by Magnesium is the lightest structural metal known to mankind and has a density that is two-thirds that of aluminum. Pure magnesium has good castability, extrudability, and machinability. It also has excellent stiffness-to-weight and strength-to-weight ratios. Magnesium finds applications in various end-use industries such as aerospace & defense, automotive, medical devices, electronics, and others. In the automotive industry, magnesium is gaining importance for its use in engine parts, seat frames, and steering wheels that help reduce the overall vehicle weight.
The Magnesium Metal Market is estimated to be valued at US$ 5.17 Mn or Mn 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.
Market Dynamics:
Growing demand for lightweight materials from the automotive industry is a major factor driving the growth of the magnesium metal market. Vehicles equipped with magnesium parts are lighter compared to vehicles equipped with aluminum or plastic components. This reduces the overall weight of vehicles and enhances their fuel efficiency. Furthermore, various government regulations aimed at curbing carbon emissions are forcing automakers to focus on reducing the weight of vehicles, which is propelling the demand for magnesium.
Adoption of stringent emission control regulations by governments worldwide is also fueling the adoption of lightweight components in automobiles to improve their fuel efficiency. For instance, the US government implemented the Corporate Average Fuel Economy (CAFE) standards in 2012, which mandate automakers to improve the average fuel economy of light-duty vehicles to 35.5 mpg by 2016. Such regulations are boosting the replacement of conventional materials with lightweight magnesium alloys in automotive parts, propelling market growth.
Segment Analysis
Magnesium metal market can be segmented into primary magnesium and secondary magnesium. Primary magnesium is obtained directly from magnesium-rich brines or magnesium-bearing minerals like dolomite and carnallite through electrolysis. It dominates the market with over 70% share as it provides high purity and uniform microstructure.
PEST Analysis
Political: Magnesium production and trade policies influence the market. Some countries impose import duties to protect domestic industries.
Economic: Growth in automotive, aerospace and construction industries drives demand. China dominates production while US and EU are major importers.
Social: Rising health awareness increases nutrient/supplement consumption containing magnesium.
Technological: Technologies like sand casting and thixomolding use magnesium alloys for lightweight components in automobiles and electronics.
Key Takeaways
The Global Magnesium Metal Market Growth is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing use in automotive and aerospace industries. The Asia Pacific region is expected to dominate the market, accounting for over 60% share due to large production facilities in China.
Regional analysis
Asia Pacific dominates the market led by China which accounts for over 85% of global magnesium production. Countries like Japan and South Korea also contribute to regional growth. North America and Europe are major importers of magnesium metal and alloys.
Key players
Key players operating in the Magnesium Metal market include 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. US Magnesium and Dead Sea Magnesium are the largest producers in North America and the Middle East respectively.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
