USD 4.56 billion
Magnesium Market Size, Share, Growth Analysis, By Application(Iron & Steel Making, Die Casting, Aluminium Alloy making, Titanium Reduction), By End-Use Industry(Aerospace & Defence, Automotive, Medical & Healthcare, Electronics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2062 |
Region:
Global |
Published Date: July, 2001
Pages:
165
|Tables:
66
|Figures:
75
Magnesium Market Insights
Magnesium Market size was valued at USD 4.56 billion in 2019 and is poised to grow from USD 4.8 billion in 2023 to USD 7.45 billion by 2031, growing at a CAGR of 9.3% in the forecast period (2024-2031).
The increase in product demand for various applications such as die-casting, and aluminium alloy for varied industrial purposes is causing the global magnesium market to grow. Magnesium electromagnetic property, thermal heat capacity and strengthening nature are suitable for such industrial applications. Magnesium is a lightweight metal that envisages the way for its utility in emerging research and development ventures for the automobile sector, and aerospace sector, electric vehicle manufacturing. the production of magnesium has reached around 950,000 metric tons in 2019 owing to its rising demand.
Magnesium metal has the capability to store energy and is estimated to be more stable as compared to lithium-ion. Additionally, magnesium has a significant role in television, and laptops and other electronic portables. Furthermore, initiatives are enabling alloying of aluminium and magnesium for manufacturing beverage cans which is further growing the magnesium market share rapidly.
US Magnesium Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Die Casting
Fastest Growth
Die Casting
Growth Rate
9.3% CAGR
Global Magnesium Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Magnesium Market Segmental Analysis
Global Magnesium market is segmented based on application, end-use industry and region. Based on application, the Magnesium Market is segmented as Iron & Steel Making, Die Casting, Aluminium Alloy making, and Titanium Reduction. Based on end-use industry, the magnesium market is segmented as Aerospace & Defence, Automotive, Medical & Healthcare, Electronics, and Others. Based on region the Magnesium Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA
Die casting application segment is estimated to dominate the Magnesium Market over the forecasted period.
The Die Casting Application segment dominated the global magnesium market in 2021 with a sweeping market revenue share of 38%. The segment’s surge is expected to constantly rise and project significant average annual growth during the forecasted period. Magnesium has an integral role in Die casting applications owing to its heat conduciveness and electromagnetic property.
Secondly, rising magnesium market growth figures are expected for the aluminium alloy-making segment. These have a wide range of utility in engineering and research activities due to their lightweight and corrosion-resistive nature.
In recent years, the rising military expenditures and commercial aerospace advancements have leveraged ways to strengthen and qualify automotive, aircraft and spacecraft with stability and energy efficiency. Titanium is majorly used for such purposes. Eventual research has highlighted the energy-condensing capabilities of magnesium along with various other properties over titanium and lithium. Such properties of magnesium are increasing its market demand and further project rising market share.
Super grade steel is an essential requisite of industrial processes. Magnesium finds its application in manufacturing super-grade steel by acting as a reagent and removing unrequited sulphur from heated metal, a crucial step in quality iron and steel manufacture. Along with this, magnesium signified utilities in gadgets and day-to-day devices.
Global Magnesium Market By Application, 2021(%)
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Magnesium Market Regional Insights
Asia Pacific region led the global magnesium market in 2021, accounting for more than 45% of market revenue and it is anticipated to maintain its dominance throughout the forecast period. In countries like India and China, the expenditures for electrical automotive have attained growth. Along with this, the rapid growth witnessed by military aviation, aerospace, and space venture projects is further empowering the Magnesium Market growth. In 2021 Global military aircraft and aerospace manufacturing market was estimated at approximately 255.8 billion U.S. dollars Additionally, the significance of steel industries in countries such as India, and Japan have further contributed to enhancing the market size of the global Magnesium Market all over the forecasted period.
Furthermore, North America is predicted to be the second largest magnesium market dominator. The growing need for aluminium and steel alloys for diverse industrial purposes pertained to the rising growth. Moreover, enhanced expenditure on aerospace, defence and Electrical vehicles has ignited the market demand for magnesium thereby boosting the market share.
Global Magnesium Market By Geography, 2021-2028
- Largest
- Fastest
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Magnesium Market Dynamics
Magnesium Market Driver
- Enhanced manufacturing projects for aircraft spacecrafts and missiles
Magnesium is capable of tolerating acute conditions, this makes it well suited for the construction of ballistic missiles and spacecraft. Such constructions require lightweight materials capable of resisting electromagnetic waves encountered from shorter distances. The UK Armed Forces have planned to spend 36.77 billion US$ on military aircraft by 2029. These factors approve its applications in aerospace and spacecraft industries owing to increased government spending on such ventures.
