Global Magnesium Market
Description
Magnesium Market size was valued at USD 3.81 Billion in 2023 and is poised to grow from USD 4.0 Billion in 2024 to USD 6.98 Billion by 2032, growing at a CAGR of 7.4% during the forecast period (2025-2032).
The global magnesium market is experiencing significant growth driven by increasing demand across various applications, including die-casting and aluminum alloys for industrial uses. Magnesium's unique properties—such as electromagnetic characteristics, thermal capacity, and strength—make it ideal for emerging technologies in the automotive, aerospace, and electric vehicle sectors. Production levels reached approximately 950,000 metric tons in 2019, reflecting this rising demand. As a lightweight metal with superior energy storage capabilities, magnesium is anticipated to become a more stable alternative to lithium-ion batteries. It also plays a vital role in electronics, including TVs and laptops, while innovative initiatives are expanding its use in aluminum-magnesium alloys for beverage cans, further enhancing magnesium's market share.
Top-down and bottom-up approaches were used to estimate and validate the size of the Magnesium market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Magnesium Market Segments Analysis
Global Magnesium Market is segmented by Type, Form, Application and region. Based on Type, the market is segmented into Magnesium Oxide, Magnesium Citrate, Magnesium Sulfate, Magnesium Hydroxide and Others. Based on Form, the market is segmented into Solid, Liquid, Powder and Others. Based on Application, the market is segmented into Die Casting, Aluminum Alloys, Titanium Reduction, Iron & Steel Making and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Magnesium Market
The magnesium market is significantly driven by its exceptional ability to withstand extreme conditions, making it ideal for use in ballistic missiles and spacecraft. These applications demand lightweight materials that can effectively resist electromagnetic waves emitted from close proximity. Notably, the UK Armed Forces have allocated a substantial budget of $36.77 billion for military aircraft by the year 2029, which further supports the demand for magnesium in the aerospace sector. This increased governmental investment in defense projects reinforces its crucial role in aerospace and spacecraft production, thereby propelling the growth of the magnesium market in these specialized industries.
Restraints in the Magnesium Market
One of the significant constraints in the magnesium market pertains to the construction process, as magnesium has a strong affinity for oxygen, leading to rapid oxidation. This reaction can have adverse effects during construction, making the overall process slower and more complicated. Consequently, this issue limits magnesium's applicability within critical sectors such as aerospace and automotive industries, where concerns about both surface and subsurface damage due to oxidation are paramount. The hesitation to fully utilize magnesium in these high-stakes fields stems from the need for reliable materials that can withstand harsh environments without compromising performance or safety.
Market Trends of the Magnesium Market
The magnesium market is witnessing a robust trend toward the utilization of magnesium in advanced manufacturing processes, particularly in the production of fiber metal laminates and carbon fiber composites. This shift is largely driven by magnesium's competitive cost and its exceptional strength-to-weight ratio, making it an attractive alternative to traditional materials. Industries, particularly automotive and aerospace, are increasingly adopting magnesium-based solutions to enhance fuel efficiency and reduce emissions without sacrificing performance and durability. As a result, the demand for magnesium in composite applications is expected to rise, signaling a promising growth trajectory for the market in the coming years.
The global magnesium market is experiencing significant growth driven by increasing demand across various applications, including die-casting and aluminum alloys for industrial uses. Magnesium's unique properties—such as electromagnetic characteristics, thermal capacity, and strength—make it ideal for emerging technologies in the automotive, aerospace, and electric vehicle sectors. Production levels reached approximately 950,000 metric tons in 2019, reflecting this rising demand. As a lightweight metal with superior energy storage capabilities, magnesium is anticipated to become a more stable alternative to lithium-ion batteries. It also plays a vital role in electronics, including TVs and laptops, while innovative initiatives are expanding its use in aluminum-magnesium alloys for beverage cans, further enhancing magnesium's market share.
Top-down and bottom-up approaches were used to estimate and validate the size of the Magnesium market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Magnesium Market Segments Analysis
Global Magnesium Market is segmented by Type, Form, Application and region. Based on Type, the market is segmented into Magnesium Oxide, Magnesium Citrate, Magnesium Sulfate, Magnesium Hydroxide and Others. Based on Form, the market is segmented into Solid, Liquid, Powder and Others. Based on Application, the market is segmented into Die Casting, Aluminum Alloys, Titanium Reduction, Iron & Steel Making and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Magnesium Market
The magnesium market is significantly driven by its exceptional ability to withstand extreme conditions, making it ideal for use in ballistic missiles and spacecraft. These applications demand lightweight materials that can effectively resist electromagnetic waves emitted from close proximity. Notably, the UK Armed Forces have allocated a substantial budget of $36.77 billion for military aircraft by the year 2029, which further supports the demand for magnesium in the aerospace sector. This increased governmental investment in defense projects reinforces its crucial role in aerospace and spacecraft production, thereby propelling the growth of the magnesium market in these specialized industries.
