Global Magnesium Metal Market was valued at US$ 4.71 Bn in 2022 and is estimated to reach US$ 9.93 Bn by 2030, exhibiting a CAGR of 9.77% during the forecast period (2023-2030). According to Global Magnesium Metal Market Report, By Application (Die-casting, Aluminum Alloys, Metal Reduction, Desulphurization, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle-east & Africa) as highlighted in a new report published by Coherent Market Insights.
Magnesium metal is one of the most alkaline-earth metals, which belongs to group 2 of the periodic table. It is lightest structural metal and is widely used across construction, aerospace, medical, and automotive industries. They are highly beneficial to make the product lightweight such as luggage, laptops, cameras, car seats, and power tools. Moreover, it is also added to molten steel and iron in order to remove sulfur. Furthermore, it is also used in the production of aluminum alloys and die casting components which can be used across a wide range of applications. Additionally, magnesium metal is also used across robots, wind turbines, capturing carbon dioxide, producing hydrogen, batteries.
Drivers
Growth in the automotive industry coupled with the rising need to curb the greenhouse emission is expected to propel the market growth of magnesium metal. Increasing focus of manufacturers to introduce fuel-efficient vehicle is projected to accelerate the market growth of magnesium metal. Moreover, rising production of crude steel production due to the growing demand for steel is expected to augment the market growth of magnesium metal during forecast period (2023-2030).
Market Opportunities
The growing production of consumer electronic goods around the globe is expected to augment the market growth of magnesium metal. Magnesium metal is widely used in the production of lightweight electronic devices such as cameras where it is used in the body and lens shell of the camera. Hence, the growing application of magnesium metal from electronic industry is expected to accelerate the market growth of magnesium metal.
Market Trends
The growing investment by the manufacturer to increase production is expected to accelerate market growth. A growing number of research programs for exploring more properties of magnesium metal is expected to accelerate the market growth. For instance, in January 2020, ALLITE Inc. and Xi'an Jiaotong University collaborate to pave the way for meaningful discoveries in magnesium alloy research. The purpose of this research activities is to develop its core offering and capabilities, ALLITE Inc. will support a 5-year, multi-million-dollar partnership with top material science professors at Xi'an Jiaotong University, with focus on further advancing the proprietary ALLITE Super Magnesium alloys. Allite Inc. is a service organization specializing in the development, manufacturing, and supply of magnesium products.
Competitive Section
Key players operating in the global magnesium metal market are 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.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/magnesium-metal-market-3657
Key Takeaways
- Among application, aluminum alloys dominated the global magnesium metal market in 2022 with a 32% of market share in terms of revenue, followed by die-casting and metal reduction, respectively.
- During the forecast period, China's demand for electric vehicles is also expected to grow rapidly. This is because the country is rapidly changing as a result of more government initiatives, more companies manufacturing electric vehicles, and more charging stations.
- Aluminum alloys, die-casting, iron and steel, metal reduction, and other applications primarily use magnesium metal. Furthermore, aluminum alloys and die-casting are being used more frequently in the production of automotive parts, aerospace parts and equipment, and other end user industries. The Asia Pacific region controls a sizable portion of the global automotive, aerospace, and electronics markets.
- Rising magnesium metal production is also expected to boost the market in the coming years. For instance, in 30-Sept-2021 Western Magnesium purchased 122 acres of land in Ohio in June 2022 to build its first commercial magnesium metal production plant.
Global Magnesium Metal Market- COVID-19 Impact
The market impact of the COVID-19 pandemic is estimated to be significant in the automotive, building and construction, aerospace, and energy industries. The pandemic brought an abrupt halt to raw material mining, manufacturing facilities, and supply chains. As a result, several industries, including automotive, construction, energy, and metal processing, are struggling to generate enough revenue to keep their operations running. The abrupt closure of production units reduced manufacturing output and had an impact on GDP. Because of the drop in demand and the global lockdown, automakers reduced their production rates. Reduced production has also impacted material suppliers and OEMs. However, due to rising consumption, there is a growing demand for magnesium for use in alloyed aluminum from beverage can manufacturers.
