Metal Magnesium Market
Metal Magnesium Market Study by Iron & Steel Making, Titanium Reduction, Aluminum Alloys, and Die Casting from 2024 to 2034
Analysis of Metal Magnesium Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Metal Magnesium Market Outlook (2024 to 2034)
The global metal magnesium market size is projected to reach US$ 8.36 billion by 2034, up from US$ 5.04 billion in 2024, which equals expansion at a CAGR of 5.2% through 2034.
Magnesium is predominantly used in the production of aluminum-based alloys, which are used in packaging and for various other applications. Magnesium is a lightweight structural metal that is widely valued for its alloys. When magnesium alloys are combined with other metals, the physical properties of the resulting mixture are enhanced.
Benefits of magnesium include its low specific gravity and high strength-to-weight ratio. The most commonly used alloying elements are manganese, aluminum, zinc, silicon, copper, zirconium, and rare-earth metals. Magnesium alloys find applications in several industries such as electronics. They are used in both industrial and commercial settings for structural purposes. They are used in high-speed industrial machinery such as textile machines as well as in hand tools, ladders, and computer casings.
| Report Attributes | Details |
|---|---|
| Metal Magnesium Market Size (2024E) | US$ 5.04 Billion |
| Projected Market Value (2034F) | US$ 8.36 Billion |
| Global Market Growth Rate (2024 to 2034) | 5.2% CAGR |
| China Market Value (2034F) | US$ 1.18 Billion |
| Canada Market Growth Rate (2024 to 2034) | 3.3% CAGR |
| North America Market Share (2024E) | 21.6% |
| East Asia Market Value (2034F) | US$ 2.06 Billion |
| Key Companies Profiled |
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Which Key Drivers are Responsible for Metal Magnesium Market Growth?
“Huge Demand for Lightweight Aerospace Components”
The United States stands as a leading force in aerospace manufacturing, home to industry giants like Boeing, Lockheed Martin, and United Technologies.
- According to the Bureau of Transportation Statistics, aircraft deliveries in the United States reached 1,552 in 2020, a slight decrease from the 1,772 delivered in 2019.
As demand for aluminum alloys and titanium continues to grow in the aerospace sector for parts production, the need for magnesium metal is also projected to rise at a significant pace through 2034. The aerospace and automotive sectors are increasingly embracing magnesium-aluminum alloys due to their superior strength-to-weight and stiffness-to-weight ratios, ease of machining, and their contribution to reducing vehicle weight.
What is a Key Metal Magnesium Market Trend?
“Growing Emphasis on Production of Lightweight and Fuel-Efficient Vehicles”
Market growth is being influenced by the rising demand for magnesium alloys in the automotive sector, especially for manufacturing lightweight and fuel-efficient vehicles. Magnesium's role in electronics manufacturing such as in heat dissipation systems and TV and computer casings is contributing to market growth.
The market is also witnessing advancements in medical applications where magnesium alloys are valued for their biocompatibility and mechanical properties, which make them suitable for implants and devices. With a focus on sustainability, the recyclability and low carbon footprint of magnesium are enhancing its appeal as an eco-friendly material choice. Emerging technologies such as hydrogen storage and magnesium-based batteries present new opportunities by potentially revolutionizing energy storage and clean energy solutions.
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Country-wise Insights
Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that East Asia is projected to hold 24.6% of the global market share by 2034. Manufacturers of metal magnesium around the world are joining forces with emerging market players to strengthen their market presence and secure a dominant market share.
How are China and India Contributing to Market Growth?
“Rising Demand for Household Appliances and Increased Government Spending in Aerospace Sector”
| Attribute | East Asia |
|---|---|
| Segment Value (2024E) | US$ 1.12 Billion |
| Growth Rate (2024 to 2034) | 6.2% CAGR |
| Projected Value (2034F) | US$ 2.06 Billion |
In 2019, the East Asia region accounted for 21.9% share of the global market. This expansion was largely fueled by the automotive sector and the construction sector’s demand for aluminum and steel. The growth of the automotive and aerospace sectors, especially in China and India, is a key driver for this growth.
