Magnesium Market - By Application (Aluminum Alloys, Die-Casting, Iron And Steel Desulphurization, Reductant, Nodular Cast Iron, And Titanium Refining) By Industry (Aerospace & Aircraft, Automobiles, Electronics, Construction & Infrastructure) - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Magnesium Market held USD 3.79 billion in 2020 and is to grow with a CAGR of 8.5% from 2020-2030. Magnesium is a silvery white metal, much lighter than aluminum and steel. Magnesium is easily available and because of its easy presence it's commercialization is growing globally from different mineral sources, like sea water. Magnesium is experiencing increase in use across many industries and this will also rise its demand on the global magnesium market. Magnesium is approx 33% lighter in weight as compared to aluminum and around 67% lighter than steel. Magnesium is around 33% lighter than aluminums and nearly 67% lighter than steel. Magnesium metal has a wide range of uses across the number of industries, which is a key driver in the growth of global magnesium market. Some of the popular magnesium metal application areas include aluminum alloy manufacturing, where magnesium metal enhance the alloys' physical properties and processing capacity.

Market Dynamics and Factors:

Due to the growing demand from the automotive industry, the global magnesium metal market will expand considerably over the forecast period. Growing magnesium use is expected to boost demand for metal magnesium in aluminum alloys and die-casting. In addition, it is also expected that the growing transportation industry, which is the largest consumer of die-cast magnesium and aluminum-magnesium alloys, will drive demand growth over the next few 7 years.  Frequent research and development on Magnesium is expected to develop a variety of market opportunities in the applications including new lighter alloys, hydrogen production, batteries,   robots, wind turbines, and carbon dioxide capture. In addition, the growing use of magnesium to extract sulphur in steel & iron production and for titanium production is expected to increase demand growth over the next decade.

Market Segmentation:

On the basis of industry, the global magnesium market is bifurcated into aerospace & aircraft, automobiles, electronics, construction & infrastructure. On the basis of application, the market is segmented into aluminum alloys, die-casting, iron and steel desulphurization, reductant, nodular cast iron, and titanium refining. Geographic segmentation of global magnesium market includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographic Analysis:

Asia Pacific is the largest metal magnesium market and is expected to rise substantially over the forecast period mainly because of China, which is the largest magnesium producer and consumer and its alloys. Rapid industrialization, urbanization and growth in the automotive sector are expected to increase demand for magnesium in China, India, Japan, and South Korea in particular, hence adding the largest share to the global magnesium market. In addition, rapid growth in the electronics industry is expected to contribute substantially to demand over the next seven years, especially in China where the manufacturing sector is flourishing.  North America is expected to contribute significantly to market development due to the growing R&D in the aerospace and automotive industries, Europe is expected to deliver incremental growth opportunities for the metal magnesium sector due to increasing demand from Russia where titanium production has increased over the years. In addition, growing demand from other European countries, including Germany and Italy, is expected to boost market growth due to rapid growth in the automotive sector.

Competitive Scenario:

The key players of global magnesium market are Nippon Kinzoku,  Solikamsk Magnesium Works, VSMPO-Avisma, Nevada Clean Magnesium Inc., Dead Sea Magnesium, US Magnesium, POSCO, Sunglow Group, Latrobe Magnesium Ltd., Magnohrom, Magontec Ltd., DunAn Magnesium, CVM Minerals Limited, Rima Industrial Regal Magnesium, US Magnesium, Gossan Resources Ltd. and FuguTongyuan.

Magnesium Market Report Scope