New York, United States, Feb. 16, 2024 (GLOBE NEWSWIRE) -- The market for metal magnesium is made up of businesses that sell the light structural metals used to create lightweight products like car seats, steering wheels, fuel tank covers, cameras, laptops, and car covers. Magnesium is also used to melt iron and steel and remove sulfur atoms in fireworks, sparklers, flares, and other items. According to Straits Research, “The global metal magnesium market size was valued at USD 4.09 million in 2022. It is expected to reach USD 6.29 billion by 2031, growing at a CAGR of 4.9% during the forecast period (2023–2031).”
Growing Demand for Alloy Metals Drives the Global Market
The many applications for magnesium alloys have increased the demand for magnesium for alloying with other metals. About 35% of the primary magnesium metal is utilized in producing aluminum-base alloys, which are used in packaging and other applications. Magnesium alloys are generally considered to be the lightest structural alloys. The most lightweight structural metal, magnesium, is alloyed with other metals to improve its physical properties. Magnesium's low specific gravity and high strength-to-weight solid ratio are two of its many advantages. Most alloys will contain some combination of the following: manganese, aluminum, zinc, silicon, copper, zirconium, and rare-earth metals.
The electronic and biological fields are just two of the many that benefit from magnesium alloys. Magnesium alloys are used in both industrial and commercial settings for structural purposes. Due to their lightweight, high strength-to-weight ratio, high stiffness-to-weight ratio, castability, machinability, and excellent damping properties, magnesium alloys are ideal for these applications. Magnesium alloys are used in high-speed operating machinery for industrial applications, such as textile and other machines. They are also utilized in the industry for hand tools, ladders, computer housings, and other things.
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Possible Increase in the Use of Magnesium Metals in Electric Vehicles Creates Tremendous Opportunities
It is anticipated that the use of magnesium metal and its alloys in electric vehicles will increase because they are lightweight and give vehicles as much strength as other materials, if not more. The lighter weight of the vehicles would increase their overall range capacity and improve their mileage on a single battery charge. As the market for electric vehicles expands, more and more automotive parts, such as brake pads, brake drums, driveshafts, and engine components, are likely to need magnesium metal. Changes in emission regulations and consumer reluctance to buy vehicles with more emissions than electric vehicles will likely boost the market for electric vehicles in the coming years.
In addition, the government of France recently lowered taxes on electric trucks to encourage the purchase of these vehicles. These and other significant recent developments and government initiatives in the electric vehicle sector will likely boost demand for the market under study in the coming years. The government wants the road freight sector to be carbon neutral by 2050, as stated in its Mobility Law.
Report Scope
| Study Period | 2019-2031 | CAGR | 4.9% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 4.09 Million |
| Forecast Year | 2031 | Forecast Year Market Size | USD 6.29 Billion |
| Largest Market | Asia Pacific | Fastest Growing Market | North America |
Regional Analysis
Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.99% during the forecast period. According to the National Bureau of Statistics, China is expected to account for more than 18% of the global economy and more than 25% of its growth in 2021. (NBS). The metal magnesium is used in die-casting, iron and steel, metal reduction, and aluminum alloys in addition to its other applications. Equipment and parts for the aerospace, automotive, and other end-user industries are now more frequently made using die-casting and aluminum alloys. It is anticipated that China's demand for electric vehicles will experience strong growth during the forecast period due to the rapid development brought on by rising government initiatives, an increase in manufacturing companies, and an expansion of the charging infrastructure.
North America is anticipated to grow at a CAGR of 5.43% over the forecast period. Die casting, other magnesium metal applications, and aluminum alloys are all used in the automotive, aerospace, and electronics industries. The United States is the nation with the second-largest market for electric vehicles, behind China. In 2021, more than 500,000 electric vehicles were sold. Sales of electric vehicles have increased by 2.5% to 4.5% as the country's auto industry has recovered. The company with the largest market share, Tesla, produces more than half of the all-electric vehicles sold in the country. Over the next ten years, 50% of American adults (up from 39% in January and 43% in March-April) say they are likely to consider purchasing an electric vehicle. Market expansion is anticipated to be fueled by the nation's explosive growth in the production of electric vehicles and aircraft during the forecast period.
Key Highlights
- Based on the end-user industry, the global metal magnesium market is bifurcated into aluminum alloys, die-casting, iron & steel, and metal reduction. The aluminum alloy segment is the highest contributor to the market and is expected to grow at a CAGR of 5.6% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.99% during the forecast period.
Competitive Players
The Top 10 players in the global metal magnesium market's are China Magnesium Corporation, Fu Gu Yi De Magnesium Alloy Co., Ltd, ICL GROUP, Nanjing Yunhai Special Metals Co. Ltd, Regal Metal, Rima Group, Solikamsk Magnesium Works, Taiyuan Tongxiang Metal Magnesium. Ltd, US Magnesium LLC, Wenxi YinGuang Magnesium Industry (Group) Co. Ltd, and Western Magnesium Corporation.
Market News
- In April 2022, Western Magnesium Corporation announced a non-brokered private placement of USD 3,000,000 in principal unsecured convertible notes (the "Convertible Note").
- In January 2021, to resolve violations of the Resource Conservation and Recovery Act (RCRA) and mandate response actions under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) at its Rowley, Utah facility, the US Environmental Protection Agency (EPA) and the US Department of Justice (DOJ) announced a settlement with US Magnesium (USM).
Global Metal Magnesium Market: Segmentation
By End-User Industry
- Aluminum Alloys
- Die-Casting
- Iron and Steel
- Metal Reduction
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/metal-magnesium-market/segmentation
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