- Environmental concerns related to fuel emissions
Enhanced environmental vigilance has paved the way for various alternatives to eradicate and condemn pollution and harmful emissions all over the world. Global atmospheric concentration of Carbon dioxide has reached 416.45 parts per million as per the records in 2021. Expenditures and initiatives toward electrical vehicles and automotive options are supporting the demand for magnesium.
Magnesium Market Restraint
- Low corrosive-resistivity is a detrimental factor for its usage, especially in engine cooling systems
The construction process could have damaging effects due to metals' strong affection towards oxygen, it reacts readily with oxygen and hence makes the construction a slow process. It hinders its utility in the aerospace and automobile industry due to the fear of surface and under-surface damage.
- Environmental policies pertaining to damage posed by magnesium mining
Magnesium mining processes put the environment to be damaged especially soil and biodiversity is adversely affected. Various limitations are implied for mining, ensuring an adequate ecosystem for indigenous creatures and mitigating the hazardous implications of exploitation of resources. The governmental policies and initiatives are expected to restrain the magnesium market growth.
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Magnesium Market Competitive Landscape
Global magnesium market is highly fragmented, with big and medium-sized market participants accounting for a large portion of Magnesium Market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development initiatives to leverage utility options from magnesium. Magnesium batteries and their utility in various other manufacturing activities are gaining prevalence.
Magnesium Market Top Players Company Profiles
- U.S. Magnesium LLC
- Mag Specialties Inc.
- RIMA Group
- China Magnesium Corporation Ltd.
- Taiyuan Tongxiangyuan Fine Material Co., Ltd.
- POSCO Magnesium Corporation
- Norsk Hydro ASA
- Dead Sea Magnesium Ltd.
- Wenxi YinGuang Magnesium Industry (Group) Co., Ltd.
- Yinguang Magnesium Industry (Group) Co., Ltd.
- Shanxi Wenxi Hongfu Magnesium Co., Ltd.
- Taiyuan Yiwei Magnesium Co., Ltd.
- Shanxi Credit Magnesium Co., Ltd.
- Shanxi Fugu Tianyu Mineral Industry Co., Ltd.
- Shanxi Xinghua Magnesium Co., Ltd.
- Shanxi Yinguang Huasheng Magnesium Co., Ltd.
- Solikamsk Magnesium Works OAO (SMW)
- Timminco Limited
- Ningxia Hui-Ye Magnesium Marketing Group Co., Ltd.
- JSC Magnezit Group
Magnesium Market Recent Developments
- In April 2022, Western Magnesium Corporation announced approval from the U.S. Federal Government (USG) for registration into the System for Award Management (SAM), and the designation of a Commercial and Government Entity (CAGE) Code. This approval and designation from the Department of Defense will allow the Company to compete for federal contracts and grant awards relating to future initiatives that support the Department of Defense and other U.S. Government entities.
- In January 2022, VSMPO-AVISMA Corporation (VSMPO) announced extension of long-term agreement with Barnes Aerospace (Barnes) till December 2026, with an approximate value of $35M. Under the terms of the amended contract, VSMPO intends to provide Barnes with an agreed range of alloys and sizes of titanium mill products in support of their commercial aircraft manufacturing programs.
Magnesium Key Market Trends
- Owing to magnesium's lower cost and strength, it is alternatively used as fibre metal laminates and composites of fibre carbon.
- The recent changes and progression have also shifted aircraft seat designing standards making for its utility in the production of seats in transport aircraft, helicopters and general aviation aircraft, hence furthering the Magnesium Market demand in the aerospace industry.
- Many large automotive companies have already replaced steel and aluminium with magnesium in various parts of their products such as Audi, Daimler (Mercedes-Benz), Ford, Jaguar, Fiat and Kia Motors.
Magnesium Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, current initiatives to build electrical automotive, as well as rising expenditures in aerospace and missiles by government and key players are expected to raise market pressure over the projection period.
Furthermore, increased R&D activities are expected to be a valuable resource in the growth of the global magnesium market all over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 4.56 billion |
| Market size value in 2031 | USD 7.45 billion |
| Growth Rate | 9.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Magnesium Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Magnesium Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Magnesium Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Magnesium Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Magnesium Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Magnesium Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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