USD 4.56 billion
Report ID: SQSG15J2002 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 66 | Figures: 75
Global Magnesium Market size was valued at USD 4.56 billion in 2021 and is poised to grow from USD 4.8 billion in 2022 to USD 7.25 billion by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).
The increase in product demand for various applications such as die-casting, and aluminium alloy for varied industrial purposes is causing the global magnesium market to grow. Magnesium electromagnetic property, thermal heat capacity and strengthening nature are suitable for such industrial applications. Magnesium is a lightweight metal that envisages the way for its utility in emerging research and development ventures for the automobile sector, and aerospace sector, electric vehicle manufacturing. the production of magnesium has reached around 950,000 metric tons in 2021 owing to its rising demand.
Magnesium metal has the capability to store energy and is estimated to be more stable as compared to lithium-ion. Additionally, magnesium has a significant role in television, and laptops and other electronic portables. Furthermore, initiatives are enabling alloying of aluminium and magnesium for manufacturing beverage cans which is further growing the magnesium market share rapidly.
US Magnesium Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.56 billion
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Global Magnesium market is segmented based on application, end-use industry and region. Based on application, the Magnesium Market is segmented as Iron & Steel Making, Die Casting, Aluminium Alloy making, and Titanium Reduction. Based on end-use industry, the magnesium market is segmented as Aerospace & Defence, Automotive, Medical & Healthcare, Electronics, and Others. Based on region the Magnesium Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA
Die casting application segment is estimated to dominate the Magnesium Market over the forecasted period.
The Die Casting Application segment dominated the global magnesium market in 2021 with a sweeping market revenue share of 38%. The segment’s surge is expected to constantly rise and project significant average annual growth during the forecasted period. Magnesium has an integral role in Die casting applications owing to its heat conduciveness and electromagnetic property.
Secondly, rising magnesium market growth figures are expected for the aluminium alloy-making segment. These have a wide range of utility in engineering and research activities due to their lightweight and corrosion-resistive nature.
In recent years, the rising military expenditures and commercial aerospace advancements have leveraged ways to strengthen and qualify automotive, aircraft and spacecraft with stability and energy efficiency. Titanium is majorly used for such purposes. Eventual research has highlighted the energy-condensing capabilities of magnesium along with various other properties over titanium and lithium. Such properties of magnesium are increasing its market demand and further project rising market share.
Super grade steel is an essential requisite of industrial processes. Magnesium finds its application in manufacturing super-grade steel by acting as a reagent and removing unrequited sulphur from heated metal, a crucial step in quality iron and steel manufacture. Along with this, magnesium signified utilities in gadgets and day-to-day devices.
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Asia Pacific region led the global magnesium market in 2021, accounting for more than 45% of market revenue and it is anticipated to maintain its dominance throughout the forecast period. In countries like India and China, the expenditures for electrical automotive have attained growth. Along with this, the rapid growth witnessed by military aviation, aerospace, and space venture projects is further empowering the Magnesium Market growth. In 2021 Global military aircraft and aerospace manufacturing market was estimated at approximately 255.8 billion U.S. dollars Additionally, the significance of steel industries in countries such as India, and Japan have further contributed to enhancing the market size of the global Magnesium Market all over the forecasted period.
Furthermore, North America is predicted to be the second largest magnesium market dominator. The growing need for aluminium and steel alloys for diverse industrial purposes pertained to the rising growth. Moreover, enhanced expenditure on aerospace, defence and Electrical vehicles has ignited the market demand for magnesium thereby boosting the market share.
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Magnesium Market Driver
Magnesium is capable of tolerating acute conditions, this makes it well suited for the construction of ballistic missiles and spacecraft. Such constructions require lightweight materials capable of resisting electromagnetic waves encountered from shorter distances. The UK Armed Forces have planned to spend 36.77 billion US$ on military aircraft by 2029. These factors approve its applications in aerospace and spacecraft industries owing to increased government spending on such ventures.
Enhanced environmental vigilance has paved the way for various alternatives to eradicate and condemn pollution and harmful emissions all over the world. Global atmospheric concentration of Carbon dioxide has reached 416.45 parts per million as per the records in 2021. Expenditures and initiatives toward electrical vehicles and automotive options are supporting the demand for magnesium.
Magnesium Market Restraint
The construction process could have damaging effects due to metals' strong affection towards oxygen, it reacts readily with oxygen and hence makes the construction a slow process. It hinders its utility in the aerospace and automobile industry due to the fear of surface and under-surface damage.
Magnesium mining processes put the environment to be damaged especially soil and biodiversity is adversely affected. Various limitations are implied for mining, ensuring an adequate ecosystem for indigenous creatures and mitigating the hazardous implications of exploitation of resources. The governmental policies and initiatives are expected to restrain the magnesium market growth.
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Global magnesium market is highly fragmented, with big and medium-sized market participants accounting for a large portion of Magnesium Market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development initiatives to leverage utility options from magnesium. Magnesium batteries and their utility in various other manufacturing activities are gaining prevalence.
Magnesium Market Top Players Company Profiles
Magnesium Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, current initiatives to build electrical automotive, as well as rising expenditures in aerospace and missiles by government and key players are expected to raise market pressure over the projection period.
Furthermore, increased R&D activities are expected to be a valuable resource in the growth of the global magnesium market all over the forecast period.
|Market size value in 2021||USD 4.56 billion|
|Market size value in 2030||USD 4.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Magnesium Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Magnesium Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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