Metal Magnesium Industry

The global metal magnesium market size is projected to reach USD 6.99 billion by 2030, according to a recent report published by Grand View Research, Inc. The market is expected to expand at a compound annual growth rate (CAGR) of 5.3% throughout the forecast period. One of the primary factors driving this growth is the increasing demand for lightweight components, particularly within the automotive and aerospace sectors. These industries are continuously seeking materials that can reduce overall weight without compromising strength or performance, and magnesium has emerged as a key solution. Magnesium is a grey-white metal known for being extremely lightweight and possessing the lowest melting and boiling points among all alkaline earth metals. It is currently the third-most widely used structural metal, following iron and aluminum. Its core uses include its application in aluminum alloys, die-casting processes, the removal of sulfur during iron and steel production, and in the manufacturing of titanium.

The surging demand from die casting and aluminum alloy applications is expected to be a major contributor to the continued growth of the magnesium market. Diecast components and aluminum alloys that incorporate magnesium are predominantly utilized in critical industries such as automotive, aerospace, and marine, where both strength and weight reduction are essential. Based on volume, these two application segments together represented a substantial share of the global market in 2021, underlining their significance. On a regional basis, the Asia Pacific held the largest revenue share in 2021, and this regional dominance is projected to persist throughout the forecast period. The expanding aerospace industry, which requires high-performance titanium alloys, is expected to significantly boost titanium production. As magnesium is a vital material in the production of titanium, this increased demand is anticipated to drive further consumption of magnesium in the years ahead.

Additionally, the rapid pace of industry expansion has led key manufacturers to increase their production capabilities in order to meet growing global demand. For example, in January 2021, Yinguang Magnesium Co., Ltd. revealed its intention to augment its current facility by adding 40 new production lines. With this expansion, the company aims to reach an annual processing capacity of 10 million magnesium alloy die castings and extrusions, thereby strengthening its market position. Moreover, industry players are increasingly turning their attention toward adopting innovative and sustainable manufacturing practices to stay competitive. One such example is Latrobe Magnesium, which employs advanced thin-walled die casting manufacturing technology. This method allows for the creation of structures in a single integrated piece, eliminating the need for assembly from multiple parts. This not only simplifies the design and enhances reliability but also significantly reduces the overall cost of assembly.

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Metal Magnesium Market Segments Highlights:

• Rising investments in R&D are anticipated to drive market growth. For instance, researchers at Nagaoka University of Technology and NIMS have developed magnesium alloy, which is lighter than aluminum and steel alloys
• Growth in the automotive and aerospace industries is also anticipated to boost the market growth over the forecast period
• Stringent government regulations in many countries regarding reducing the vehicle weight to limit carbon emissions are projected to benefit the product demand
• The die casting application segment is anticipated to grow at the fastest CAGR over the forecast period
• The segment growth is driven by the rising penetration of magnesium in industrial machinery
• The aluminum alloys segment held a significant volume share of the global market in 2021 owing to the growth of the shipbuilding industry and aluminum alloys with magnesium are extensively used in marine applications
• For instance, according to the CANSI, Chinese shipbuilding new orders increased by 223% from January to September 2021 on a y-o-y basis

Metal Magnesium Market Report Segmentation

Grand View Research has segmented the global metal magnesium market on the basis of application and region:

Metal Magnesium Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Die Casting
• Aluminum Alloys
• Titanium Reduction
• Iron & Steel Making
• Others

Metal Magnesium Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
• Central & South America
  • Brazil
• Middle East & Africa
  • South Africa
  • Saudi Arabia

Key Metal Magnesium Company Insights

• Alliance Magnesium
• Esan Eczacibasi
• Latrobe Magnesium
• Nippon Kinzoku Co. Ltd.
• Regal Metal
• Shanghai Sunglow Investment (Group) Co., Ltd.
• SolikamskDesulphurizer Works (SZD)
• S. Magnesium LLC
• VSMPO-AvismaCorp.
• Western Magnesium Corp.

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