Metal Magnesium Market Forecasts to 2030 – Global Analysis By Product (Pure Magnesium, Magnesium Compounds, Magnesium Alloys and Other Products), Manufacturing Process (Thermal Reduction Process, Electrolytic Process, Recycling and Other Manufacturing Pro

Metal Magnesium Market Forecasts to 2030 – Global Analysis By Product (Pure Magnesium, Magnesium Compounds, Magnesium Alloys and Other Products), Manufacturing Process (Thermal Reduction Process, Electrolytic Process, Recycling and Other Manufacturing Processes), Component (Hardware, Software, Services and Other Components), Application (Die Casting, Aluminum Alloys, Titanium Reduction and Iron & Steel Making and Other Applications), End User and By GeographyAccording to Stratistics MRC, the Global Metal Magnesium Market is accounted for $5.42 billion in 2023 and is expected to reach $8.88 billion by 2030 growing at a CAGR of 7.3% during the forecast period. Magnesium has the atomic number 12 and the letter ""Mg"" in its chemical symbol. It is a thin, silvery-white metal that is highly reactive and readily oxidizes when exposed to air and water. Magnesium, the eighth most abundant element in the universe, is found in great abundance in the crust of the Earth. It is frequently used in a wide range of industrial applications, including the aerospace and automotive industries, for lightweight structural components because of its low density and high strength-to-weight ratio.

According to the India Brand Equity Foundation (IBEF), the burgeoning infrastructure and government spending will propel the Indian aerospace & defense market to reach US$ 69.5 Bn by 2032.

Market Dynamics:

Driver:

Utilization in the production of chemicals

A key component in the production of chemicals is the metal magnesium. It is used as a reducing agent to create a variety of chemicals, including titanium, zirconium, and rare earth metals. Other examples of chemical processes that use magnesium compounds include the desulfurization of iron and steel as well as the creation of nodular cast iron.

Restraint:

High extraction and processing costs

Magnesium metal extraction and processing require energy-intensive procedures, which leads to relatively higher production costs when compared to other metals. Magnesium's cost is further increased by the labor- and complexity-intensive process of refining it from its ores. Moreover, the widespread use of magnesium-based materials in cost-sensitive industries may be hampered by the high production costs, which could have an impact on market expansion.

Opportunity:

Application developments in aerospace

The metal magnesium has promising prospects in the aerospace industry because of its light weight. Magnesium alloys are being considered more and more for use in aircraft components and structures as the aerospace industry works to improve fuel efficiency and lower operating costs. Additionally, magnesium's potential use in aerospace is further expanded by the compatibility it has with composite materials, which helps lighten and enhance the performance of entire aircraft.

Threat:

Competition from alternative materials

Alternative materials, like composites and aluminum, which offer comparable lightweight and mechanical strength, are a threat to the market for metal magnesium. Because of its lower cost and improved corrosion resistance, aluminum is particularly well-established in many industries and frequently preferred. Furthermore, the use of magnesium-based solutions in some applications is challenged by the availability of composites, which provide a combination of materials that can match particular performance requirements.

Covid-19 Impact:

The metal magnesium market was significantly impacted by the COVID-19 pandemic. Production and supply chains in a number of industries, including manufacturing, automotive, and aerospace, were disrupted during the pandemic as a result of lockdown procedures and lower demand. As a result, the market's expansion was hampered by the decline in demand for materials based on magnesium. Further affecting market dynamics were fluctuations in raw material prices and supply chain issues brought on by travel restrictions and decreased economic activity. However, the metal magnesium market is anticipated to rebound due to the gradual recovery of industries and the restart of economic activity, particularly given the growing emphasis on lightweight materials, sustainable solutions, and emerging applications in a post-pandemic world.

