Global Magnesium Market Size, Share & Trends Analysis Report, Product Type, End-user Industries, by Technology, By Region Forecasts, 2024 – 2032

Global Magnesium Market Size, Share & Trends Analysis Report, Product Type, End-user Industries, by Technology, By Region Forecasts, 2024 – 2032

Global Magnesium Market was valued at US $ 7.10 billion in 2023 and is expected to reach US $ 11.7 billion by 2032 growing at a CAGR of 5.7% during the forecast period 2024 – 2032.

Magnesium is a silvery-white, lightweight metal that is essential to many industrial applications due to its excellent strength-to-weight ratio. Magnesium, which is derived from mineral ores or can be produced by methods like electrolysis, is widely used in the automotive, aerospace, manufacturing, and healthcare sectors. Its versatility is demonstrated by the range of uses it finds itself in, from the creation of alloys (magnesium alloys) for transportation applications to its use in the pharmaceutical and healthcare industries. The market for magnesium encompasses the extraction, manufacturing, and distribution of magnesium and its alloys to meet a variety of industrial demands while managing variables like consumer demand, pricing dynamics, technological developments, and regulatory issues. With the growing emphasis on sustainability and lightweight materials across industries, the magnesium market is a key player in determining the direction of modern production and technology.

The need for lightweighting in the transportation and automotive sectors is closely linked to the expansion of the magnesium market. Automotive makers are increasingly looking to magnesium as a significant answer as a means of improving fuel efficiency and lowering pollution. Magnesium's lightweight characteristics are especially helpful in the context of electric vehicles (EVs), where weight is a crucial element impacting battery performance and driving range. Magnesium alloys' application in EV battery casings emphasises how important it is to maximise the performance of electric mobility solutions. Furthermore, the remarkable strength-to-weight ratios and design adaptability of magnesium provide automakers with the latitude to develop inventive and aerodynamic vehicle architectures without sacrificing structural integrity. Magnesium is a preferred material in the rapidly changing automotive design and production landscape due to its cost-effectiveness in lightweighting applications, as well as its favourable effects on performance and sustainability, even if it is somewhat more expensive. Because of its potential to meet the industry's urgent need for lightweight materials, magnesium's market growth trajectory is thus closely tied to environmental responsibility and advancements in transportation technologies.

“Cast Alloys segment, by product type, to be dominating market from 2023 to 2030.”

Cast Alloys are in the lead with over 62.13% of the magnesium market share. The industry growing at the quickest rate is Wrought Alloys, with a 4.9% CAGR predicted for 2024–2032. Cast alloys are still in the lead today, mostly due to their affordability and adaptability to many uses. Cast alloys are particularly preferred because of the casting process, which is well-known for its effectiveness in large-scale production and quick prototyping capabilities, especially in industries with high-volume manufacturing needs. A large number of industries, including automotive, aerospace, and industrial manufacturing, use cast magnesium alloys because of their ease of use and cost-effectiveness in the casting process.

“Automotive & Transportation segment, by end user, to be dominating market from 2023 to 2030.”

Automotive & Transportation is in the lead, holding the most market share of magnesium at about 37.8%. Electronics is growing at the fastest rate currently observed, with a predicted CAGR of more than 5.6% from 2024 to 2032. The automotive and transportation industries are in the forefront due to the significance of magnesium in lightweighting tactics. Magnesium alloys are becoming widely used in key components as firms in this sector, particularly the automotive manufacturing industry, strive for increased fuel efficiency and lower emissions.

“Traditional Method segment, by technology, to be dominating market from 2023 to 2030.”

With an approximate 64.73% market share, traditional technologies, namely electrolytic reduction, continue to dominate the magnesium industry. In the magnesium industry, a few cutting-edge technologies are expanding at the quickest rate; they are expected to increase at a compound annual growth rate (CAGR) of 7.2% between 2024 and 2032. Because of their proven procedures, affordability, and years' worth of operational experience, traditional methods remain the industry leaders. These processes, which include the Pidgeon and Magnetherm processes, are preferred due to their dependability and capacity for large-scale manufacturing on a worldwide scale. Industries frequently favour the consistency and familiarity of these traditional methods, especially when taking into account investments made in already-existing infrastructure.

“Asia Pacific to be largest region in Magnesium market.”

Asia-Pacific is the clear leader in the magnesium market, accounting for a share of around 56.12%. The fastest-growing region is South America, with a predicted CAGR of more than 4.8% between 2024 and 2032. APAC has emerged as a dominant player in the magnesium market as a result of several factors that support consistent demand and consumption. Strong industrial growth in the APAC region's economies—especially in China—has increased demand for magnesium in a number of industries. Magnesium is an essential component of alloy compositions, and its strong demand is mostly driven by the booming steel and alloy manufacturing industries in APAC, which are primarily focused in China and Japan. The automobile industry, which is a significant consumer of magnesium for lightweighting applications, has grown significantly in APAC, which has increased the region's dominance in magnesium consumption.

Magnesium Competitive Landscape

The competitive landscape of the Magnesium market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Magnesium technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Magnesium market is highly competitive, with numerous companies vying for market share. Prominent companies in the Magnesium Market include:

China Magnesium International Trading Co., Ltd., Norsk Hydro ASA, Dead Sea Magnesium Ltd., Shaanxi Yinguang Magnesium Industry Co., Ltd., Solikamsk Desulphurizer Works Ltd., Shanxi Bada Magnesium Co., Ltd., Taiyuan Tongxiang Metal Magnesium Co., Ltd., Magnesio Y Metales, S.A. De C.V., US Magnesium LLC, Posco Chemical Co., Ltd., Sichuan Hongyuan Magnesium Co., Ltd., China Nonferrous Metal Mining Group Co., Ltd., Magnesium Elektron GmbH, Magnesium Corp. of America, Shanghai Maohui Magnesium Technology Co., Ltd., Shanghai Tianyu Magnesium Technology Co., Ltd., Chongqing Tianqi Magnesium Technology Co., Ltd, Hyndai Metal Co., Ltd., Alliance Magnesium, Japan Magnesium Co., Ltd., and others.

Recent Developments:

October 26, 2023: In keeping with the growing focus on sustainable magnesium manufacturing, Albemarle Corporation has announced a partnership with Magnesio y Metales, S.A. de C.V. (Mexico) to evaluate the feasibility of producing magnesium metal in Mexico using renewable energy sources.

November 15, 2023: In order to jointly pioneer novel magnesium alloys suited for the automotive and aerospace industries, Albemarle Corporation and Norsk Hydro ASA (Norway) have formalised a memorandum of agreement. This emphasises how important it is for cutting-edge applications in magnesium alloying to innovate.

November 7, 2023: Shanghai Maohui Magnesium Technology Co., Ltd. (China) and China Magnesium International Trading Co., Ltd. have signed a strategic partnership agreement to jointly enhance lightweight magnesium alloys in the automotive and transportation industries. This indicates that China's automobile sector is placing an increasing amount of attention on lightweighting technologies.

December 12, 2023: Shaanxi province, China will host a new magnesium alloy production facility, as announced by China Magnesium International Trading Co., Ltd. The company's confidence in the expected growth of the magnesium market is reflected in this expansion.