The Metal Magnesium Market size is estimated at 1.15 Million tons in 2024, and is expected to reach 1.5 Million tons by 2029, growing at a CAGR of 5.30% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020. However, the demand increased in 2021 due to the rise in consumption from various growing end-user sectors, such as automotive and electronics. Moreover, in electronics, magnesium is used in heat dissipation systems, television and computer casings, and others. This resulted in the steady growth of the market in the post-pandemic era and is expected to continue at the same pace during the forecast period.
So, it's likely that all of the above factors will have a big effect on the demand for magnesium metal in the Asia-Pacific region in the future.
The metal magnesium market is partially consolidated in nature. Some of the key players in the studied market include Nanjing Yunhai Special Metals Co. Ltd., Taiyuan Tongxiang Metal Magnesium Co. Ltd., Dead Sea Magnesium (ICL Group), Wenxi YinGuang Magnesium Industry (Group) Co. Ltd., and US Magnesium LLC, among others (not in any particular order).
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