Burlingame, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The global Magnesium Metal Market size was valued at US$ 4.71 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 9.8% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Magnesium is highly versatile and lightweight metal with various different applications across wide range of industries such as aerospace, automotive, construction, electronics, and healthcare. The magnesium metal market is witnessing strong growth on the account of rapid industrialization, economic growth, technological advancements, and environmental regulations.
Key Industry Insights & Findings from the report:
In March 2020, The International Magnesium Association (IMA) launched its 3D Magnesium Automotive Applications Demonstrator, showcasing the value of magnesium in lightweighting and utilization throughout vehicle production, from structural to body-in-white (BIW), to transmission components and interior applications.
In July 2021, AOTCO Metal Finishing, LLC, a national provider of specialty finishing services, announced that it has launched a new production line for plating on magnesium.
In January 2023, Alliance Magnesium Inc. and Triple M Metal partner to support magnesium metal recycling at Alliance’s Danville foundry
Key Market Takeaways:
Global magnesium metal market is expected to exhibit a CAGR of 9.8% during the forecast period, owing to growing demand for lightweight products, robust growth of end-user industries, and increasing demand for aluminium alloys.
On the basis of Route of Application, Aluminum Alloys segment is expected to hold a dominant position, owing to the growing demand for magnesium metal for improving the strength properties of aluminium alloys.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to increasing urbanization and industralization. Also, increasing defense budget is another key factor propelling regional market growth.
Key players operating in the global magnesium metal market include 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., and Taiyuan Tongxiang Magnesium Co., Ltd.
Read full market research report, "Magnesium Metal Market, By Application (Die-casting, Aluminum Alloys, Metal Reduction, Desulphurization, Others), and by Geography, Market Size & Share Analysis - Growth Trends & Forecasts, 2023-2030", published by Coherent Market Insights.
Magnesium Metal Market Report Coverage
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 9.8% | |
| 2030 Value Projection | USD 9.93 billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 4.71 billion | |
| Historical Data for | 2017-2021 | |
| No. of Pages | 120 | |
| Segments covered | • By Application: Die-casting, Aluminum Alloys, Metal Reduction, Desulphurization, Others | |
| Growth Drivers | • Increasing Use in the Production of Aluminum Alloys • Rising New Aircraft Production will Drive Market Growth | |
| Companies covered: | Key players operating in the global magnesium metal market are 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., and Taiyuan Tongxiang Magnesium Co., Ltd. | |
Key Trends and Analysis of the Global Magnesium Metal Market:
Growing trend of lightweight products is expected to uplift the magnesium metal market growth. Magnesium metal is gaining adoption in automotive sector on the account of growing need for lightweight vehicles. It is increasingly being used to manufacture lightweight components in vehicles to meet fuel efficiency and emissions standards. This trend is expected to continue in the near future as well since automakers seek to reduce vehicle weight to meet the environmental emissions regulations.
Market Drivers:
Growing demand from aluminium alloys production applications is expected to propel market growth
Magnesium is used to increase the strength properties of metals, especially aluminum alloys, without compromising ductility. Aluminum alloys are widely used in the production of auto parts, aerospace parts, industrial parts, tools and machinery. Moreover, growing demand for magnesium metals from electronic devices such as laptops, and smartphones as it is used to manufacture lightweight electronic compoenents is again expected to foster market growth.
Increasing demand for missles and other equipment is projected to augment market growth
Growing demand for missles and other equipment is fostering market growth. Also, increasing defense budget is another major factor uplifting the market growth. India's military expenditure increased to USD 76.6 billion in 2021, marking a 0.9 per cent hike over the 2020 figures, according to a report released by defence think-tank Stockholm International Peace Research Institute (SIPRI).
Market Restrain:
Flcutuating price of magnesium is expected to hinder the market growth
Magnesium prices is highly susceptible to volatlity, influenced by factors such as energy costs, supply and demand dynamics, and currency exchange rates. Hence, magnesium price volality is expected to hamper the market growth.
Market Opportunities:
Increasing production of magnesium metals is expected to serve major growth opportunities
In order to meet the growing demand, key manufacturers are focusing on increasing the production capacity of magnesium metal. For instance, in June 2022, Western Magnesium Corporation successfully produced magnesium metal at its commercial pilot plant. This brings the company one step closer to achieving commercial production, with the aim of meeting surging demand in the automotive, aerospace, airline, defense, and eco-friendly industries.
Detailed Segmentation:
- Global Magnesium Metal Market, By Application:
- Die-casting
- Aluminum Alloys
- Metal Reduction
- Desulphurization
- Others
- Global Magnesium Metal Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
Company Profiles:
- Clear Lam Packaging Inc.
- D&W Fine Pack
- Huhtamaki
- Placon
- Anchor Packaging Inc.
- Berry Plastics Corporation
- Reynolds
- Silgan Holdings Inc.
- Tray-Pak Corporation
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