Restraints in the Magnesium Market
One of the significant constraints in the magnesium market pertains to the construction process, as magnesium has a strong affinity for oxygen, leading to rapid oxidation. This reaction can have adverse effects during construction, making the overall process slower and more complicated. Consequently, this issue limits magnesium's applicability within critical sectors such as aerospace and automotive industries, where concerns about both surface and subsurface damage due to oxidation are paramount. The hesitation to fully utilize magnesium in these high-stakes fields stems from the need for reliable materials that can withstand harsh environments without compromising performance or safety.
Market Trends of the Magnesium Market
The magnesium market is witnessing a robust trend toward the utilization of magnesium in advanced manufacturing processes, particularly in the production of fiber metal laminates and carbon fiber composites. This shift is largely driven by magnesium's competitive cost and its exceptional strength-to-weight ratio, making it an attractive alternative to traditional materials. Industries, particularly automotive and aerospace, are increasingly adopting magnesium-based solutions to enhance fuel efficiency and reduce emissions without sacrificing performance and durability. As a result, the demand for magnesium in composite applications is expected to rise, signaling a promising growth trajectory for the market in the coming years.
Table of Contents
247 Pages
- 1. Introduction
- 1.1. Objectives of the Study
- 1.2. Scope of the Report
- 1.3. Definitions
- 2. Research Methodology
- 2.1. Information Procurement
- 2.2. Secondary & Primary Data Methods
- 2.3. Market Size Estimation
- 2.4. Market Assumptions & Limitations
- 3. Executive Summary
- 3.1. Global Market Outlook
- 3.2. Supply & Demand Trend Analysis
- 3.3. Segmental Opportunity Analysis
- 4. Market Dynamics & Outlook
- 4.1. Market Overview
- 4.2. Market Size
- 4.3. Market Dynamics
- 4.3.1. Driver & Opportunities
- 4.3.2. Restraints & Challenges
- 4.4. Porters Analysis & Impact
- 4.4.1. Competitive rivalry
- 4.4.2. Threat of substitute
- 4.4.3. Bargaining power of buyers
- 4.4.4. Threat of new entrants
- 4.4.5. Bargaining power of suppliers
- 5. Key Market Insights
- 5.1. Key Success Factors
- 5.2. Degree of Competition
- 5.3. Top Investment Pockets
- 5.4. Market Ecosystem
- 5.5. Market Attractiveness Index, 2024
- 5.6. PESTEL Analysis
- 5.7. Macro-Economic Indicators
- 5.8. Value Chain Analysis
- 5.9. Pricing Analysis
- 5.10. Technological Advancement
- 5.11. Regulatory Landscape
- 5.12. Case Studies
- 6. Global Magnesium Market Size by Type & CAGR (2025-2032)
- 6.1. Market Overview
- 6.2. Magnesium Oxide
- 6.3. Magnesium Citrate
- 6.4. Magnesium Sulfate
- 6.5. Magnesium Hydroxide
- 6.6. Others
- 7. Global Magnesium Market Size by Form & CAGR (2025-2032)
- 7.1. Market Overview
- 7.2. Solid
- 7.3. Liquid
- 7.4. Powder
- 7.5. Others
- 8. Global Magnesium Market Size by Application & CAGR (2025-2032)
- 8.1. Market Overview
- 8.2. Die Casting
- 8.3. Aluminum Alloys
- 8.4. Titanium Reduction
- 8.5. Iron & Steel Making
- 8.6. Others
- 9. Global Magnesium Market Size & CAGR (2025-2032)
- 9.1. North America, (Application)
- 9.1.1. US
- 9.1.2. Canada
- 9.2. Europe, (Application)
- 9.2.1. UK
- 9.2.2. Germany
- 9.2.3. Spain
- 9.2.4. France
- 9.2.5. Italy
- 9.2.6. Rest of Europe
- 9.3. Asia-Pacific, (Application)
- 9.3.1. China
- 9.3.2. India
- 9.3.3. Japan
- 9.3.4. South Korea
- 9.3.5. Rest of Asia Pacific
- 9.4. Latin America, (Application)
- 9.4.1. Brazil
- 9.4.2. Rest of Latin America
- 9.5. Middle East & Africa, (Application)
- 9.5.1. GCC Countries
- 9.5.2. South Africa
- 9.5.3. Rest of Middle East & Africa
- 10. Competitive Intelligence
- 10.1. Top 5 Player Comparison
- 10.2. Market Positioning of Key Players, 2024
- 10.3. Strategies Adopted by Key Market Players
- 10.4. Recent Developments in the Market
- 10.5. Company Market Share Analysis, 2024
- 10.6. Company Profiles of All Key Players
- 10.6.1. Company Details
- 10.6.2. Product Portfolio Analysis
- 10.6.3. Company’s Segmental Share Analysis
- 10.6.4. Revenue Y-O-Y Comparison (2021-2023)
- 11. Key Company Profiles
- 11.1. U.S. Magnesium LLC
- 11.1.1. Company Overview
- 11.1.2. Business Segment Overview
- 11.1.3. Financial Updates
- 11.1.4. Key Developments
- 11.2. Mag Specialties Inc.
