The global magnesium metal market is expected to grow at a CAGR of over 5.4% through 2033. Advancements in the automotive and aviation industries, along with rising crude steel production, drive robust growth in this market.
NEWARK, DE / ACCESSWIRE / December 4, 2024 / The global magnesium metal market is projected to grow from USD 5.3 billion in 2023 to USD 9 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period.
Magnesium metal, renowned for its lightweight and high-strength properties, is increasingly utilized across various industries. In the automotive sector, the push for fuel efficiency and emission reductions has led to the adoption of magnesium in manufacturing lightweight components, thereby enhancing vehicle performance. Similarly, the aerospace industry leverages magnesium's properties to develop lighter aircraft, contributing to improved fuel efficiency and adherence to stringent emission regulations.
The electronics and consumer goods sectors also benefit from magnesium's attributes, using it in devices such as laptops, smartphones, and wearable technology to achieve miniaturization and portability. Additionally, magnesium's biocompatibility and corrosion resistance make it suitable for medical applications, including orthopedic implants and cardiovascular stents.
Sustainability considerations further bolster magnesium's appeal. Its recyclability and low carbon footprint align with the growing industrial emphasis on eco-friendly solutions and the circular economy. Emerging technologies, such as hydrogen storage and magnesium-based batteries, present new opportunities, given magnesium's high hydrogen storage capacity and potential as an alternative to lithium-ion batteries.
Magnesium Metal - Definition
Magnesium metal, a silvery white metal, is one of the lightest metals available for structural applications. Magnesium metal is around 33% lighter than aluminium and nearly 67% lighter than steel.
Moreover, magnesium metal is one of the most abundant elements in the world, and can be obtained from various mineral sources - also from sea water or brines. Magnesium metal finds a variety of applications across a diverse set of industries.
Some of the prominent application areas for magnesium metal include the production of aluminium alloys, where magnesium metal effects improved physical properties and processability of these alloys.
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Key Takeaways from the Magnesium Metal Market Study:
Market Growth: Projected to reach USD 9 billion by 2033, with a CAGR of 5.4% from 2023 to 2033.
Automotive Industry: Increasing use of magnesium for lightweight components to improve fuel efficiency.
Aerospace Sector: Adoption of magnesium alloys for lighter aircraft structures, enhancing performance.
Electronics Market: Utilization in portable devices due to favorable strength-to-weight ratio.
Medical Applications: Growing use in implants and devices owing to biocompatibility and corrosion resistance.
Sustainability: Magnesium's recyclability and low carbon footprint support eco-friendly manufacturing processes.
Use of Magnesium in Aircraft Applications to Fuel Global Market Revenue Growth
The use of magnesium metal and magnesium metal alloys in aircraft and aerospace applications is expected to witness a steady growth over the forecast period. Over the years, aircraft manufacturers across the globe have focussed on developing lighter and more fuel-efficient aircraft in order to adhere to stringent emission norms and regulations imposed by various regulatory bodies and associations.
Magnesium metal is one of the lightest metals on Earth. Moreover, magnesium metal is relatively more dimensionally stable, resistant to elevated temperatures, and relatively easier to process. In order to effect weight saving without compromising structural strength and effectiveness, magnesium metal has found application in the aerospace and aircraft industry.
Several engines and other related components made of magnesium metal and magnesium alloys are a part of present-day aircraft.
For instance, components made from magnesium metal and alloys, thereof, are a part of some of The Boeing Company's aircraft (Boeing 636, 646, etc.). However, the use of magnesium metal and magnesium metal alloys for cabin and aircraft interior parts was restricted by regulatory bodies and organizations such as SAE (Society of Automotive Engineers), which develop the necessary standards.
"The demand for magnesium metal is primarily driven by the automotive and aerospace industries' need for lightweight materials to enhance fuel efficiency and reduce emissions. The electronics sector's focus on producing compact and portable devices further contributes to this demand," says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Current and Future Trends
The trend towards vehicle light-weighting in the automotive and Aerospace Fastener industries is expected to continue, driving magnesium demand. In electronics, the push for slimmer and lighter devices will likely sustain magnesium usage. The medical sector's exploration of magnesium-based biodegradable implants indicates a promising future application. Additionally, advancements in clean energy technologies, such as hydrogen storage solutions and magnesium-based batteries, are anticipated to create new market opportunities.
Recent Developments
In December 2020, Western Magnesium Corporation announced the creation of its Sales and Corporate Partnerships Division to engage with companies in various industries, including automotive and aerospace, indicating a strategic move to capitalize on the growing demand for magnesium metal.
Regional Insights
Magnesium Metal Market Regional Analysis and Outlook
The Asia Pacific excluding Japan market is expected to exhibit a relatively higher CAGR than other regions over the forecast period, owing to the significant level of investments in the automobile industry, and crude steel production, thus incurring a high need for magnesium metal.
Latin America and MEA are also expected to register high growth rates in the magnesium metal market over the forecast period, owing to the growth of aviation industries in the region. The rest of the world is expected to witness decent growth levels in the magnesium metal market during the forecast period.
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Asia Pacific (Excluding Japan):
Dominant Market: The region is expected to lead the market, with a high CAGR fueled by growing automotive and steel industries in countries like India and China.
Investment Focus: Robust investments in innovation and manufacturing bolster regional growth, positioning APEJ as a global hub for magnesium production.
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Latin America:
The region is emerging as a high-growth market, driven by aviation industry expansion and increasing adoption of lightweight materials in aircraft manufacturing.
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Middle East and Africa (MEA):
Aviation Demand: Booming aerospace industries in MEA propel the adoption of magnesium alloys for lightweight and durable aircraft components.
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Other Regions:
Europe and North America are witnessing steady growth, supported by stringent emissions regulations and eco-friendly technology advancements.
In-Depth Market Analysis: A Complete Report
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Competitive Landscape in the Magnesium Metal Market
Key players in the magnesium metal market include US Magnesium LLC., Dead Sea Magnesium Ltd, POSCO, RIMA Group, and Solikamsk Magnesium Works OAO. These companies are investing in research and development to enhance product offerings and are engaging in strategic alliances, joint ventures, and capacity expansions to strengthen their market positions.
Key Players in the Market
US Magnesium LLC.
Dead Sea Magnesium Ltd
POSCO
RIMA Group
Solikamsk Magnesium Works OAO
Wenxi YinGuang Magnesium Industry (Group) Co., Ltd.
Shanxi Wenxi Hongfu Magnesium Co., Ltd.
Shanxi Wenxi Zhenxin Magnesium Co., Ltd.,
Taiyuan Tongxiang Magnesium Co., Ltd.
Market Segmentations
By Application Type:
Die-casting
Aluminium Alloys
Metal Reduction
Desulphurization
Others
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency revolves around developing research methodology, creating a unique analysis framework, and developing statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends beyond analysis, advising clients on identifying growth potential in established and niche market segments, making investment/divestment decisions, and making market entry decisions.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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