Global Magnesium Market to Surpass USD 7.45 billion by 2031 Driven by Increasing Demand for Aluminum and Steel Alloy
SkyQuest projects that the global magnesium market will attain a value of USD 7.45 billion by 2031, with a CAGR of 9.3% during the forecast period (2024-2031). Increasing demand for materials for various applications such as die-casting, and aluminum alloys for industrial purposes drives the growth of global magnesium market. Magnesium’s electromagnetic properties, heat capacity, and reinforcing nature are suitable for such industrial applications. Magnesium is an increasingly useful metallurgical element in the automotive industry, as well as in the aerospace industry, in the upcoming research and development projects for electric vehicles. Magnesium production has reached around 950,000 metric tons by 2021 due to and for growing demand.
Westford,USA, Feb. 20, 2024 (GLOBE NEWSWIRE) — Magnesium metal can store energy and is thought to be more stable compared to lithium ions. In addition, magnesium plays an important role in televisions and portable electronic devices such as laptops. In addition, programs are enabling the use of aluminum and magnesium alloys for beverage bottles, further accelerating global magnesium market share.
Browse in-depth TOC of “Magnesium Market”
● Pages – 165
● Tables – 66
● Figures – 75
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Prominent Players of Global Magnesium Market
- China Magnesium Corporation Ltd.
- Taiyuan Tongxiangyuan Fine Material Co., Ltd.
- POSCO Magnesium Corporation
- Norsk Hydro ASA
- Dead Sea Magnesium Ltd.
- Wenxi YinGuang Magnesium Industry (Group) Co., Ltd.
- Yinguang Magnesium Industry (Group) Co., Ltd.
- Shanxi Wenxi Hongfu Magnesium Co., Ltd.
- Taiyuan Yiwei Magnesium Co., Ltd.
- Shanxi Credit Magnesium Co., Ltd.
- Shanxi Fugu Tianyu Mineral Industry Co., Ltd.
- Shanxi Xinghua Magnesium Co., Ltd.
- Shanxi YinguangHuasheng Magnesium Co., Ltd.
- Solikamsk Magnesium Works OAO (SMW)
- Timminco Limited
- Ningxia Hui-Ye Magnesium Marketing Group Co., Ltd.
- JSC Magnezit Group
Die Casting Segment to Dominate Market Owing to Its Thermal Stability
The die casting application segment dominated the global magnesium market by 2022 with an overall market share of 38%. The growth segment is expected to continue to grow and show significant annual growth during the forecast period. Magnesium plays an important role in die casting applications due to its thermal stability and electromagnetic properties.
The Asia Pacific region led the global magnesium market by 2022, accounting for more than 45% of the market revenue and is expected to remain dominant throughout the forecast period. Countries like India and China have seen that lightning energy car prices have risen. Along with this, the rapid growth witnessed by the military aviation, aerospace and aerospace industry further fuels the global magnesium market growth. The global military aerospace industry market was estimated to be US$ 255.8 billion by 2021. Moreover, the importance of steel industry in countries such as India and Japan have further contributed to the market size of the market has increased throughout the forecast period.
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Aluminum Alloy Segment to Witness Significant Growth with Rise in Production of Beverage Bottles
The aluminum alloy segment holds the largest share in the global magnesium market. This alloy is mainly used in the production of beverage bottles. Other applications include pressure vessels, chambers and chemical pipelines. Increased investment in the beverage industry is another factor contributing to the growth of the segment.
North America is predicted to dominate the second largest global magnesium market. Increasing demand for aluminum and steel alloys for various industries was associated with increased growth. Furthermore, higher expenditure on aerospace, defense and electric vehicles has increased the market demand for magnesium thus increasing the market share.
A comprehensive analysis of the major players in the global magnesium market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments of Global Magnesium Market
- February 2023: Olite produces Baton 3 Pro Max Magnesium Alloy in Desert Tan, the first time this product has been produced. The launch of the Baton 3 Pro Max Magnesium Alloy Desert Tan opens the door to the widespread use of magnesium alloy in flashlights, potentially a metal that could compete with aluminum alloy in the future.
- April 2022: Yulin Energy Group and Ka Shui Group joined forces to develop the Yulin Magnesium-Aluminum Industry Strategy in active collaboration with China’s “One Belt, One Road” and “Intelligent Manufacturing” development strategies.
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Key Questions Answered in Global Magnesium Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?
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