Metal Magnesium Market (2024 - 2034)
Metal Magnesium Market Study by Iron & Steel Making, Titanium Reduction, Aluminum Alloys, and Die Casting from 2024 to 2034
Core Findings
FREE CustomizationMetal Magnesium Market Outlook (2024 to 2034)
The global metal magnesium market size is projected to reach US$ 8.36 billion by 2034, up from US$ 5.04 billion in 2024, which equals expansion at a CAGR of 5.2% through 2034.
Magnesium is predominantly used in the production of aluminum-based alloys, which are used in packaging and for various other applications. Magnesium is a lightweight structural metal that is widely valued for its alloys. When magnesium alloys are combined with other metals, the physical properties of the resulting mixture are enhanced.
Benefits of magnesium include its low specific gravity and high strength-to-weight ratio. The most commonly used alloying elements are manganese, aluminum, zinc, silicon, copper, zirconium, and rare-earth metals. Magnesium alloys find applications in several industries such as electronics. They are used in both industrial and commercial settings for structural purposes. They are used in high-speed industrial machinery such as textile machines as well as in hand tools, ladders, and computer casings.
| Report Attributes | Details |
|---|---|
| Metal Magnesium Market Size (2024E) | US$ 5.04 Billion |
| Projected Market Value (2034F) | US$ 8.36 Billion |
| Global Market Growth Rate (2024 to 2034) | 5.2% CAGR |
| China Market Value (2034F) | US$ 1.18 Billion |
| Canada Market Growth Rate (2024 to 2034) | 3.3% CAGR |
| North America Market Share (2024E) | 21.6% |
| East Asia Market Value (2034F) | US$ 2.06 Billion |
| Key Companies Profiled | Alliance Magnesium; Regal Metal; Western Magnesium Corp.; Rima Group; ICL Group; Dead Sea Magnesium Ltd.; Mag Specialties Inc.; Latrobe Magnesium |
Which Key Drivers are Responsible for Metal Magnesium Market Growth?
“Huge Demand for Lightweight Aerospace Components”
The United States stands as a leading force in aerospace manufacturing, home to industry giants like Boeing, Lockheed Martin, and United Technologies.
- According to the Bureau of Transportation Statistics, aircraft deliveries in the United States reached 1,552 in 2020, a slight decrease from the 1,772 delivered in 2019.
As demand for aluminum alloys and titanium continues to grow in the aerospace sector for parts production, the need for magnesium metal is also projected to rise at a significant pace through 2034. The aerospace and automotive sectors are increasingly embracing magnesium-aluminum alloys due to their superior strength-to-weight and stiffness-to-weight ratios, ease of machining, and their contribution to reducing vehicle weight.
What is a Key Metal Magnesium Market Trend?
“Growing Emphasis on Production of Lightweight and Fuel-Efficient Vehicles”
Market growth is being influenced by the rising demand for magnesium alloys in the automotive sector, especially for manufacturing lightweight and fuel-efficient vehicles. Magnesium's role in electronics manufacturing such as in heat dissipation systems and TV and computer casings is contributing to market growth.
The market is also witnessing advancements in medical applications where magnesium alloys are valued for their biocompatibility and mechanical properties, which make them suitable for implants and devices. With a focus on sustainability, the recyclability and low carbon footprint of magnesium are enhancing its appeal as an eco-friendly material choice. Emerging technologies such as hydrogen storage and magnesium-based batteries present new opportunities by potentially revolutionizing energy storage and clean energy solutions.
Country-wise Insights
Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that East Asia is projected to hold 24.6% of the global market share by 2034. Manufacturers of metal magnesium around the world are joining forces with emerging market players to strengthen their market presence and secure a dominant market share.
How are China and India Contributing to Market Growth?
“Rising Demand for Household Appliances and Increased Government Spending in Aerospace Sector”
| Attribute | East Asia |
|---|---|
| Segment Value (2024E) | US$ 1.12 Billion |
| Growth Rate (2024 to 2034) | 6.2% CAGR |
| Projected Value (2034F) | US$ 2.06 Billion |
In 2019, the East Asia region accounted for 21.9% share of the global market. This expansion was largely fueled by the automotive sector and the construction sector’s demand for aluminum and steel. The growth of the automotive and aerospace sectors, especially in China and India, is a key driver for this growth.
- The India Brand Equity Foundation predicts that India's growing infrastructure and increased government expenditure are projected to boost its aerospace and defense markets to an estimated US$ 70.5 billion by 2034. Similarly, China's retail sales in household appliances and consumer electronics reached a significant US$ 13.83 billion in December 2020, as reported by the National Bureau of Statistics. The steel sectors in India and China are projected to make substantial contributions to the market's overall expansion.
