Global Magnesium Market 2024-2028
The magnesium market is forecasted to grow by USD 1.58 bn during 2023-2028, accelerating at a CAGR of 5.36% during the forecast period. The report on the magnesium market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by high demand for steel from various end-use industries and use of lightweight materials in automotive industry.
Technavio's magnesium market is segmented as below:
By Application
- Die castings
- Aluminum alloys
- Iron and steel desulfurization
- Others
By End-user
- Aerospace
- Automotive
- Electronics
- Medical
- Others
By Geographical Landscape
- APAC
- Europe
- North America
- South America
- Middle East and Africa
This study identifies the new production facilities in US and Canada as one of the prime reasons driving the magnesium market growth during the next few years. Also, use of magnesium-based materials in orthopedic implants and emergence of magnesium batteries with enhanced energy storage capabilities will lead to sizable demand in the market.
The report on the magnesium market covers the following areas:
- Magnesium market sizing
- Magnesium market forecast
- Magnesium market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading magnesium market vendors that include Eczacibasi Holding AS, ICL Group Ltd., Latrobe Magnesium Ltd., Mag Specialties Inc., Magontec Ltd., Meridian Lightweight Technologies Inc., NIPPON KINZOKU CO. LTD., POSCO holdings Inc., RIMA INDUSTRIAL, Shaanxi Tianyu Magnesium Industry Group Co. Ltd., Shanghai Regal Metal Materials Co. Ltd., Shanxi Bada Magnesium Co. Ltd., Shanxi Yinguang Huasheng Magnesium Industry Co. Ltd, Smiths Metal Centres Ltd., Southern Magnesium and Chemicals Ltd., STOLFIG LEICHTBAUKEPTENZZENTRUM GMBH, Thermo Fisher Scientific Inc., Tongxiang Magnesium Shanghai Co.Ltd, VSMPO AVISMA Corp., West High Yield Resources, Western Magnesium Corp., and US Magnesium LLC. Also, the magnesium market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.