The global Magnesium Metal Market is estimated to be valued at US$ 5.17 Mn or Million in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Magnesium metal is one of the lightest structural metals which provides high specific strength. It has excellent castability which makes it suitable for die casting applications. Its high specific strength and impact resistance properties make it ideal for electronics, aerospace and automotive industries.
Market key trends:
Magnesium has high specific strength and it is the lightest of all structural metals. It provides weight savings of 40% compared to aluminum and 78% compared to steel. The growing automotive industry is focusing on lightweight materials to improve fuel efficiency. Magnesium is increasingly being used in automotive components like gear cases, seat frames and safety components. Its usage helps in reducing vehicle weight and improving mileage. Also, growing electronics industry is utilizing magnesium's strength, recyclability and fire resistance properties in manufacturing of portable electronic devices, laptops and mobile phones casings which is driving the market growth.
Market key trends:
The global magnesium metal market has been witnessing high growth owing to the increasing application of magnesium metal in the automotive industry. Magnesium has emerged as a preferred metal for making lightweight auto components due to its inherent properties of lightweight and high specific strength. The automotive manufacturers are focusing on reducing vehicle weight to improve fuel efficiency and comply with stringent emission norms. Magnesium alloys are being increasingly used in manufacturing auto parts like seat frames, steering wheels and gear knobs due to their corrosion resistance and dimensional stability properties. The growing electric vehicles market is further driving the demand for magnesium as EV manufacturers emphasis on developing lightweight vehicles for extended driving range.
Strength: High specific strength and low density of magnesium makes it an ideal material for lightweight automotive components to improve fuel economy.
Weakness: Magnesium is highly reactive and flammable in powder form which poses challenges in processing and manufacturing.
Opportunity: Increasing stringent fuel efficiency and emission norms are promoting use of lightweight materials in automotive industry.
Threats: Volatility in raw material prices of magnesium can increase production costs for manufacturers.
Global Magnesium Metal Market Size was valued at US$ 5.17 Mn in 2023 and is expected to reach US$ 9.17 Mn by 2030, expanding at a CAGR of 9.7% during the forecast period. The growth is attributed to the rising need for lightweight materials in automotive and aerospace industries.
Regional analysis: Asia Pacific dominated the global market in 2023 and is expected to maintain its lead through 2030. China represented over 45% of the global magnesium metal production in 2021 owing to abundant ore reserves and government support for magnesium metal production.
Key players: Key players operating in the global magnesium metal market are US Magnesium LLC., Dead Sea Magnesium Ltd., POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Shanxi Wenxi Hongfu Magnesium Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd., and Taiyuan Tongxiang Magnesium Co., Ltd.