- The India Brand Equity Foundation predicts that India's growing infrastructure and increased government expenditure are projected to boost its aerospace and defense markets to an estimated US$ 70.5 billion by 2034. Similarly, China's retail sales in household appliances and consumer electronics reached a significant US$ 13.83 billion in December 2020, as reported by the National Bureau of Statistics. The steel sectors in India and China are projected to make substantial contributions to the market's overall expansion.
How are Sales of Metal Magnesium Shaping Up in North America?
“Market Benefitting from Growing Demand for Titanium and Aluminum Alloys in Defense Sector”
| Attribute | North America |
|---|---|
| Segment Value (2024E) | US$ 1.09 Billion |
| Growth Rate (2024 to 2034) | 3% CAGR |
| Projected Value (2034F) | US$ 1.46 Billion |
North America accounts for 21.6% of the global metal magnesium market share. Market growth in the region is primarily attributed to the growing demand for aluminum and titanium alloys in the automotive and aerospace & defense sectors. The titanium and aluminum alloy market in the United States is estimated to reach US$ 5 billion in 2024. Market expansion is driven by the rising demand for innovative metals and alloys in the aerospace sector.
Category-wise Insights
Which Property of Magnesium-Aluminum Alloys is Fueling Use in Aircraft Production?
“Superior Corrosion Resistance of Magnesium-Aluminum Alloys”
| Attribute | Aluminum Alloys |
|---|---|
| Segment Value (2024E) | US$ 1.78 Billion |
| Growth Rate (2024 to 2034) | 5.4% CAGR |
| Projected Value (2034F) | US$ 3.01 Billion |
Magnesium when added to aluminum enhances the strength of the resulting alloy without compromising its flexibility. These alloys can withstand extreme conditions, making them suitable for constructing ballistic missiles and spacecraft. Demand for lightweight components in these sectors is on the rise. Cost-effectiveness and improved corrosion resistance of aluminum make it a preferred choice over other materials.
Components and structures such as structural members made from these alloys are not only lightweight but also highly resistant to corrosion. The growth of this segment is projected to be fueled by the rising demand for lightweight materials in the production of aircraft, aiming to decrease the weight of commercial aircraft.
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Competitive Landscape
Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Several key players in the metal magnesium market are Alliance Magnesium, Regal Metal, Western Magnesium Corp., Rima Group, ICL Group, Dead Sea Magnesium Ltd., Mag Specialties Inc., and Latrobe Magnesium.
- In 2022, Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd., a fully owned subsidiary of RSM Group/Nanjing Yunhai Special Metals Co. Ltd, announced the successful completion of its Phase II project. This project focused on high-performance magnesium-aluminum alloy and deep processing is located in Pingshan Industrial Park, Chongqing City. The new production facilities are expected to house various workshops, such as a magnesium particle production workshop, with an annual capacity of 7,200 tons.
Key Segments of Metal Magnesium Market Research
-
By Application :
- Iron & Steel Making
- Titanium Reduction
- Aluminum Alloys
- Die Casting
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What is the size of the metal magnesium market in 2024?
The global metal magnesium market is projected at US$ 5.04 billion in 2024.
What is the forecasted revenue from the sales of metal magnesium by 2034?
By 2034, global revenue from metal magnesium sales is projected to reach US$ 8.36 billion.
What is the predicted growth rate for the global market?
Sales of metal magnesium are projected to rise at a CAGR of 5.2% through 2034.
What is the forecasted growth rate for the market in North America?
Sales of metal magnesium in North America are projected to grow at a CAGR of 3% from 2024 to 2034.
What is the expected rate of market expansion in East Asia?
The market in East Asia is projected to expand at a CAGR of 6.2% from 2024 to 2034.
How is the market in South Korea evolving?
The market in South Korea has been projected to increase at a CAGR of 8% from 2024 to 2034.
Metal Magnesium Market