The Metal Magnesium by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Magnesium, The metal magnesium market size has grown strongly in recent years. It will grow from $4.43 billion in 2023 to $4.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growing demand in the automotive industry for lightweight materials, expansion of the aerospace industry, adoption of magnesium alloys in electronics and consumer goods, increasing use of magnesium in medical implants and healthcare applications, initiatives by governments to encourage the use of magnesium metal .
The metal magnesium market size is expected to see strong growth in the next few years. It will grow to $6.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rise in demand for magnesium in battery technologies, growth in the renewable energy sector, expansion of magnesium applications in 3d printing and additive manufacturing, increasing awareness and adoption of magnesium in the construction industry, research and development in magnesium-based materials for improved properties.. Major trends in the forecast period include development of high-strength and corrosion-resistant, integration of magnesium in the development of lightweight structural components, exploration of magnesium as a potential material for hydrogen storage, emphasis on sustainable and eco-friendly magnesium production, collaboration between industries for cross-application of magnesium.
The increased focus on automotive light-weighting is driving the growth of the metal magnesium market. The focus on lightweight automotive vehicles is increasing due to various reasons such as enhancing significant fuel efficiency, offering a smart look and appearance, and emission standards. The increased focus on automotive light-weighting will create a significant demand for metal magnesium due to its lightweight property. Magnesium helps to produce lightweight products and is increasingly used in automotive applications. Magnesium is employed in door frames, steering wheel armatures, panel cross-car beams, seat frames, fuel tank covers, and other components making them lighter to include in automotive vehicles. For instance, according to the Department of Energy of the USA, a 10% reduction in vehicle weight can result in a 6% to 8% improvement in fuel economy. Replacing cast iron and traditional steel components in vehicles with lightweight materials such as magnesium (Mg) alloys, high-strength steel, aluminum (Al) alloys, carbon fiber, and polymer composites can reduce the weight of a vehicle’s body and chassis by up to 50%, lowering fuel consumption. By 2030, the use of lightweight components and high-efficiency engines enabled by advanced materials in 25% of the US fleet could save over 5 billion gallons of fuel. Therefore, the increasing automotive light-weighting will drive the growth of the market for metal magnesium.
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The metal magnesium market covered in this report is segmented –
1) By Product: Pure Magnesium, Magnesium Compounds, Magnesium Alloys
2) By Manufacturing Process: Thermal Reduction Process, Electrolyte Process, Recycling
3) By Application: Die Casting, Aluminum Alloys, Titanium Reduction, Iron And Steel Making, Other Applications
4) By End-User Industry: Automotive, Aerospace, Electronics, Sports, Medical, Other End User
The strategic partnership is a key trend gaining popularity in the metal magnesium market. Many companies operating in the metal magnesium market and researchers/academies are undergoing partnerships for the research and development of metal magnesium. These partnerships bring synergies between the partners and result in new metal magnesium with multiple benefits. These partnerships enable metal magnesium players to innovate and strengthen their market position. For instance, in January 2023, Alliance Magnesium Inc., a Canada-based manufacturer of magnesium products and critical minerals, partnered with Triple M Metal, a Canada-based metal recycling company, to support magnesium metal recycling at Alliance’s Danville foundry. The strategic partnership will make use of Triple M’s global networks and capabilities to increase sourcing for Alliance’s existing recycling operations while also extending Triple M’s product offering and services to its clients. The Strategic Partnership advances the Alliance’s objective of being a major local supplier of vital minerals to the North American market while also fostering the circular economy.
The metal magnesium market report table of contents includes:
1. Executive Summary
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