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The global metal magnesium market size was worth around USD 4.3 billion in 2021 and is predicted to grow to around USD 6.45 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5.45% between 2022 and 2028.
Overview
Global Metal Magnesium Market
Metal Magnesium Market: Overview
The Global Metal Magnesium Market size was worth around USD 4.3 billion in 2021 and is predicted to grow to around USD 6.45 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5.45% between 2022 and 2028. The report analyzes the global metal magnesium market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the metal magnesium market.
Magnesium, with atomic number 12 and chemical symbol Mg is a chemical element, shiny gray solid, and is a part of the 6 alkaline earth metals. It is produced in aging stars, which are astronomical objects, and is a result of adding 3 helium (He) nuclei to one carbon (Ca) nucleus. When the aging stars explode, they expel some of the Mg in the interstellar medium whey they may be recycled in new astronomical systems. Magnesium is present in abundance in Earth’s crust and ranks 8th in the list of elements found in plentitude. It is also the fourth most common element after iron, oxygen, and silicon found on Earth.
Magnesium makes for 13% of the Earth's total mass and contributes significantly to the planet’s mantle which is a layer between the core and the crust of a planet. After sodium and chlorine, Mg is the third element dissolving in seawater at a large scale. Magnesium does not occur naturally just by itself and can only be found in combination with other elements.
The free element of Mg called metal is produced artificially but it is highly reactive. In the atmosphere, metal gets coated with oxide forming a thin layer that helps the metal to inhibit its reactive nature. Metal is created by electrolyzing magnesium salts that are obtained from brine and it is widely used as a major component in aluminum-magnesium alloys.
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Metal Magnesium Market: Growth Drivers
The global metal magnesium market is anticipated to grow because of the rising demand for lightweight elements across heavy industries like vehicle manufacturing, aerospace, and infrastructure development. Since these sectors require elements that can help further developments & advancements and metal magnesium exhibits exceptional and versatile properties like high strength, and low weight, along with good heat conductivity and electromagnetic screening properties, it has found multiple applications which are expected to grow even further during to the ongoing research activities in understanding the properties of the element when combined with other units.
The global market demand is projected to be propelled by the rising trend of utilizing lightweight but strong materials in aircraft manufacturing to help reduce the overall weight of the product. The main reason why the product has high demand is because of its extreme versatility making it useful to manufacturers in different parts of the same product and not just one specific section. For instance, in the aircraft sector, it is used to create wings, fuel tanks, control hinges, and engine mounts.
The global market expansion may also be attributed to the rising demand for the product manufactured smart devices like laptops, smartphones, television, and others. In 2021, the sales of laptops went up by over 20% and the number is expected to grow further in the next few years which will also lead to higher demand for low-weight building materials like metal magnesium.
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Metal Magnesium Market: Regional Analysis
The global metal magnesium market is projected to grow at the highest and fastest CAGR in Asia-Pacific because of the growing demand for the product, especially in the automotive and aerospace industry. The region held around 44.9% of the global market share in 2021. Regions like China, India, Japan, and Singapore are witnessing a surge in demand for electric vehicles along with infrastructural development.
This rising trend is aided by the efforts undertaken by private companies as well the government units aiming toward the high overall development of the countries. As per a report by Daxue Consulting, China's electric vehicle market generated a sales revenue of over USD 2.92 million while also dominating more than 53% of the global market share.
This is related to the country’s efforts toward fulfilling its 2060 carbon neutrality plan. The regional growth may also be driven by the dominant steel industry in Japan, China, and India which rank as the top 3 steel-producing countries in the entire world. Since Asia-Pacific houses the top largest producers, the region is projected to grow at a faster rate. For instance, China produced over 99.5 metric tons of steel by May 2021, whereas India produced around 9.2 metric tons, followed by Japan with 8.4 metric tons of steel.
Metal Magnesium Market: Recent developments
- In June 2022, Western Magnesium Corporation, a global market leader in high-quality clean magnesium metal and alloys, announced that it had successfully managed to produce magnesium metal at its commercial pilot plant. The move has empowered the company to meet the surging demand for clean magnesium metals and allows in the aerospace, automotive, airline, defense, and other eco-friendly industries, by coming closer to the commercial production of magnesium metal.
- In March 2020, the International Magnesium Association (IMA), the globally recognized unit for the magnesium industry, launched a 3 Dimensional Automotive Application Demonstrator, capable of showcasing the value that magnesium holds because of its lightweight and utilization throughout vehicle production, starting from structural to body-in-white (BIW), all the way to the transmission components along with the interior applications.
Key Players:
- Esan Eczacibasi
- Alliance Magnesium
- Shanghai Sunglow Investment (Group) Co.Ltd.
- Nippon Kinzoku Co. Ltd
- Solikamsk Desulphurizer Works (SZD)
- Regal Metal
- U.S. Magnesium LLC
- Latrobe Magnesium
- Western Magnesium Corp
- VSMPO-Avisma Corp
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The global Metal Magnesium market is segmented as follows:
By Application
- Aluminum Alloys
- Die Casting
- Iron & Steel Making
- Titanium Reduction
- Others
By End-User
- Automotive
- Electronics
- Aerospace
- Sports
- Medical
- Others
Browse Other Custom Market Insights coverage of the Global Heavy Industry Industry
On the basis of Geography
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
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