PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1579855
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1579855
Global Metal Magnesium Market Size Study, by Application (Die Casting, Aluminum Alloys, Titanium Reduction, Iron & Steel Making, Others) and Regional Forecasts 2024-2032
The global metal magnesium market, valued at USD 4.87 billion in 2023, is anticipated to grow significantly with a compound annual growth rate (CAGR) of 5.3% over the forecast period from 2024 to 2032. Metal magnesium, known for its lightweight and high strength-to-weight ratio, plays a pivotal role in various industries, including automotive, aerospace, and chemical processes. As one of the lightest structural metals, magnesium is widely used in alloying, particularly with aluminum, to enhance properties such as strength and durability. Its high reactivity also makes it essential in specialized applications like fireworks and chemical processing, contributing to its broad industrial use.
The growing demand for magnesium in die casting and aluminum alloy applications is expected to drive market growth over the forecast period. Magnesium is increasingly preferred for lightweight components in industries like automotive and aerospace due to its excellent electromagnetic screening properties and heat conductivity. This trend is further supported by the rising need for materials that meet stringent environmental and pollution control regulations, pushing industries to adopt lightweight and energy-efficient materials. Additionally, magnesium plays a crucial role in the production of metallic titanium, used extensively in both aerospace and medical sectors, which further supports the demand for magnesium.
However, while the outlook for metal magnesium remains robust, certain challenges may temper market expansion. One of the primary constraints is the environmental concerns linked to magnesia mining, which can negatively impact local ecosystems. Governments and regulatory bodies worldwide have introduced stringent environmental laws to mitigate these effects, which could potentially limit magnesium mining activities. Yet, ongoing advancements in material science and sustainable practices are expected to overcome these challenges, helping the market maintain its upward trajectory.
The Asia Pacific region held the largest market share in 2023, driven by high consumption of aluminum and steel across key end-use industries like electric vehicles (EVs) and construction. China and India, in particular, are poised for significant growth in the automotive and aerospace industries, further boosting the demand for magnesium alloys. Meanwhile, North America is expected to witness steady growth, driven by demand from the aerospace, automotive, and defense sectors, where magnesium's lightweight properties are increasingly valued.
Major market players included in this report are:
- Latrobe Magnesium
- Regal Metal
- Shanghai Sunglow Investment (Group) Co., Ltd.
- SolikamskDesulphurizer Works (SZD)
- VSMPO-Avisma Corp.
- Western Magnesium Corp.
- U.S. Magnesium LLC
- Magontec
- RIMA Group
- Dead Sea Magnesium
- Shanxi Bada Magnesium Group Co., Ltd.
- POSCO
- Nippon Kinzoku Co. Ltd.
- Alliance Magnesium
- Esan Eczacibasi
The detailed segments and sub-segment of the market are explained below:
By Application
- Die Casting
- Aluminum Alloys
- Titanium Reduction
- Iron & Steel Making
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand-side and supply-side analysis of the market.
Table of Contents
Chapter 1. Global Metal Magnesium Market Executive Summary
- 1.1. Global Metal Magnesium Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Metal Magnesium Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
Chapter 3. Global Metal Magnesium Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Growing Demand from Die Casting and Aluminum Alloy Applications
- 3.1.2. Increasing Demand for Lightweight Automotive and Aerospace Components
- 3.1.3. Rising Demand for Titanium Reduction and Defense Applications
- 3.2. Market Challenges
- 3.2.1. Environmental Concerns Associated with Magnesia Mining
- 3.2.2. High Costs of Production and Supply Chain Disruptions
- 3.3. Market Opportunities
- 3.3.1. Expansion of Magnesium Alloy Applications in Electric Vehicles
- 3.3.2. Innovations in Sustainable and Eco-Friendly Mining Practices
Chapter 4. Global Metal Magnesium Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top Investment Opportunity
- 4.4. Top Winning Strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Metal Magnesium Market Size & Forecast by Application (2022-2032)
- 5.1. Segment Dashboard
- 5.2. Global Metal Magnesium Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Die Casting
- 5.2.2. Aluminum Alloys
- 5.2.3. Titanium Reduction
- 5.2.4. Iron & Steel Making
- 5.2.5. Others
Chapter 6. Global Metal Magnesium Market Size & Forecasts by Region (2022-2032)
- 6.1. North America
- 6.1.1. U.S. Market
- 6.1.1.1. Application Breakdown Size & Forecasts (2022-2032)
- 6.1.2. Canada Market
- 6.1.2.1. Application Breakdown Size & Forecasts (2022-2032)
- 6.1.1. U.S. Market
- 6.2. Europe
- 6.2.1. U.K. Market
- 6.2.2. Germany Market
- 6.2.3. France Market
- 6.2.4. Spain Market
- 6.2.5. Italy Market
- 6.2.6. Rest of Europe Market
- 6.3. Asia-Pacific
- 6.3.1. China Market
- 6.3.2. India Market
- 6.3.3. Japan Market
- 6.3.4. Australia Market
- 6.3.5. South Korea Market
- 6.3.6. Rest of Asia-Pacific Market
- 6.4. Latin America
- 6.4.1. Brazil Market
- 6.4.2. Mexico Market
- 6.4.3. Rest of Latin America Market
- 6.5. Middle East & Africa
- 6.5.1. Saudi Arabia Market
- 6.5.2. South Africa Market
- 6.5.3. Rest of Middle East & Africa Market
Chapter 7. Competitive Intelligence
- 7.1. Key Company SWOT Analysis
- 7.2. Top Market Strategies
- 7.3. Company Profiles
- 7.3.1. Latrobe Magnesium
- 7.3.1.1. Key Information
- 7.3.1.2. Overview
- 7.3.1.3. Financial (Subject to Data Availability)
- 7.3.1.4. Product Summary
- 7.3.1.5. Market Strategies
- 7.3.2. Regal Metal
- 7.3.3. Shanghai Sunglow Investment (Group) Co., Ltd.
- 7.3.4. SolikamskDesulphurizer Works (SZD)
- 7.3.5. VSMPO-Avisma Corp.
- 7.3.6. Western Magnesium Corp.
- 7.3.7. U.S. Magnesium LLC
- 7.3.8. Magontec
- 7.3.9. RIMA Group
- 7.3.10. Dead Sea Magnesium
- 7.3.11. Shanxi Bada Magnesium Group Co., Ltd.
- 7.3.12. POSCO
- 7.3.13. Nippon Kinzoku Co. Ltd.
- 7.3.14. Alliance Magnesium
- 7.3.15. Esan Eczacibasi
- 7.3.1. Latrobe Magnesium
Chapter 8. Research Process
- 8.1. Research Process
- 8.1.1. Data Mining
- 8.1.2. Analysis
- 8.1.3. Market Estimation
- 8.1.4. Validation
- 8.1.5. Publishing
- 8.2. Research Attributes