- 11.2.1. Company Overview
- 11.2.2. Business Segment Overview
- 11.2.3. Financial Updates
- 11.2.4. Key Developments
- 11.3. RIMA Group
- 11.3.1. Company Overview
- 11.3.2. Business Segment Overview
- 11.3.3. Financial Updates
- 11.3.4. Key Developments
- 11.4. Alliance Magnesium
- 11.4.1. Company Overview
- 11.4.2. Business Segment Overview
- 11.4.3. Financial Updates
- 11.4.4. Key Developments
- 11.5. Esan Eczacibasi
- 11.5.1. Company Overview
- 11.5.2. Business Segment Overview
- 11.5.3. Financial Updates
- 11.5.4. Key Developments
- 11.6. Latrobe Magnesium
- 11.6.1. Company Overview
- 11.6.2. Business Segment Overview
- 11.6.3. Financial Updates
- 11.6.4. Key Developments
- 11.7. Nippon Kinzoku Co. Ltd.
- 11.7.1. Company Overview
- 11.7.2. Business Segment Overview
- 11.7.3. Financial Updates
- 11.7.4. Key Developments
- 11.8. Regal Metal
- 11.8.1. Company Overview
- 11.8.2. Business Segment Overview
- 11.8.3. Financial Updates
- 11.8.4. Key Developments
- 11.9. Shanghai Sunglow Investment (Group) Co., Ltd.
- 11.9.1. Company Overview
- 11.9.2. Business Segment Overview
- 11.9.3. Financial Updates
- 11.9.4. Key Developments
- 11.10. VSMPO-Avisma Corp.
- 11.10.1. Company Overview
- 11.10.2. Business Segment Overview
- 11.10.3. Financial Updates
- 11.10.4. Key Developments
- 11.11. Western Magnesium Corp.
- 11.11.1. Company Overview
- 11.11.2. Business Segment Overview
- 11.11.3. Financial Updates
- 11.11.4. Key Developments
- 11.12. Met
- 11.12.1. Company Overview
- 11.12.2. Business Segment Overview
- 11.12.3. Financial Updates
- 11.12.4. Key Developments
- 11.13. China Magnesium Corporation Ltd.
- 11.13.1. Company Overview
- 11.13.2. Business Segment Overview
- 11.13.3. Financial Updates
- 11.13.4. Key Developments
- 11.14. POSCO Magnesium Corporation
- 11.14.1. Company Overview
- 11.14.2. Business Segment Overview
- 11.14.3. Financial Updates
- 11.14.4. Key Developments
- 11.15. Norsk Hydro ASA
- 11.15.1. Company Overview
- 11.15.2. Business Segment Overview
- 11.15.3. Financial Updates
- 11.15.4. Key Developments
- 11.16. Dead Sea Magnesium Ltd.
- 11.16.1. Company Overview
- 11.16.2. Business Segment Overview
- 11.16.3. Financial Updates
- 11.16.4. Key Developments
- 11.17. Yinguang Magnesium Industry (Group) Co., Ltd.
- 11.17.1. Company Overview
- 11.17.2. Business Segment Overview
- 11.17.3. Financial Updates
- 11.17.4. Key Developments
- 11.18. Solikamsk Magnesium Works OAO (SMW)
- 11.18.1. Company Overview
- 11.18.2. Business Segment Overview
- 11.18.3. Financial Updates
- 11.18.4. Key Developments
- 11.19. Timminco Limited
- 11.19.1. Company Overview
- 11.19.2. Business Segment Overview
- 11.19.3. Financial Updates
- 11.19.4. Key Developments
- 11.20. JSC Magnezit Group
- 11.20.1. Company Overview
- 11.20.2. Business Segment Overview
- 11.20.3. Financial Updates
- 11.20.4. Key Developments
- 12. Conclusion & Recommendation
Search Inside Report
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