How are Sales of Metal Magnesium Shaping Up in North America?
“Market Benefitting from Growing Demand for Titanium and Aluminum Alloys in Defense Sector”
| Attribute | North America |
|---|---|
| Segment Value (2024E) | US$ 1.09 Billion |
| Growth Rate (2024 to 2034) | 3% CAGR |
| Projected Value (2034F) | US$ 1.46 Billion |
North America accounts for 21.6% of the global metal magnesium market share. Market growth in the region is primarily attributed to the growing demand for aluminum and titanium alloys in the automotive and aerospace & defense sectors. The titanium and aluminum alloy market in the United States is estimated to reach US$ 5 billion in 2024. Market expansion is driven by the rising demand for innovative metals and alloys in the aerospace sector.
Category-wise Insights
Which Property of Magnesium-Aluminum Alloys is Fueling Use in Aircraft Production?
“Superior Corrosion Resistance of Magnesium-Aluminum Alloys”
| Attribute | Aluminum Alloys |
|---|---|
| Segment Value (2024E) | US$ 1.78 Billion |
| Growth Rate (2024 to 2034) | 5.4% CAGR |
| Projected Value (2034F) | US$ 3.01 Billion |
Magnesium when added to aluminum enhances the strength of the resulting alloy without compromising its flexibility. These alloys can withstand extreme conditions, making them suitable for constructing ballistic missiles and spacecraft. Demand for lightweight components in these sectors is on the rise. Cost-effectiveness and improved corrosion resistance of aluminum make it a preferred choice over other materials.
Components and structures such as structural members made from these alloys are not only lightweight but also highly resistant to corrosion. The growth of this segment is projected to be fueled by the rising demand for lightweight materials in the production of aircraft, aiming to decrease the weight of commercial aircraft.
Competitive Landscape
Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Several key players in the metal magnesium market are Alliance Magnesium, Regal Metal, Western Magnesium Corp., Rima Group, ICL Group, Dead Sea Magnesium Ltd., Mag Specialties Inc., and Latrobe Magnesium.
- In 2022, Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd., a fully owned subsidiary of RSM Group/Nanjing Yunhai Special Metals Co. Ltd, announced the successful completion of its Phase II project. This project focused on high-performance magnesium-aluminum alloy and deep processing is located in Pingshan Industrial Park, Chongqing City. The new production facilities are expected to house various workshops, such as a magnesium particle production workshop, with an annual capacity of 7,200 tons.
Key Segments of Metal Magnesium Market Research
-
By Application :
- Iron & Steel Making
- Titanium Reduction
- Aluminum Alloys
- Die Casting
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Market Risks and Trends Assessment
- 4. Market Background and Foundation Data Points
- 5. Key Success Factors
- 6. Global Market Demand Analysis 2018 to 2023 and Forecast, 2024 to 2034
- 7. Global Market Value Analysis 2018 to 2023 and Forecast, 2024 to 2034
- 8. Global Market Analysis 2018 to 2023 and Forecast 2024 to 2034, By Application
- 8.1. Die Casting
- 8.2. Aluminum Alloys
- 8.3. Titanium Reduction
- 8.4. Iron & Steel Making
- 8.5. Others
- 9. Global Market Analysis 2018 to 2023 and Forecast 2024 to 2034, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Europe
- 9.4. Asia Pacific
- 9.5. Middle East and Africa (MEA)
- 10. North America Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 11. Latin America Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 12. Europe Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 13. Asia Pacific Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 14. Middle East and Africa Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 15. Key Countries Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 16. Market Structure Analysis
- 17. Competition Analysis
- 17.1. Nippon Kinzoku Co. Ltd
- 17.2. VSMPO-Avisma Corporation
- 17.3. Latrobe Magnesium
- 17.4. Alliance Magnesium
- 17.5. Shanghai Sunglow Investment (Group) Co., Ltd
- 17.6. Western Magnesium Corporation
- 17.7. Regal Metal
- 17.8. U.S. Magnesium LLC
- 17.9. Esan Eczacibasi
- 17.10. Solikamsk Desulphurizer Works (SZD)
- 18. Assumptions and Acronyms Used
- 19. Research Methodology
List Of Table
Table 01: Global Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2018 to 223
Table 02: Global Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2024 to 234
Table 03: Global Market, By Region, 2018 to 223
