Metal Magnesium Market
Metal Magnesium Market Analysis by Application (Iron & Steel Making, Titanium Reduction, Aluminum Alloys, Die Casting), by Region - Global Forecast 2022-2032
Analysis of Metal Magnesium market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Metal Magnesium Market Growth Analysis
The metal magnesium market revenue was estimated to be US$ 4.35 Billion in 2021 and is expected to grow at a CAGR of 5.2% from 2022-2032.
The market is estimated to reach US$ 7.6 Billion by the end of 2032.
The market is expected to grow during the forecast period, reaching a global market size of US$ 4.58 Billion by the end of 2022. It is anticipated that market growth will be driven by the rising demand for die casting and aluminum alloy products across numerous end-use industries.
These applications are ideally suited to magnesium, which has superior electromagnetic screening properties and excellent heat conductivity.
Market Size in 2021
US$ 4.35 Biilion
Market Size in 2022
US$ 4.58 Billion
Projected value in 2032
US$ 7.6 Billion
CAGR during the forecast period, 2022-2032
Market Share of APAC during 2022
Market Share of Die-Casting Segment in 2022
Key Manufacturers of Metal Magnesium
In addition, it enhances the strength of aluminum, which is a common material for these kinds of applications. Over the forecast period, the market growth is also anticipated to be boosted by the growing demand for lightweight components, mainly in the aerospace and automotive sectors.
Demand Analysis of Metal Magnesium, 2015-2021 vs. Market Outlook 2022-2032
According to Fact.MR- a market research and competitive intelligence provider- the global market for metal magnesium expanded at a compound annual growth rate of 4% between 2015 and 2021. Asia-Pacific was the dominant regional market during this time and held a significant share of global demand.
The COVID-19 pandemic had a substantial impact on the metal magnesium market. This imposed complete stoppage to the various raw material mining, supply chains and production facilities. As a result of this, several industries like the automotive, aircraft, building and metal processing faced difficulties to sustain their operations.
The manufacturing outputs also reduced due to the sudden closure of the production units. This greatly affected the GDP. As of 2020, all the top automotive producing countries, including the United States China, India, Germany, Mexico, and Japan saw a drop in production of 19%, 2%, 24%, 21%, and 17%, respectively, from the previous year, 2019.
Aluminum alloys and titanium are growing in demand in aerospace parts production, which will increase metal magnesium's demand over the forecast period. In the near future, the aerospace, chemical, medical, and healthcare industries are expected to drive the growth of the magnesium metal market.
Packaging is projected to experience rapid growth globally in the near term. In turn, this will increase the demand for metal magnesium. From 2022 to 2032, the industry is likely to surge 1.6x.
What are the specific drivers of the Metal Magnesium Market?
Burgeoning Production of Aerospace Components to Widen Metal Magnesium Outreach
The U.S. is one of the dominant aerospace manufacturers with established players, such as Boeing, Lockheed Martin, and United Technologies. As per the Bureau of Transportation Statistics, the U.S. recorded 1,551 aircraft deliveries in 2020 compared to 1,771 deliveries in 2019.
With the rising demand for aluminum alloys and titanium in aerospace parts production, metal magnesium is likely to witness growing demand over the forecast period. A growing number of aerospace and automotive industries are adopting magnesium and aluminum alloys as a result of their high strength-to-weight ratio, stiffness-to-weight ratio, machinability, and lightweight properties.
Increased demand for Titanium will accelerate the Growth
The manufacturing of metallic titanium involves the use of magnesium. Alloys of titanium are used in many industries, including automotive, aerospace and medicine. Magnesium metal's market growth will be accelerated by the upsurge in titanium production around the globe. In addition to the growth of titanium, magnesium metal market growth is expected to be accelerated by the rising demand from aerospace, chemicals, medical, and healthcare industries.
Globally, 58 million passenger cars and 21.78 million commercial vehicles were produced in 2021, according to OICA. With this surge in demand, the demand for titanium also increased; in turn, this helped the metal magnesium market to boost up. These industries are expected to experience rapid growth during the forecast period, thus propelling market growth.
The packaging industry to provide great opportunities for this market to propel
Over the forecast period, the packaging industry is expected to witness rapid growth around the globe. This in turn will increase the demand in the metal magnesium market too.
The global packaging market accounted for $841 billion in 2017, representing a 2.7% increase from 2016 at constant prices, according to ALL4PACK Emballage Paris. Based on a CAGR of 2.95%, the global packaging market value reached US$ 866 billion in 2018, and there may be a possibility for the market to reach US$ 981 billion in 2022 and US$ 1,344 billion in 2032.
