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

The worldwide market for magnesium metal was estimated to be worth USD 5,280.46 million in 2022 and is expected to grow to USD 8,403.56 million by the end of 2030, according to a Zion Market Research analysis. Over the course of the projection period, the market is anticipated to expand at a CAGR of 5.98%. The growth factors, barriers, and effects on demand of the worldwide magnesium metal market are examined in this study for the period of forecasting. It will also assist in navigating and investigating the opportunities that present themselves in the magnesium metal market.

Global Magnesium Metal Market: Overview

The periodic table's Group II contains the lightest alkaline-earth metal, magnesium. Magnesium is less dense than aluminum, and when it is mixed with aluminum as an alloying agent, the aluminum's mechanical, welding, and fabrication qualities are enhanced. These alloys are frequently utilized in the manufacturing of automobiles and aircraft. Because of its qualities, magnesium metal is one of the most widely utilized structural metals in the world market. It is also quite prevalent on Earth. Magnesium is used in various end-use industries worldwide because of its characteristics.

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Global Magnesium Metal Market: Growth Factors

Over the course of the forecast period, a notable growth rate is anticipated in the worldwide magnesium metal market. The primary reason for the global market's prosperity is the growing utilization of magnesium alloys in the automotive industry to create lightweight cars. Large automakers are competing to produce fuel-efficient and electric cars as a result of changes in environmental safety regulations. As a result, magnesium metal is now much more in demand in European and Asian nations. Furthermore, there is an increasing need for magnesium alloy in the production of PC casings, TV casings, and LCDs. The magnesium alloy absorbs heat produced by electronic circuitry with efficiency.

Moreover, the global magnesium metal market will have profitable growth potential due to the growing research on the use of magnesium alloys in aircraft airframe, engine, and internal components. The largest obstacle for end-use industries, however, is the high cost of magnesium metal, which could impede the growth of the worldwide magnesium metal market. Nonetheless, the rapidly expanding electric vehicle industry guarantees that the use of magnesium metal in the production of lightweight vehicles will offer superior potential prospects for the expansion of the worldwide magnesium metal market throughout the anticipated future.

The COVID-19 pandemic has had a significant negative impact on the worldwide magnesium metal market's growth. This is mostly because, in 2020, the automotive, electronics, and aerospace industries will require fewer magnesium alloys. According to the report study, the demand for magnesium alloys was directly impacted by the fact that over 70% of auto manufacturing enterprises temporarily stopped their operations in 2020. In addition, lower revenue creation during the pandemic period has been attributed to transportation constraints, a shortage of raw materials, and disruptions to the worldwide supply chain.

Global Magnesium Metal Market: Segmentation

There are four main categories in the worldwide magnesium metal market: type, application, end-user, and region. The global market is divided into three categories: >99%, 97 to 99%, and 95 to 97% depending on the type. The market for magnesium metal is divided into application segments, which include die-casting, aluminum alloys, desulfurization, and metal reduction. The global magnesium metal market is segmented into end-user industries such as sports, medical, electronics, aerospace, automotive, and others.

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Global Magnesium Metal Market: Regional Analysis

Over the course of the forecast period, Asia Pacific is anticipated to dominate the worldwide magnesium metal market geographically. Given that it is one of the biggest producers of magnesium and has significant domestic and export demand, China is probably going to hold the biggest share in this region. The aerospace and automotive sectors' increasing need for magnesium metal to reduce product weight is also fueling the market's expansion in this area.

The market in the Asia Pacific area is expanding due to the increasing usage of magnesium metal in the chemical industries for the desulfurization of steel. However, due to their growing aviation sectors, MEA and Latin America are also anticipated to have considerable growth over the course of the projected period.

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