Table 04: Global Market, By Region, 2024 to 234
Table 05: North America Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2018 to 223
Table 06: North America Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2024 to 234
Table 07: North America Market, By Country, 2018 to 223
Table 08: North America Market, By Country, 2024 to 234
Table 09: Latin America Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2018 to 223
Table 10: Latin America Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2024 to 234
Table 11: Latin America Market, By Country, 2018 to 223
Table 12: Latin America Market, By Country, 2024 to 234
Table 13: Europe Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2018 to 223
Table 14: Europe Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2024 to 234
Table 15: Europe Market, By Country, 2018 to 223
Table 16: Europe Market, By Country, 2024 to 234
Table 17: Asia Pacific Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2018 to 223
Table 18: Asia Pacific Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2024 to 234
Table 19: Asia Pacific Market, By Country, 2018 to 223
Table 20: Asia Pacific Market, By Country, 2024 to 234
Table 21: MEA Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2018 to 223
Table 22: MEA Market Value (US$ Mn) & Volume (Kilo Tons), By Application, 2024 to 234
Table 23: MEA Market, By Country, 2018 to 223
Table 24: MEA Market, By Country, 2024 to 234
Table 25: Global Market Incremental $ Opportunity, By Application, 2018 to 223
Table 26: Global Market Incremental $ Opportunity, By Region, 2024 to 234
Table 27: North America Market Incremental $ Opportunity, By Application, 2018 to 223
Table 28: North America Market Incremental $ Opportunity, By Country, 2024 to 234
Table 29: Latin America Market Incremental $ Opportunity, By Application, 2018 to 223
Table 30: Latin America Market Incremental $ Opportunity, By Country, 2024 to 234
Table 31: Europe Market Incremental $ Opportunity, By Application, 2018 to 223
Table 32: Europe Market Incremental $ Opportunity, By Country, 2024 to 234
Table 33: Asia Pacific Market Incremental $ Opportunity, By Application, 2018 to 223
Table 34: Asia Pacific Market Incremental $ Opportunity, By Country, 2024 to 234
Table 35: MEA Market Incremental $ Opportunity, By Application, 2018 to 223
Table 36: MEA Market Incremental $ Opportunity, By Country, 2024 to 234
List Of Figures
Figure 01: Global Market Value (US$ Mn) & Volume (Kilo Tons) and Year-on-Year Growth, 2018 to 2034
Figure 02: Global Market Absolute $ Historical Gain (2018 to 2023) and Opportunity (2024 to 2034), US$ Mn
Figure 03: Global Market Share, By Application, 2024 & 2034
Figure 04: Global Market Y-o-Y Growth Projections, By Application - 2024 to 2034
Figure 05: Global Market Attractiveness Index, By Application - 2024 to 2034
Figure 06: Global Market Share, By Region, 2024 & 2034
Figure 07: Global Market Y-o-Y Growth Projections, By Region - 2024 to 2034
Figure 08: Global Market Attractiveness Index, By Region - 2024 to 2034
Figure 09: North America Market Value (US$ Mn) & Volume (Kilo Tons) and Year-on-Year Growth, 2018 to 2034
Figure 10: North America Market Absolute $ Opportunity Historical (2018 to 2023) and Forecast Period (2024 to 2034), US$ Mn
Figure 11: North America Market Share, By Application, 2024 & 2034
Figure 12: North America Market Y-o-Y Growth Projections, By Application - 2024 to 2034
Figure 13: North America Market Attractiveness Index, By Application - 2024 to 2034
Figure 14: North America Market Share, By Country, 2024 & 2034
Figure 15: North America Market Y-o-Y Growth Projections, By Country - 2024 to 2034
Figure 16: North America Market Attractiveness Index, By Country - 2024 to 2034
Figure 17: Latin America Market Value (US$ Mn) & Volume (Kilo Tons) and Year-on-Year Growth, 2018 to 2034
Figure 18: Latin America Market Absolute $ Opportunity Historical (2018 to 2023) and Forecast Period (2024 to 2034), US$ Mn
Figure 19: Latin America Market Share, By Application, 2024 & 2034
Figure 20: Latin America Market Y-o-Y Growth Projections, By Application - 2024 to 2034
Figure 21: Latin America Market Attractiveness Index, By Application - 2024 to 2034
Figure 22: Latin America Market Share, By Country, 2024 & 2034
Figure 23: Latin America Market Y-o-Y Growth Projections, By Country - 2024 to 2034
Figure 24: Latin America Market Attractiveness Index, By Country - 2024 to 2034
Figure 25: Europe Market Value (US$ Mn) & Volume (Kilo Tons) and Year-on-Year Growth, 2018 to 2034
Figure 26: Europe Market Absolute $ Opportunity Historical (2018 to 2023) and Forecast Period (2024 to 2034), US$ Mn
