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 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.