by Magnesium metal has the highest strength-to-weight ratio among all structural metals. It is one-third lighter than aluminum and five times lighter than steel. Magnesium metal is a versatile commodity widely used for applications such as die-casting, steel desulfurization, agriculture and fireworks.
The global Magnesium Metal Market is estimated to be valued at US$ 5.17 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Die casting applications account for around two-third of total magnesium metal consumption globally. Magnesium alloys have excellent castability and they possess high strength to weight ratio, which promotes their use in die casting automotive and electronics components. The use of magnesium in die casting applications is expected to grow significantly over the forecast period supported by positive outlook of automotive production. Increasing penetration of magnesium alloys for lightweighting in automotive is one of the major factor driving the growth of global magnesium metal market during the forecast period.
SWOT Analysis
Strength: Magnesium metal is light in weight and provides good strength, which makes it suitable for various applications where lightweight structures are required. It has high thermal conductivity, which enables its use in manufacturing automobile parts.
Weakness: Magnesium metal is highly combustible in its pure form and requires protective coating for various applications. It is also difficult and expensive to produce magnesium due to high energy requirements in the production process.
Opportunity: Increasing adoption of magnesium in automotive, aerospace and other industries to reduce weight and improve fuel efficiency. Growing demand for magnesium from the desulphurization industry also offers lucrative opportunities.
Threats: Volatility in raw material prices and stringent environmental regulations for magnesium metal production are major threats. Substitute materials like aluminum and plastics can also replace magnesium in certain applications.
Key Takeaways
The Global Magnesium Metal Market Growth is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing adoption in the automotive industry. Magnesium is increasingly used in manufacturing automobile parts to reduce vehicle weight and improve fuel efficiency.
Regional analysis: Asia Pacific dominates the global magnesium metal market and is expected to remain the fastest growing regional market during the forecast period. Abundant availability of raw materials and presence of key manufacturing countries like China, Japan, and South Korea drives the APAC magnesium metal market.
Key players operating in the magnesium metal market are US Magnesium LLC., Dead Sea Magnesium Ltd., POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Shanxi Wenxi Hongfu Magnesium Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd., and Taiyuan Tongxiang Magnesium Co., Ltd. These companies are focusing on capacity expansion and new product launches to strengthen their position in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
