Magnesium Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Magnesium Market
The Magnesium Market size was valued at USD 41.15 billion in 2023, and the market is now projected to grow to 59.28 USD billion by 2032, exhibiting a CAGR of 5.4% during the forecast period of 2023-2030.
This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to this domain. The COVID-19 pandemic is expected to have a significant impact on the market for the energy, building and construction, automotive, and aerospace sectors. Production facilities, supply systems, and raw material mining were abruptly stopped by the pandemic. This has caused a number of businesses, including metal processing, construction, automotive, and energy, to struggle to make enough money to keep running. These factors affected the Magnesium Market growth.
This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. A lot of growth has been observed in the recent times because of this particular factor that contributed and also acted as a catalyst to the overall development of the product market. Among the lightest metals, it has a great strength-to-weight ratio and can tolerate high temperatures. It is utilized in the production of automobile parts when alloyed with aluminum. Demand for the product will rise as a result of automakers' growing efforts to lighten cars and increase their fuel economy in order to cut emissions. The market is anticipated to develop as a result. This has ultimately outraged the sales and demand for this particular market growth and prosperity. These particular growth driving factors have been recorded to attribute the Magnesium Market share.
A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. There were rumors that magnesium metal was a safer and more energy-dense substitute for lithium-ion batteries. When lithium metal is exposed to air in its native condition, it becomes unstable and can catch fire. In order to make lithium-based batteries safe to use, the ions extracted from the lithium metal are embedded into graphite rods, which are subsequently utilized in batteries. The battery has less capacity to store power because of the metal's absence. When it comes to energy storage, the metal is more promising than lithium and is extremely stable. Batteries based on magnesium have been developed for the consumer market by the Toyota Research Institute of North America (TRINA). A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.
Comprehensive Analysis of Magnesium Market
The segmentation of this particular market has been divided and then further subdivided into various categories. According to the kind, the market is divided into metal reduction, desulfurization, die casting, aluminum alloying, and other categories. In the magnesium market, the aluminum alloying segment dominated. When magnesium is added to an alloy, it can strengthen it and harden it, which is why the segment is so dominant. The primary application for these alloys is in the production of beverage cans.
This particular region has augmented a lot in the past few years in this particular product market. This specific region held the biggest revenue share. It is projected that over the forecast period, This particular region is actually growing a lot and is anticipated to augment more over the years. Due to the existence of significant producing and consuming nations in the area, it holds the greatest market share. It is anticipated that growing automobile manufacturing in China and India will propel the regional industry. The industry is also anticipated to be driven by Chinese automakers' ambitions to boost the quantity of magnesium in their cars. This particular region has experienced immense proliferation in the market shares and has attributed to the global market revenue.
Global markets are fiercely competitive and highly fragmented. Due to their creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes NIPPON KINZOKU CO., LTD. (Japan), Latrobe Magnesium (Australia), Alliance Magnesium Inc. (Canada), US Magnesium LLC (U.S.), and Regal Magnesium Co. Ltd. (China).
In September 2020, This particular company has attributed the market growth in terms of revenue and shares system. Alliance Magnesium and the Carrefour de l'Innovation on materials of the MRC des Sources have signed a contract. Under the arrangement, AMI will have unrestricted access to the laboratory and 50% of the CIMMS facilities, equipment, and technical staff for a minimum of two years. The research and development phase has already begun, and the partnership was established on August 1, 2020. This particular development and investment the global market has been recorded to be a boon for the market growth.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Volume (Kiloton); Value (USD Million)
Segmentation By Application and By Geography
By Application Aluminum Alloying
Die Casting
Desulfurization
Metal Reduction
Others
By Geography North America
By Application
By Country
U.S. (By Application)
Canada (By Application)
Europe
By Application
By Country
Germany (By Application)
UK (By Application)
France (By Application)
Italy (By Application)
Spain (By Application)
Rest of Europe (By Application)
Asia Pacific
By Application
By Country
China (By Application)
Japan (By Application)
India (By Application)
Rest of Asia Pacific (By Application)
Latin America
By Application
By Country
Brazil (By Application)
Mexico (By Application)
Rest of Latin America (By Application)
The Middle East & Africa
By Application
By Country
GCC (By Application)
Rest of Middle East & Africa (By Application)
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Emerging Trends
- 4. Key Insights
- 4.1. Key Market Trends in the Global Market
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc. .
