MAGNESIUM METAL MARKET ANALYSIS

Regional Analysis

Global Magnesium Metal Market: Regional Analysis

Asia Pacific had the highest revenue share of more than 45.0% in 2022 and is expected to grow at the fastest CAGR from 2022 to 2030. The increasing consumption of aluminum and steel from end use industries such as electric vehicles (EVs) and construction is driving the Asia Pacific regional market growth. Furthermore, rising demand from China and India's automotive and aerospace industries is expected to support market growth in this region. Furthermore, demand from the steel industry in India and Japan will aid overall market growth. In 2022, North America had the second-largest revenue share of the global market.

The market in North America is expected to grow steadily over the next few years. This is primarily due to increased demand for aluminum and titanium alloys in the automotive and aerospace and defense industries. The demand for EVs has increased in Europe, as evidenced by a 137% increase in EV sales from 2022 to 2030. Furthermore, defense spending in Russia and Italy has increased due to increased demand for aircraft, missiles, and other military equipment. Thus, the positive outlook of European countries' aerospace, transportation, and electrical and electronic industries is expected to drive the regional market over the forecast period.

• North America: U.S. and Canada
• Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
• Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
• Middle East &Africa:  South Africa, GCC Countries, Rest of Middle East & Africa