Figure 27: Europe Market Share, By Application, 2024 & 2034
Figure 28: Europe Market Y-o-Y Growth Projections, By Application - 2024 to 2034
Figure 29: Europe Market Attractiveness Index, By Application - 2024 to 2034
Figure 30: Europe Market Share, By Country, 2024 & 2034
Figure 31: Europe Market Y-o-Y Growth Projections, By Country - 2024 to 2034
Figure 32: Europe Market Attractiveness Index, By Country - 2024 to 2034
Figure 33: MEA Market Value (US$ Mn) & Volume (Kilo Tons) and Year-on-Year Growth, 2018 to 2034
Figure 34: MEA Market Absolute $ Opportunity Historical (2018 to 2023) and Forecast Period (2024 to 2034), US$ Mn
Figure 35: MEA Market Share, By Application, 2024 & 2034
Figure 36: MEA Market Y-o-Y Growth Projections, By Application - 2024 to 2034
Figure 37: MEA Market Attractiveness Index, By Application - 2024 to 2034
Figure 38: MEA Market Share, By Country, 2024 & 2034
Figure 39: MEA Market Y-o-Y Growth Projections, By Country - 2024 to 2034
Figure 40: MEA Market Attractiveness Index, By Country - 2024 to 2034
Figure 41: Asia Pacific Market Value (US$ Mn) & Volume (Kilo Tons) and Year-on-Year Growth, 2018 to 2034
Figure 42: Asia Pacific Market Absolute $ Opportunity Historical (2018 to 2023) and Forecast Period (2024 to 2034), US$ Mn
Figure 43: Asia Pacific Market Share, By Application, 2024 & 2034
Figure 44: Asia Pacific Market Y-o-Y Growth Projections, By Application - 2024 to 2034
Figure 45: Asia Pacific Market Attractiveness Index, By Application - 2024 to 2034
Figure 46: Asia Pacific Market Share, By Country, 2024 & 2034
Figure 47: Asia Pacific Market Y-o-Y Growth Projections, By Country - 2024 to 2034
Figure 48: Asia Pacific Market Attractiveness Index, By Country - 2024 to 2034
Figure 49: US Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 50: US Market Share, By Application, 2023
Figure 51: Canada Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 52: Canada Market Share, By Application, 2023
Figure 53: Brazil Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 54: Brazil Market Share, By Application, 2023
Figure 55: Mexico Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 56: Mexico Market Share, By Application, 2023
Figure 57: Germany Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 58: Germany Market Share, By Application, 2023
Figure 59: U.K. Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 60: U.K. Market Share, By Application, 2023
Figure 61: France Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 62: France Market Share, By Application, 2023
Figure 63: Italy Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 64: Italy Market Share, By Application, 2023
Figure 65: BENELUX Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 66: BENELUX Market Share, By Application, 2023
Figure 67: Nordic Countries Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 68: Nordic Countries Market Share, By Application, 2023
Figure 69: China Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 70: China Market Share, By Application, 2023
Figure 71: Japan Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 72: Japan Market Share, By Application, 2023
Figure 73: South Korea Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 74: South Korea Market Share, By Application, 2023
Figure 75: GCC Countries Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 76: GCC Countries Market Share, By Application, 2023
Figure 77: South Africa Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 78: South Africa Market Share, By Application, 2023
Figure 79: Turkey Market Value (US$ Mn) and Forecast, 2024 to 2034
Figure 80: Turkey Market Share, By Application, 2023
- FAQs -
What is the size of the metal magnesium market in 2024?
The global metal magnesium market is projected at US$ 5.04 billion in 2024.
What is the forecasted revenue from the sales of metal magnesium by 2034?
By 2034, global revenue from metal magnesium sales is projected to reach US$ 8.36 billion.
What is the predicted growth rate for the global market?
Sales of metal magnesium are projected to rise at a CAGR of 5.2% through 2034.
What is the forecasted growth rate for the market in North America?
Sales of metal magnesium in North America are projected to grow at a CAGR of 3% from 2024 to 2034.
What is the expected rate of market expansion in East Asia?
The market in East Asia is projected to expand at a CAGR of 6.2% from 2024 to 2034.
How is the market in South Korea evolving?
The market in South Korea has been projected to increase at a CAGR of 8% from 2024 to 2034.
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