The automotive segment is expected to be the largest during the forecast period

The automotive segment is anticipated to have largest share during the forecast period. Magnesium-based materials enable the automotive industry to manufacture lighter components, improving fuel efficiency and reducing emissions. The automotive segment has lightweight properties and a high strength-to-weight ratio. Vehicles become more energy-efficient, aiding in sustainability efforts and complying with strict emission regulations, by swapping out heavier materials like steel and aluminum with magnesium alloys. Additionally, the excellent machinability of magnesium enables the design of intricate and complex parts, improving the overall performance and safety of the vehicle.

The magnesium alloys segment is expected to have the highest CAGR during the forecast period

The magnesium alloys segment is anticipated to have the highest CAGR during the forecast period. Magnesium alloys are highly sought-after materials in a variety of industries due to their excellent combination of low density, high strength, and good corrosion resistance. The adoption of magnesium alloys for parts like engine blocks, transmission cases, and steering columns in the automotive industry has been prompted by the demand for lightweight materials to improve fuel efficiency.

Region with largest share:

During the forecast period, the Asia Pacific region is anticipated to hold the largest market share. The rising demand for magnesium in the aerospace and automotive industries, as well as the expanding construction and electronics sectors, are all contributing to the region's dominance. China holds a sizable portion of the Asia Pacific market and is the region's top producer and consumer of magnesium. Additionally, the region's access to cheap labor and raw materials has helped to increase magnesium production. In addition, rising interest in electric vehicles and rising investments in R&D for products based on magnesium are anticipated to fuel market expansion in the area.

Region with highest CAGR:

The market for metal magnesium is anticipated to grow at the highest CAGR in the North America region during the forecast period. The demand for lightweight materials in the automotive and aerospace sectors is increasing, and this demand is fueling the region's market expansion along with the rising popularity of electric vehicles. Further boosting the growth of the metal magnesium market in North America is expected to be the presence of significant magnesium producers and rising investments in research and development activities for magnesium-based products. Additionally, it is anticipated that the use of magnesium alloys in medical implants and other devices will support market expansion in North America.

Key players in the market

Some of the key players in Metal Magnesium market include Alliance Magnesium, China Magnesium Corporation, Dead Sea Magnesium (ICL Group), Esan Eczacibasi, Fu Gu Yi De Magnesium Alloy Co.Ltd, ICL GROUP, Latrobe Magnesium, Nanjing Yunhai Special Metals Co. Ltd, Nippon Kinzoku Co. Ltd., POSCO, Regal Metal, Rima Group, Shanghai Sunglow Investment (Group) Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd, Taiyuan Tongxiang Metal Magnesium. Ltd, US Magnesium LLC, VSMPO-Avisma Corporation, Wenxi YinGuang Magnesium Industry (Group) Co. Ltd and Western Magnesium Corporation.

Key Developments:

In February 2023, Western Magnesium Corporation announced its plan to build a new production facility for magnesium metal with an initial annual capacity of 25,000 metric tons and a new research and development center in Nevada. With the help of this new production facility, the company aims to serve automotive, aerospace, airline, eco-friendly technology companies, and Defense Contractors through this expansion.

In July 2022, Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd (a wholly owned subsidiary of RSM Group/Nanjing Yunhai Special Metals Co. Ltd) has completed a high-performance magnesium-aluminum alloy and deep processing project (Phase II project) in Chongqing City. The new manufacturing facilities may include a magnesium particle production workshop with a capacity of 7,200 tons per year.

In April 2022, Western Magnesium Corporation announced a non-brokered private placement of USD 3,000,000 in principal amount of unsecured convertible notes.

Products Covered:
• Pure Magnesium
• Magnesium Compounds
• Magnesium Alloys
• Other Products

Manufacturing Processes Covered:
• Thermal Reduction Process
• Electrolytic Process
• Recycling
• Other Manufacturing Processes

Applications Covered:
• Die Casting
• Aluminum Alloys
• Titanium Reduction
• Iron & Steel Making
• Metal Reduction
• Desulphurization
• Other Applications

End Users Covered:
• Aerospace & Defense
• Automotive
• Construction
• Medical & Healthcare
• Packaging
• Electronics
• Sports
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements