The Global Metal Magnesium Market accounted for US$4,319 Mn in 2020 and is expected to reach US$6,434 Mn with a considerable CAGR of 5.4% during the forecast period of 2021 to 2028.
Metal magnesium, a silvery-white metal, is the lightest of all metal elements, and its lightweight and strength make it an ideal metal for structural alloys. Magnesium is found in both the crust and the mantle of the Earth. The metal is also the third-most prevalent mineral dissolved in saltwater, with a concentration of 0.13%. According to the U.S. Geological Survey, magnesium is the eighth-most plentiful element in the universe.
Market Growth Drivers:
|Market||Metal Magnesium Market|
|Market Size 2020||US $4,319Mn|
|Market Forecast 2028||US $6,434Mn|
|CAGR||5.4 % During 2021 - 2028|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By State, By Storage Technology, By End-User, and By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Alliance Magnesium, Nippon Kinzoku Co. Ltd., Magontec Ltd, Shanxi WenxiZhenxin Magnesium Co., Ltd.,Latrobe Magnesium, POSCO, Shanxi WenxiHongfu Magnesium Co., Ltd., Regal Metal, Taiyuan Tongxiang Magnesium Co., Ltd.,US Magnesium LLC., RIMA Group, WenxiYinGuang Magnesium Industry (Group) Co., Ltd., and Western Magnesium Corp.among others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Covid-19 Impact on the Global Metal Magnesium Industry
According to the US Geological Survey, prices and demand for magnesium changed from 2020 to 2021 due to the COVID-19 pandemic. China's producers shut down some capacity in January and February 2020, claiming travel and work restrictions, and lower demand due to the pandemic. In addition, prices in Europe fell in April and May due to lower demand but rose in mid-2020. Magnesium prices in Europe have risen due to lower output in China during the summer. However, once the recovery begins in 2021, big businesses are regaining ground by expanding production, maximizing capacity, and selling online in 2021, all while adhering to the COVID-19 standards.
The growing application of magnesium in automotive industry is the primary factor driving the growth of global metal magnesium market. Magnesium's use in automotive applications has grown in popularity over the last decade because of growing environmental and governmental pressures. According to the International Magnesium Association, magnesium is currently employed in steering wheels, seat frames, fuel tank covers, as well as in the gearbox, front end, IP beams, steering column, and driver's airbag housings. Similarly, growth in the usage of magnesium in electronic devices has also propelled the demand for the global market. Small and portable gadgets are on the rise in the current industry. In addition to hard drive arms, cameras, mobile phones, laptops, and portable media device housings are all typical applications of magnesium. Then again, rising magnesium demand from aluminum alloys and die casting in numerous end-use industries is also expected to boost industry growth.
Few restraints such as high corrosion rate and restricted strength and creep resistance at high temperature don’t allow magnesium to be applicable in a lot of applications. Furthermore, positive growth aspects from the aerospace industry are expected to create abundant opportunities for the market in the coming future. In order to comply with severe emission requirements and regulations enforced by various regulatory authorities and associations, airplane manufacturers around the world have focused on building lighter and more fuel-efficient aircrafts over the years. Modern aircrafts contain several engines and other associated components composed of magnesium metal and magnesium alloys. For instance, magnesium is used in thrust reversers for the Boeing 737, 747, 757, and 767, as well as jet engine fan frames and airplane and helicopter transmission casings.
The global metal magnesium market is segmented based on application, end-user industry, and region.
Market by Application
Among applications, the die casting segment obtained the uppermost shares in 2020. Magnesium casting has a number of advantages. Magnesium not only has the lightest weight of all the structural materials but also has the best stiffness and strength-to-weight ratios. It also has excellent EMI and RFI shielding capabilities, making it ideal for connections and electrical housings. It is also used in hospital rooms to safeguard medical and laboratory equipment from other interfering signals.
Market by End-User Industry
In 2020, automotive industry was the largest contributor to the growth of metal magnesium market. Magnesium in automobiles can help to reduce overall weight and improve each of these characteristics. Many prominent car firms have already replaced steel and aluminum in various elements of their products with magnesium in order to reduce vehicle weight in recent years. These include Audi, Jaguar, Daimler (Mercedes-Benz), Fiat, Ford, and Kia Motors Corporation, to name a few.
Metal Magnesium Market Regional Overview
Middle East & Africa
China with more than 25 magnesium deposits is the leading regional market in APAC
The Asia-Pacific region accounted for the majority of share during the forecast period. The high growth in the region is attributed to the largest number of magnesium deposits in the region, especially in China. China dominated the region with the maximum share in 2020 due to the increased demand for consumer products and the use of magnesium metal and alloys in the production of vehicle parts. Moreover, growing applications in the automotive and aerospace industry in China has also gathered a significant amount of share. In addition, propelling demand from steel industry in Japan and India will also help to keep the region in a dominant position during the review period 2021 – 2028. Moreover, North America accounted for the second-biggest share in 2020, owing to the flourished aerospace and automotive industry and from the breakthroughs that have been achieved in the manufacturing of low-cost environmentally friendly magnesium matter.
This section of the research identifies a number of significant market players. Some of the prominent vendors offered in the report include Alliance Magnesium, Nippon Kinzoku Co. Ltd., Magontec Ltd, Shanxi WenxiZhenxin Magnesium Co., Ltd.,Latrobe Magnesium, POSCO, Shanxi WenxiHongfu Magnesium Co., Ltd., Regal Metal, Taiyuan Tongxiang Magnesium Co., Ltd.,US Magnesium LLC., RIMA Group, WenxiYinGuang Magnesium Industry (Group) Co., Ltd., and Western Magnesium Corp.among others.
Companies in the business participate in a number of strategic operations in order to obtain a major foothold in the competitive landscape.
For instance, in December 2020 – Western Magnesium Corporation declared that it has reached a point in its development when the Sales and Corporate Partnerships Division can be formed.Western Magnesium Corporation officially engages with firms in a variety of industries, including automotive, aerospace, green technology, the US Government, and the Department of Defense, who are interested in the manufacturing of magnesium metal, through this division.
In Sept 2020 – Alliance Magnesium and the Carrefour de I'Innovation have agreed to work together on resources from the MRC des Sources. Alliance Magnesium will have 50 percent of the CIMMS facilities, equipment, and technical staff, as well as unlimited access to the laboratory, under the terms of the arrangement, which will last at least two years.
The estimated value of global Metal Magnesium Market in 2020 was accounted to be US$4,319 Mn
The projected CAGR of Metal Magnesium market during the analysis period of 2021 to 2028 is 5.4%
The prominent players of the global Metal Magnesium Marketinvolve Alliance Magnesium, Nippon Kinzoku Co. Ltd., Dead Sea Magnesium Ltd, Latrobe Magnesium, POSCO, RIMA Group, Shanxi WenxiHongfu Magnesium Co., Ltd., Shanxi WenxiZhenxin Magnesium Co., Ltd.,SolikamskDesulphurizer Works Ltd., Taiyuan Tongxiang Magnesium Co., Ltd.,US Magnesium LLC., WenxiYinGuang Magnesium Industry (Group) Co., Ltd., Western Magnesium Corp.and others
Asia-Pacific held the dominating share for Metal Magnesium during the analysis period of 2021 to 2028
Which region exhibited the fastest growing CAGR for the forecast period of 2021 to 2028?
Growing focus on automotive light weighting, surging demand for magnesium to alloy with different metals, and growth in production of airplanes are the prominent factors that fuel the growth of global metal magnesium Market
Based on application, die casting segment held the maximum share for Metal Magnesium Market in 2020