Global Magnesium Market

Magnesium Market Size, Share, Growth Analysis, By Type, By Form, By Application, By Region - Industry Forecast 2025-2032

Report ID: SQMIG15J2062 | Region: Global | Published Date: December, 2024
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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Global Magnesium Market size was valued at USD 4.1 billion in 2022 and is poised to grow from USD 4.33 billion in 2023 to USD 6.67 billion by 2031, growing at a CAGR of 5.56% during 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  ', 'Alliance Magnesium   ', 'Esan Eczacibasi   ', 'Latrobe Magnesium   ', 'Nippon Kinzoku Co. Ltd.   ', 'Regal Metal   ', 'Shanghai Sunglow Investment (Group) Co., Ltd.   ', 'VSMPO-Avisma Corp.   ', 'Western Magnesium Corp.   ', 'Met   ', 'China Magnesium Corporation Ltd.  ', 'POSCO Magnesium Corporation  ', 'Norsk Hydro ASA  ', 'Dead Sea Magnesium Ltd.  ', 'Yinguang Magnesium Industry (Group) Co., Ltd.  ', 'Solikamsk Magnesium Works OAO (SMW)  ', 'Timminco Limited  ', 'JSC Magnezit Group'

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.

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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Global Magnesium Market

Report ID: SQMIG15J2062

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