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How will Metal Magnesium Demand Pan out in the Asia Pacific?
EVs and the construction industry will drive the growth
The Asia Pacific region contributed more than 45.5% of revenue in 2021, and is expected to grow at the highest CAGR between 2022 and 2032. Electric vehicles (EVs) and construction, which consume aluminum and steel, are the major factors driving the APAC regional market. This region is expected to grow due to the growing demand from the automotive and aerospace industries in China and India.
According to the India Brand Equity Foundation (IBEF), the burgeoning infrastructure and government spending will propel the Indian aerospace & defense market to reach US$ 69.5 Bn by 2032. Also, China's National Bureau of Statistics reported that in December 2020, the retail sales of household appliances and consumer electronics were valued at CNY 100 billion. Additionally, the steel industry in India and Japan will contribute to the overall market's growth.
What will be the market outlook in North America?
Growing demand for aluminum and titanium will account for steady growth
Over the next few years, the North America market is expected to experience steady growth. This growth is mainly caused by the growing demand for aluminum and titanium alloys in the automotive and aerospace & defense industries. It is predicted that the titanium alloys and aluminum alloys aerospace materials market in the U.S will reach USD 10.15 Billion by 2025.
Market growth is driven by the increasing demand for innovative metals and alloys in the aerospace industry. In other words, the aerospace, transportation, and electrical & electronic industries are anticipated to drive the regional market throughout the forecast period. A CAGR of 8% is projected for the metal magnesium industry in North America.
Which is the Dominant Application Area for Metal Magnesium?
Die Casting Applications to Accumulate the Highest Revenue Share
In 2022, the die casting application segment is expected to account for more than 37% of the market. Over the forecast period, the segment is forecast to register the highest CAGR. The good heat conductivity and electromagnetic screening properties of magnesium make it an ideal material for die casting applications.
Why is the Aluminum Alloy Segment gaining Preference?
Aluminum alloys containing magnesium are in demand in the shipbuilding industry
The second-most important segment of the market is aluminum alloys. Components and structures made of aluminum alloys, such as structural members, are highly corrosion resistant and lightweight.
The segment growth is expected to be driven by the increasing demand for lightweight materials in aircraft production to reduce the weight of commercial aircraft. Aluminum alloy market size is estimated at over $180 billion and is expected to grow at a CAGR of over 5% from 2022 to 2032.
What is the outlook of the Titanium Reduction segment?
Increased demand for titanium in the medical field will drive the growth
The use of titanium in spacecraft, aircraft, and missiles is growing as well as its use in the medical field. A growing demand for titanium from various industries is expected to increase its production and ultimately drive the demand for magnesium.
The titanium alloy market was estimated at over 195 kilotons in 2020, with a CAGR of over 3.5% from 2022- 2032. For fiscal year 2021, the Senate of the United States invested USD 1.7 billion to buy 17 more F-35 fighter jets for the military. As a result, such trends in the aerospace and defense sector will likely result in increased production of aircraft and jets, thus, creating a resulting demand for titanium alloys.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
There are several regional and global players operating in this market. In order to sell their products through various industries, these companies compete based on product innovation, quality, brand reputation, and market presence. In order to stay competitive, companies are pursuing various acquisition and expansion strategies.
- In January, 2021, to expand its presence from North China to South China, Nanjing Yunhai Special Metals Co., Ltd. completed the acquisition of Tianjin Liuhe Magnesium, an auto and bicycles magnesium parts producer with a capacity of 8,000 tons/year.
- In 2018, Super magnesium, a metal from Ohio-based company Allite Inc. that can be used in a wide range of applications including medical, sporting goods, aerospace, automotive, and more, was released.
- In 2017, Meridian Lightweight Technologies, Plymouth, Mich., announced its partnership with Birmingham City University, England, which will demonstrate magnesium as a viable alternative for luxury car makers and the aerospace industry.
Key Segments Covered in the Industry Survey
- Iron & Steel Making
- Titanium Reduction
- Aluminum Alloys
- Die Casting
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The metal magnesium industry is likely to acquire a market share of US$ 4.58 Billion by the end of 2022.
According to Fact.MR, the market for metal magnesium is expected to grow at a CAGR of 5.2% from 2022-2032
By 2032, metal magnesium revenue is forecast to reach a value of US$ 7.6 Bn
The die-casting segment is likely to dominate the metal magnesium market with a revenue share of 37%.
Asia-Pacific is the most lucrative market, accounting for over 45% revenue, as per Fact.MR
North America is expected to register a positive CAGR of 8% from 2022 to 2032
One of the major factors driving growth of the market is an increase in aircraft applications for magnesium metal.