Metal Magnesium Market by Alliance Magnesium, Esan Eczacibasi, Latrobe Magnesium

The global metal magnesium market size was valued at USD 4.39 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030.

The global Metal Magnesium Market size is expected to reach USD 6.99 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 5.3% over the forecast period. Rising demand for lightweight parts mainly in the automotive and aerospace industries is anticipated to contribute to the market growth over the forecast period. Magnesium is a grey-white lightweight metal, which has the lowest melting point and lowest boiling point of all alkali earth metals. It is the third-most commonly used structural metal, after iron and aluminum. Its main applications are in aluminum alloys, die-casting, removal of sulfur in the iron and steel production process, and titanium production.

The growing demand from die casting and aluminum alloy application segments is anticipated to drive the market growth forward. Diecast components and aluminum alloys that use magnesium are primarily utilized across the automotive, aerospace, and marine industries. In terms of volume, these two application segments jointly accounted for a considerable market share in 2021. Region-wise, Asia Pacific held the largest revenue share in 2021 and this trend is anticipated to continue over the forecast period. The growing demand for titanium alloys from the aerospace industry is expected to drive titanium production over the forecast period. This, in turn, is expected to generate a proportional demand for magnesium in titanium production over the coming years.

Furthermore, rising growth in the industry has compelled prominent players to expand their production capacities. For instance, in January 2021, Yinguang Magnesium Co., Ltd. announced its plans to add 40 additional production lines to its existing facility. With this, it intends to achieve an annual processing capacity of 10 million magnesium alloy die castings and extrusions. Industry players are also shifting their interest towards innovative and sustainable manufacturing techniques. For instance, Latrobe Magnesium utilizes thin-walled die casting manufacturing technology, which enables the structure to be made in one piece rather than being assembled from several components. The technique simplifies designs, improves reliability, and lowers the assembly cost.

Related Press Release@ Metal Magnesium Market Report

Metal Magnesium Market Report Highlights

• Rising investments in R&D are anticipated to drive market growth. For instance, researchers at Nagaoka University of Technology and NIMS have developed magnesium alloy, which is lighter than aluminum and steel alloys
• Growth in the automotive and aerospace industries is also anticipated to boost the market growth over the forecast period
• Stringent government regulations in many countries regarding reducing the vehicle weight to limit carbon emissions are projected to benefit the product demand
• The die casting application segment is anticipated to grow at the fastest CAGR over the forecast period
• The segment growth is driven by the rising penetration of magnesium in industrial machinery
• The aluminum alloys segment held a significant volume share of the global market in 2021 owing to the growth of the shipbuilding industry and aluminum alloys with magnesium are extensively used in marine applications
• For instance, according to the CANSI, Chinese shipbuilding new orders increased by 223% from January to September 2021 on a y-o-y basis