Magnesium

Magnesium

Global Magnesium Market to Reach US$7.7 Billion by 2030

The global market for Magnesium estimated at US$5.1 Billion in the year 2023, is expected to reach US$7.7 Billion by 2030, growing at a CAGR of 6.2% over the analysis period 2023-2030. Aluminum Alloying Application, one of the segments analyzed in the report, is expected to record a 6.4% CAGR and reach US$2.7 Billion by the end of the analysis period. Growth in the Die Casting Application segment is estimated at 6.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.3 Billion While China is Forecast to Grow at 9.5% CAGR

The Magnesium market in the U.S. is estimated at US$1.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2030 trailing a CAGR of 9.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.6% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.

Magnesium  - Key Trends and Drivers

Magnesium is a lightweight, silvery-white metal, recognized as the eighth most abundant element in the earth`s crust and the third most plentiful element dissolved in seawater. This element is well-known for its low density and high strength-to-weight ratio, making it an ideal choice for applications where weight reduction is critical. Magnesium alloys are extensively used in the automotive and aerospace industries to improve fuel efficiency by reducing vehicle weight. Additionally, magnesium is crucial in the production of aluminum alloys and is also used in the manufacture of electronics, such as mobile phones and laptops, due to its excellent heat dissipation properties. One of the primary growth drivers for magnesium is the automotive industry`s ongoing push towards lighter vehicles. As global regulations on carbon emissions become stricter, automakers are increasingly turning to lightweight materials like magnesium alloys, which can significantly reduce a vehicle`s weight and thus its fuel consumption and emissions. This trend is bolstered by technological advancements in magnesium alloy production, which are making these materials more cost-effective and robust, further enhancing their appeal to industries focused on energy efficiency and environmental sustainability.

Aircraft manufacturers are continuously seeking ways to enhance the fuel efficiency of their fleets, driven by both economic factors and environmental regulations. Magnesium`s use in aircraft construction, particularly in components such as seats, gearboxes, and engine parts, is expanding because it offers a substantial weight reduction compared to traditional materials. Moreover, the growth of the global aerospace sector, spurred by increasing air travel and military expenditures, is expected to further drive the demand for magnesium.

Emerging trends in the magnesium market include the development of new magnesium-based materials for medical applications, such as biodegradable implants that naturally dissolve in the body without leaving any residue. Additionally, the drive towards sustainable and recyclable materials is enhancing the appeal of magnesium in various industries. As magnesium recycling technologies improve, the environmental impact of magnesium production is expected to decrease, aligning with global sustainability goals and potentially lowering production costs. These factors combined suggest a promising growth trajectory for magnesium, supported by its expanding application range and the global shift towards lightweight, durable, and eco-friendly materials.

Select Competitors (Total 73 Featured) -

• Albemarle Corporation
• Aremco Products, Inc.
• Belmont Metals, Inc.
• Companhia Siderurgica Nacional SA (CSN)
• Dead sea Magnesium Ltd.
• Israel Chemicals Ltd. (ICL)
• Lehmann & Voss & Co. KG
• POSCO
• PQ Corporation
• Tokuyama Corporation

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