Magnesium Metal MarketSize and Trends

Global magnesium metal market was valued at US$ 4.71 Bn in 2022, and is expected to exhibit a CAGR of 9.77%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 9.93 Bn by 2030. The rising product demand from die casting and aluminum alloy applications in different end use industries is expected to fuel the market growth. Due to its excellent electromagnetic screening property and heat conductivity, magnesium is perfect for these applications. Aluminum, which is frequently used in these applications, gains strength as a result. Additionally, it is anticipated that over the course of the forecast period, the market will grow in response to the rising demand for lightweight components, particularly in the automotive and aerospace industries.

Market- Trends

Global Magnesium Metal Market: Growth Drivers

Increasing Use in the Production of Aluminum Alloys

Magnesium enhances the moderate and high strength properties of metals, particularly aluminum alloys, without sacrificing ductility. Commercially available plates and sheets of aluminum alloys with magnesium added are listed in the 5000 series. Manufacturing of aerospace parts, auto parts, industrial parts, tools and machinery, among other uses, are among the major applications of aluminum alloys. The manufacturing of automobiles is evolving as more people opt for electric vehicles. For instance, The Organization International des Constructeurs d' Automobiles (OICA) estimates that in 2022, new car sales and registrations will total close to 69 million units across all OICA member nations. The market demand for aluminum alloys would therefore increase as the number of vehicles produced or sold increased. Additionally, 50 million passenger cars were produced globally in the first three quarters of 2022, up almost 9% from the same period in 2021. The market for electric vehicles, however, may likely drive up demand for aluminum alloys. It is anticipated that the market will be driven by the rising demand for lightweight components across numerous applications. For instance, The World Economic Forum (WEF) estimates that in the first half of 2022, nearly 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold worldwide. Aluminum alloys are also used in aircraft because they are strong and light. Because a lighter plane requires less lift force and thrust to fly, it is a good way to save energy and reduce fuel consumption. Manufacturing has been triggered by the increasing demand for commercial aircraft due to an increase in air passengers and air transport for trade operations. It includes high-strength and lightweight aircraft capable of carrying heavy loads while maintaining efficient performance. According to Boeing's commercial outlook for 2022-2030, the North American region will account for approximately 22% of the global fleet by the end of the forecast period (2030). It is also expected that over the next two decades, a total of 9,310 fleet deliveries will be made, with single-aisle accounting for nearly 70% of total deliveries in the region. Boeing is the world's largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. Owing to all of these factors, the global market for metal magnesium is expected to grow during the forecast period.

Figure 1. Global Magnesium Metal Market, By Application, in 2022