What is the global market size of Magnesium Market?

Global Magnesium Market size was valued at USD 4.56 billion in 2021 and is poised to grow from USD 4.8 billion in 2022 to USD 7.25 billion by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).

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 News

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.

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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).

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. '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'

Enhanced manufacturing projects for aircraft spacecrafts and missiles

Owing to magnesium's lower cost and strength, it is alternatively used as fibre metal laminates and composites of fibre carbon.

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.

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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

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