Press release
Metal Magnesium Industry Outlook 2025-2029: Market Set to Cross $6.59 Billion Milestone
Metal Magnesium Market
How Large Will the Metal Magnesium Market Size By 2025?
The magnesium metal market has seen robust growth in recent years. Projected to expand from $4.67 billion in 2024 to $4.97 billion in 2025, the market is expected to register a compound annual growth rate (CAGR) of 6.4%. The historic growth can be traced back to the increasing demand for lightweight materials in the automotive industry, the proliferation of the aerospace industry, the integration of magnesium alloys in electronics and consumer goods, the rising application of magnesium in medical implants and healthcare services, and government initiatives endorsing the usage of magnesium metal.
How Big Is the Metal Magnesium Market Size Expected to Grow by 2029?
The market size of metallic magnesium is anticipated to witness robust growth in the coming years, reaching $6.59 billion in the year 2029 with a 7.3% compound annual growth rate (CAGR). This expansion during the predicted period is linked to the escalating demand for magnesium in battery technologies, the burgeoning renewable energy sector, wider use of magnesium in 3D printing and additive manufacturing, growing recognition and utilization of magnesium in the construction sector, and the research and innovation in magnesium-infused materials for enhanced features. Over the forecast period, some key trends include the production of high-strength and corrosion-resistance, the use of magnesium in creating lightweight structural parts, investigating the potential of magnesium for hydrogen storage, a focus on sustainable and environmentally-friendly manufacturing of magnesium, and cooperation between various industries for the cross-use of magnesium.
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Which Key Market Drivers Powering Metal Magnesium Market Expansion and Growth?
The surge in attention toward lightweight automotive vehicles is propelling the expansion of the metal magnesium market. The escalating interest in automobile lightweighting is driven by several reasons such as the improvement of significant fuel efficiency, enhancement in the aesthetic look and feel, in addition to meeting emission standards. This growing interest ensures a high demand for metal magnesium, attributable to its property of being lightweight. Magnesium facilitates the creation of light products and is progressively being incorporated into automotive applications. Magnesium is utilized in crafting door frames, steering wheel bases, cross-car panel beams, seat structures, fuel cap covers among other parts, thus making them lighter for incorporation in automotive vehicles. For example, the United States Department of Energy reports indicate that a decrease in vehicle weight by 10% can potentially increase fuel economy by between 6% and 8%. Switching from cast iron and conventional steel components in automobiles to lightweight materials like magnesium (Mg) alloys, high-strength steel, aluminum (Al) alloys, carbon fiber, and polymer composites can decrease the weight of the vehicle's body and frame by as much as 50%, subsequently lowering fuel usage. By the year 2030, utilizing lightweight components and high-efficiency engines made possible by advanced materials in a quarter of the US fleet could result in fuel savings of over 5 billion gallons. Thus, the intensifying trend of automobile lightweighting is expected to fuel the expansion of the metal magnesium market.
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Which Fast-Growing Trends Are Poised to Disrupt the Metal Magnesium Market?
Establishing strategic alliances has become a significant trend in the metal magnesium market. Various entities - such as companies active in this market and research institutions or academies - are consolidating their efforts for magnesium metal research and development through partnerships. These collaborations not only generate synergy amongst the entities involved, but also foster the creation of new, multifunctional magnesium metals. Through such alliances, key players in the metal magnesium market can bolster their market presence with innovative strategies. For example, in January 2023, Canada-based magnesium product and crucial minerals manufacturer Alliance Magnesium Inc., formed a strategic collaboration with Triple M Metal, a Canadian metal recycling company. Their goal is to enhance the recycling of magnesium metal at Alliance's Danville foundry. The alliance seeks to leverage Triple M's global networks and functions to boost sourcing for Alliance's existing recycling operations, while also broadening Triple M's product and service offerings to its customers. This strategic alignment not only propels Alliance's goal to become a leading regional supplier of essential minerals to the North American market, but also paves the way for a circular economy.
What Are the Emerging Segments in the Metal Magnesium Market?
The metal magnesium market covered in this report is segmented -
1) By Product: Pure Magnesium, Magnesium Compounds, Magnesium Alloys
2) By Manufacturing Process: Thermal Reduction Process, Electrolyte Process, Recycling
3) By Application: Die Casting, Aluminum Alloys, Titanium Reduction, Iron And Steel Making, Other Applications
4) By End-User Industry: Automotive, Aerospace, Electronics, Sports, Medical, Other End User
Subsegments:
1) By Pure Magnesium: Cast Magnesium, Extruded Magnesium
2) By Magnesium Compounds: Magnesium Oxide, Magnesium Hydroxide, Magnesium Chloride
3) By Magnesium Alloys: Cast Alloys, Wrought Alloys
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Who Are the Global Leaders in the Metal Magnesium Market?
Major companies operating in the metal magnesium market include Alliance Magnesium Inc., Wenxi YinGuang Magnesium Industry Co. Ltd., Nippon Kinzoku Co. Ltd., POSCO India Pvt. Ltd., Taiyuan Tongxiang Magnesium Co. Ltd., US Magnesium LLC, Dead Sea Magnesium Ltd., Nanjing Yunhai Special Metals Co. Ltd., Solikamsk Magnesium Works OAO, IMA Industrial S/A, Shanxi Bada Magnesium Co. Ltd., Western Magnesium Corporation, Fu Gu Yi De Magnesium Alloy Co. Ltd., American Magnesium LLC, Shanxi Shuifa Zhenxin Magnesium Industry Co. Ltd., Metallic Corporation of India, Jayesh Industries Ltd., Magontec Ltd., Esan Eczacibasi Holding A. S., Shanghai Sunglow Investment (Group) Co. Ltd., VSMPO-Avisma Corp., Latrobe Magnesium Ltd., Baoji Yuhang Nonferrous Metal Co. Ltd., Nantong Changhai Magnesium Alloy Co. Ltd., Qinghai West Magnesium Mining Co. Ltd., China Magnesium Corporation
Which are the Top Profitable Regional Markets for the Metal Magnesium Industry?
Asia-Pacific was the largest region in the metal magnesium market in 2024. The regions covered in the metal magnesium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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