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 5. Qualitative Insights Impact of COVID 19 on Global Magnesium Market
- 5.1. Supply Chain Challenges
- 5.2. Steps taken by Government/Companies to overcome this impact
- 5.3. Potential opportunities due to COVID-19 outbreak
- 6. Global Magnesium Market Analysis, Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Application
- 6.2.1.1. Aluminium Alloying
- 6.2.1.2. Die Casting
- 6.2.1.3. Desulfurization
- 6.2.1.4. Metal Reduction
- 6.2.1.5. Others
- 6.2.2. By Region
- 6.2.2.1. North America
- 6.2.2.2. Europe
- 6.2.2.3. Asia Pacific
- 6.2.2.4. Latin America
- 6.2.2.5. Middle East & Africa
- 7. North America Magnesium Market Analysis, Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Application
- 7.2.1.1. Aluminium Alloying
- 7.2.1.2. Die Casting
- 7.2.1.3. Desulfurization
- 7.2.1.4. Metal Reduction
- 7.2.1.5. Others
- 7.2.2. By Country
- 7.2.2.1. U.S
- 7.2.2.2. Canada
- 8. Europe Magnesium Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Application
- 8.2.1.1. Aluminium Alloying
- 8.2.1.2. Die Casting
- 8.2.1.3. Desulfurization
- 8.2.1.4. Metal Reduction
- 8.2.1.5. Others
- 8.2.2. By Country
- 8.2.2.1. Germany
- 8.2.2.2. France
- 8.2.2.3. U.K.
- 8.2.2.4. Italy
- 8.2.2.5. Spain
- 8.2.2.6. Rest of Europe
- 9. Asia-Pacific Magnesium Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Application
- 9.2.1.1. Aluminium Alloying
- 9.2.1.2. Die Casting
- 9.2.1.3. Desulfurization
- 9.2.1.4. Metal Reduction
- 9.2.1.5. Others
- 9.2.2. By Country
- 9.2.2.1. China
- 9.2.2.2. Japan
- 9.2.2.3. India
- 9.2.2.4. Rest of Asia-Pacific
- 10. Latin America Magnesium Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Application
- 10.2.1.1. Aluminium Alloying
- 10.2.1.2. Die Casting
- 10.2.1.3. Desulfurization
- 10.2.1.4. Metal Reduction
- 10.2.1.5. Others
- 10.2.2. By Country
- 10.2.2.1. Brazil
- 10.2.2.2. Mexico
- 10.2.2.3. Rest of Latin America
- 11. Middle East & Africa Magnesium Market Analysis, Insights and Forecast, 2016-2027
- 11.1. Key Findings / Summary
- 11.2. Market Size Estimates and Forecast
- 11.2.1. By Application
- 11.2.1.1. Aluminium Alloying
- 11.2.1.2. Die Casting
- 11.2.1.3. Desulfurization
- 11.2.1.4. Metal Reduction
- 11.2.1.5. Others
- 11.2.2. By Country
- 11.2.2.1. GCC
- 11.2.2.2. Rest of the Middle East & Africa
- 12. Company Profiles
- 12.1. NIPPON KINZOKU CO., LTD.
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent DevelopHouseholdts
- 12.2. Latrobe Magnesium
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent DevelopHouseholdts
- 12.3. Alliance Magnesium Inc.
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent DevelopHouseholdts
- 12.4. US Magnesium LLC
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent DevelopHouseholdts
- 12.5. Regal Magnesium Co. Ltd.
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent DevelopHouseholdts
- 12.6. Dead Sea Magnesium Ltd.
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent DevelopHouseholdts
- 12.7. RIMA group
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent DevelopHouseholdts
- 12.8. Wenxi YinGuang Magnesium Industry (Group) Co., Ltd.
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent DevelopHouseholdts
- 12.9. Magontec Ltd
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent DevelopHouseholdts
- 12.10. MagOne Products
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent DevelopHouseholdts
- 12.11. WHY Resources
- 12.11.1. Overview
- 12.11.2. Description
- 12.11.3. Product Portfolio
- 12.11.4. Financials (Data as available in public domain and/or on paid databases)
- 12.11.5. Recent DevelopHouseholdts
- 12.12. Other Key Market Players
- 12.12.1. Overview
- 12.12.2. Description
- 12.12.3. Product Portfolio
- 12.12.4. Financials (Data as available in public domain and/or on paid databases)
- 12.12.5. Recent DevelopHouseholdts
- 13. Strategic Recommendations
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