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

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.