal components will offer lucrative growth prospects to the global magnesium metal market. However, the high cost associated with magnesium metal is the biggest challenge for end use industries which can hinder the global magnesium metal market growth. However, the booming electric vehicle sector assures the adoption of magnesium metal for manufacturing lightweight vehicles will provide better growth opportunities for the growth of the global magnesium metal market over the projected period.

The onset of COVID-19 pandemic has severely hampered the growth of global magnesium metal market. This is mainly due to reduced demand for magnesium alloys in the aerospace, electronics, and automobile industry in year 2020. As per the report study, more than 70% of automobile manufacturing companies had temporarily halted their manufacturing process in 2020, which had a direct impact on the demand for magnesium alloys. Moreover, restrictions on transportations, raw material shortage, and disruption of the global supply chain have also contributed to less revenue generation during the pandemic period.

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Global Magnesium Metal Market: Segmentation

The global magnesium metal market is categorized based on type, application, end-user, and region. Based on the type, the global market is classified into 95 to 97%, 97 to 99%, and >99%. The application segment in the magnesium metal market consists of desulphurization, metal reduction, aluminium alloys, die-casting, and others. Based on the end-user, the global magnesium metal market is divided into medical, sports, electronics, aerospace, automotive, and other end-user industries.

Magnesium Metal Market: Report Scope

Global Magnesium Metal Market: Regional Analysis

Geographically, Asia Pacific is expected to lead the global magnesium metal market during the forecast period. China is likely to hold the largest share in this region as it is among the largest producers of the magnesium and has huge export & domestic demand. Further, growing demand for magnesium metal from aerospace and automobile industries for weight reduction of the products is equally contributing to the market growth in this region.

In addition to this growing use of magnesium metal for the desulphurization of steel in chemical industries is spurring the growth of the market in Asia Pacific region. On the other hand, MEA and Latin America are also expected to show significant growth during the forecast period and this is attributed to expanding aviation industries in these regions. To improve fuel efficiency, North America and Europe are majorly focusing on light weight vehicles which in turn will drive the demand for magnesium metal in these regions. This is expected to boost the global magnesium metal market growth.

Global Magnesium Metal Market: Competitive Players

The global market for magnesium metal is highly competitive as key players are focusing on business expansion and mergers & acquisitions. Heavy investments are done by the key players to fulfill the demand from the end-users of magnesium metal. The major players operating in the global magnesium metal market include:

• US Magnesium LLC.
• Taiyuan Tongxiang Magnesium Co., Ltd.
• Shanxi Wenxi Zhenxin Magnesium Co., Ltd.
• Shanxi Wenxi Hongfu Magnesium Co.
• RIMA Group
• Solikamsk Magnesium Works OAO
• Wenxi YinGuang Magnesium Industry (Group) Co.
• Dead Sea Magnesium Ltd
• POSCO among others. 

The Global Magnesium Metal Market is segmented as follows:

By Type 

• 95 to 97% 
• 97 to 99% 
• >99%

By Application 

• desulphurization 
• metal reduction 
• aluminium alloys 
• die-casting 
• and others 

By End-user 

• medical 
• sports, 
• electronics 
• aerospace 
• automotive 
• other end-user industries

Global Magnesium Metal Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.