Magnesium Market to hit US$ 42.98 billion by 2032, Asia pacific led 40% of global market share | Key Players:- Dead Sea Magnesium Ltd., US Magnesium LLC, Gossan Resources.

Global Magnesium Market reached US$ 27.65 billion in 2024 and is expected to reach US$ 42.98 billion by 2032, growing with a CAGR of 5.67% during the forecast period 2025-2032.

The increased demand for magnesium alloys in numerous end-use sectors has resulted in a tremendous expansion in the magnesium market. Magnesium alloys are alloys composed of magnesium with additional metals such as aluminum, zinc, manganese, silicon, copper, rare earth and zirconium. For instance, in September 2023, Baosteel Metal, a Chinese lightweight material company, made an agreement with the Hebei local government to make magnesium alloy industrial park in the city of Henan province, North China.

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Key Industry Development-

✅ September 2025: Development/Bankruptcy Filing: U.S. Magnesium, the only primary magnesium metal producer in the United States, filed for Chapter 11 bankruptcy protection due to a long-standing environmental dispute with the state of Utah regarding halide emissions. This action poses significant supply chain and national security concerns, potentially increasing U.S. reliance on imports.

✅ June 2025: Development/Production Milestone: A U.S.-based company developing a pilot plant in California using sea brine as a source material announced that it had successfully produced and sold commercial quality magnesium metal from its operations. This followed an agreement signed in April 2025 to purchase magnesium chloride from a local salt producer.

✅ February 2025: Development/Funding: The U.S. Department of Defense awarded a $28 million grant through the Defense Production Act Title III program to support a company in developing a pilot plant for domestic magnesium production from sea brine. This funding aims to increase domestic supply and reduce import dependence.

✅ January 2025: Product Launch: Viridian Nutrition won a 2025 "Best New Product Award" for its Ionic Liquid Magnesium, praised for its high absorption and sustainable sourcing from the Great Salt Lake in Utah.

✅ October 2025: Development/Pricing: The quarterly premium for major Japanese ports (MJP) settled at $86 per ton for the fourth quarter, a decrease of $22 per ton compared to the third quarter. This price drop reflects softening market conditions and increased competition.

✅ September 2025: Development: The Japanese automotive industry continues to focus on using magnesium alloys to reduce vehicle weight, helping original equipment manufacturers (OEMs) comply with regulatory fuel economy standards and reduce emissions. This trend is driven by the growing demand for lightweight materials in electric vehicles (EVs)

Recent Market Trends:-

→ U.S. Magnesium filed for Chapter 11 bankruptcy protection due to an environmental dispute with the state of Utah (September 2025). This event, while a bankruptcy rather than an M&A, has major implications for the market as U.S. Magnesium is the only primary producer in the United States, impacting domestic supply chains.

→ The U.S. Department of Defense awarded a $28 million grant to support a company in developing a pilot plant for domestic magnesium production (February 2025). This was a government investment through the Defense Production Act Title III program rather than an M&A, aiming to increase domestic supply and reduce import dependence.

→ A U.S.-based company developing a pilot plant in California successfully produced and sold commercial quality magnesium metal from its operations (June 2025). The company had signed an agreement in April 2025 to purchase magnesium chloride from a local salt producer to facilitate this new production source.

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Market Segment Analysis

→ By Product
Primary magnesium metal and magnesium alloys hold the largest market share, driven by high use in automotive, aerospace, and aluminum alloying. Magnesium compounds form a smaller revenue share, mainly used in refractories, chemicals, and fertilizers.

→ By Application
Die casting dominates magnesium demand due to lightweight automotive and industrial components. Aluminum alloying and metallurgical uses form the next major share, while niche uses like pyrotechnics and anodes contribute smaller shares.

→ By End-User
Automotive and transportation lead magnesium consumption through extensive die-cast parts and alloys. Aerospace, electronics, and machinery provide a strong secondary share, while construction, energy, and other industries hold smaller portions.

Regional insights:-
→ Asia Pacific (APAC): Most recent sources place APAC at roughly 40% of global magnesium market share, driven by China's dominant production and strong demand from automotive, construction, electronics, and aerospace.​

→ North America: Generally characterized as a "significant" but secondary region, implied in many reports to be in the mid‐teens to around 20% of global share, supported by aerospace, automotive lightweighting, and defense demand in the United States.​

→ Europe: Typically similar to or slightly below North America in share, often estimated in the low‐ to mid‐teens, with demand linked to automotive OEMs, industrial alloys, and decarbonization‐driven light‐weighting.

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Major Players:-
→ The major global players in the market include Dead Sea Magnesium Ltd., US Magnesium LLC, Gossan Resources, Wenxi YinGuang Magnesium Industry (Group) Co. Ltd, Latrobe Magnesium, POSCO, RI.MA Group srl, Solikamsk Magnesium Works OAO, Shanxi Wenxi Hongfu Magnesium Co., Ltd. and Taiyuan Tongxiang Magnesium Co., Ltd.

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