Metal Magnesium Global Market Report 2024

Metal magnesium is a lightweight structural metal used in the production of various lightweight products, including car covers, car seats, cameras, laptops, fuel tank covers, steering wheels, and more. Additionally, magnesium plays a crucial role in melting iron and steel to eliminate sulfur particles and finds applications in fireworks, sparklers, flares, and other areas.

The main product types of metal magnesium include pure magnesium, magnesium compounds, and magnesium alloys. Magnesium alloys, composed of magnesium and other metals like aluminum, zinc, manganese, silicon, copper, rare earth, and zirconium, are particularly noteworthy due to the combination of magnesium's lightness with the strength of other metals. The manufacturing processes for metal magnesium include the thermal reduction process, electrolyte process, and recycling. These processes are applied in various applications such as die casting, aluminum alloys, titanium reduction, iron and steel making, among others. End-users of metal magnesium span across industries, including automotive, aerospace, electronics, sports, medical, and others.

The metal magnesium market research report is one of a series of new reports that provides metal magnesium market statistics, including metal magnesium industry global market size, regional shares, competitors with a metal magnesium market share, detailed metal magnesium market segments, market trends and opportunities, and any further data you may need to thrive in the metal magnesium industry. This metal magnesium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The metal magnesium market size has grown strongly in recent years. It will grow from $4.43 billion in 2023 to $4.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historical period can be attributed to factors such as the increasing demand in the automotive industry for lightweight materials, the expansion of the aerospace industry, the adoption of magnesium alloys in electronics and consumer goods, the growing use of magnesium in medical implants and healthcare applications, and government initiatives aimed at encouraging the use of magnesium metal.

The metal magnesium market size is expected to see strong growth in the next few years. It will grow to $6.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand for magnesium in battery technologies, the growth in the renewable energy sector, the expansion of magnesium applications in 3D printing and additive manufacturing, the rising awareness and adoption of magnesium in the construction industry, and ongoing research and development in magnesium-based materials to enhance their properties. Major trends expected in the forecast period include the development of high-strength and corrosion-resistant magnesium materials, the integration of magnesium in the creation of lightweight structural components, exploration of magnesium as a potential material for hydrogen storage, an emphasis on sustainable and eco-friendly magnesium production practices, and collaborative efforts between industries for the cross-application of magnesium in various sectors.

The growth of the metal magnesium market is being propelled by the increased emphasis on automotive lightweighting. The automotive industry is increasingly focusing on creating lighter vehicles for reasons such as enhancing fuel efficiency, providing a sleek appearance, and meeting emission standards. This emphasis on lightweighting is driving significant demand for metal magnesium, known for its lightweight properties. Magnesium is utilized in various automotive applications, including door frames, steering wheel armatures, panel cross-car beams, seat frames, and fuel tank covers, contributing to the overall reduction of vehicle weight. As per the Department of Energy in the USA, a 10% reduction in vehicle weight can lead to a 6% to 8% improvement in fuel economy. Substituting traditional materials like cast iron and steel with lightweight alternatives, including magnesium alloys, has the potential to reduce vehicle body and chassis weight by up to 50%, resulting in substantial fuel consumption savings. The increasing trend of automotive lightweighting is poised to be a significant driver for the metal magnesium market.

The growing demand for electronic devices and appliances is a key factor fueling the expansion of the metal magnesium market. Electronic devices, such as computers, smartphones, and televisions, rely on electrical circuits for specific functions. Metal magnesium is utilized in the manufacturing of consumer electronics, including laptops, cameras, and smartphones, to achieve weight reduction without compromising durability and structural integrity. For example, data from the Japan Electronics and Information Technology Industries Association indicates a notable increase in total electronic equipment production in Japan, reaching $52,365,535 million (¥771,457 million) in May 2023. Consumer electronics production also experienced growth, reaching $2,178,430 million (¥32,099 million) compared to $1,714,724 million (¥25,268 million) in May 2022. Consequently, the escalating demand for electronic devices and appliances is anticipated to contribute significantly to the revenue generation in the metal magnesium market.

A prominent trend in the metal magnesium market is the establishment of strategic partnerships. Many companies within the metal magnesium industry are entering partnerships with researchers and academies to collaborate on the research and development of metal magnesium. These partnerships leverage synergies to create new magnesium variants with multiple benefits, fostering innovation and strengthening market positions. An illustration of this trend is the partnership between Alliance Magnesium Inc., a Canada-based magnesium products and critical minerals manufacturer, and Triple M Metal, a Canada-based metal recycling company. This collaboration aims to support magnesium metal recycling at Alliance’s Danville foundry, utilizing Triple M's global networks to enhance sourcing for Alliance's recycling operations and extend Triple M's product offerings. Such strategic partnerships contribute to advancing the circular economy and bolstering the position of metal magnesium players in the market.

Major companies in the metal magnesium market are placing a strong emphasis on product innovation, as demonstrated by the introduction of magnesium alloy injection molding equipment. This equipment is designed to shape molten magnesium alloys into desired forms by injecting them into molds, commonly used in manufacturing and engineering applications. For instance, Ningbo Haitian Die Casting Equipment Co. Ltd., a China-based equipment provider, launched magnesium alloy injection molding equipment in July 2022. This equipment boasts improved precision, superior mechanical properties, a longer mold service life, and environmentally friendly manufacturing processes that are safer and more energy-efficient.

In January 2021, Nanjing Yunhai Special Metals Co. Ltd., a China-based mining and metal company, acquired Tianjin Liuhe Magnesium Products Co. Ltd. The acquisition enhances Nanjing Yunhai Special Metals Co. Ltd. 's production base for automotive lightweight parts in the northern region, effectively increasing market share and strengthening competitiveness. Tianjin Liuhe Magnesium Products Co. Ltd. is a China-based company specializing in magnesium alloy steering wheels, automobile safety systems, hydraulic machinery, and other die-casting products.

Major companies operating in the in the metal magnesium market report are Alliance Magnesium Inc., Wenxi YinGuang Magnesium Industry Co. Ltd., Nippon Kinzoku Co. Ltd., POSCO India Pvt. Ltd., Taiyuan Tongxiang Magnesium Co. Ltd., US Magnesium LLC, Dead Sea Magnesium Ltd., Nanjing Yunhai Special Metals Co. Ltd., Solikamsk Magnesium Works OAO, IMA Industrial S/A, Regal Metal Products Co., Shanxi Bada Magnesium Co. Ltd., Southern Magnesium & Chemicals Limited, Western Magnesium Corporation, Fu Gu Yi De Magnesium Alloy Co. Ltd., American Magnesium LLC, Magnesium Alloy Products Co. Inc., Shanxi Shuifa Zhenxin Magnesium Industry Co. Ltd., Metallic Corporation of India, Jayesh Industries Ltd., Magontec Ltd., Titanium Corp., Esan Eczacibasi Holding A. S., Shanghai Sunglow Investment (Group) Co. Ltd., VSMPO-Avisma Corp., Latrobe Magnesium Ltd., Baoji Yuhang Nonferrous Metal Co. Ltd., Nantong Changhai Magnesium Alloy Co. Ltd., Qinghai West Magnesium Mining Co. Ltd., China Magnesium Corporation

Asia-Pacific was the largest region in the metal magnesium market in 2023. The regions covered in the metal magnesium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the metal magnesium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The metal magnesium market consists of sales of magnesium carbonate, magnesium chloride, and magnesium citrate. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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