Magnesium Market to grow by USD 1.77 Billion from 2025-2029, high demand for steel boosts the market, AI reshaping trends - Technavio

NEW YORK, Jan. 31, 2025 /PRNewswire/ -- Report with market evolution powered by AI - The global magnesium market size is estimated to grow by USD 1.77 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of almost 5.7% during the forecast period. High demand for steel from various end-use industries is driving market growth, with a trend towards new production facilities in US and Canada. However, availability of substitutes for magnesium metal poses a challenge. Key market players include Eczacibasi Holding AS, ICL Group Ltd., Latrobe Magnesium Ltd., Mag Specialties Inc., MAGONTEC Ltd., Meridian Lightweight Technologies Inc., NIPPON KINZOKU co. Ltd., POSCO holdings Inc., RIMA INDUSTRIAL, Shaanxi Tianyu Magnesium Group Co. Ltd., Shanghai Regal Metal Materials Co. Ltd., Shanxi Bada Magnesium Co. Ltd., Shanxi Yinguang Huasheng Magnesium Co. Ltd., Smiths Metal Centres Ltd., Southern Magnesium and Chemicals Ltd., Stolfig Leichtbau Kompetenzzentrum GmbH, Thermo Fisher Scientific Inc., Tongxiang Magnesium (Shanghai) Co. Ltd., US Magnesium LLC, VSMPO-AVISMA Corp., West High Yield Resources, and Western Magnesium Corp..

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Market Driver

The Magnesium market is experiencing significant growth due to its increasing usage in various industries. In the Aerospace sector, magnesium's lightweight properties make it ideal for manufacturing aerospace parts, including aircraft engines, engine cooling systems, and structural components for commercial and military aviation. The automotive industry also utilizes magnesium in automotive components, such as steering columns, wheels, and seat frames, due to its high strength-to-weight ratio and corrosion resistance. Moreover, the electric vehicle segment is driving demand for magnesium in battery-powered EVs due to its energy efficiency and lightweight properties. The construction industry uses magnesium in the production of fiber metal laminates and plates and sheets for constructing spacecraft and other lightweight structures. Magnesium's good chemical stability and machinability make it suitable for various industrial processes, including die casting and manufacturing of household appliances, portable tools, and electronic portables. Additionally, magnesium's electrical automotive applications include engine cooling systems and electromagnetic screening property in electrical automotive components. Environmental concerns and pollution control norms are driving the demand for magnesium's lightweight properties in reducing the overall weight of aircraft, automobiles, and other industrial machinery, leading to lower carbon emissions. The market for magnesium is expected to grow further in the coming years, with an increasing focus on energy storage, heat conductivity, and lightweight materials for various applications. 

China is the leading producer of magnesium in the global market. To encourage domestic production and reduce dependence on imports, anti-dumping duties have been imposed on Chinese magnesium exports. In Canada, companies like West High Yield Resources are making strides in increasing domestic production. They have received permits to extract magnesium from deposits in British Columbia and plan to construct mines and smelters if extraction is successful. Ohio recently welcomed a partnership between Western Magnesium and local economic development groups to boost magnesium production in the region. 

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Market Challenges

• The Magnesium market faces significant challenges in various industries such as Aerospace and Defense, where lightweight components like magnesium alloys are essential for manufacturing aerospace parts and producing aircraft with high-strength-to-weight ratios. The automotive sector also relies on magnesium for automotive component manufacturing, especially in the production of lightweight parts for electric vehicles and battery-powered EVs. Environmental concerns and pollution control norms pose challenges for magnesium mining and industrial processes. The aluminum industry, which competes with magnesium for market share in lightweight materials, also impacts magnesium demand. Moreover, the price of metals like magnesium, titanium, and aluminum, as well as the availability of resources, can significantly affect the market. In the aerospace industry, magnesium's corrosion resistance, heat conductivity, and electromagnetic screening property make it an ideal choice for aircraft, helicopters, and spacecraft manufacturing. The construction process of spacecraft and commercial aircraft requires magnesium's lightweight properties, high ductility, and good chemical stability. In the automotive sector, magnesium is used in engine cooling systems, seat frames, steering columns, and wheels due to its high strength, low density, and machinability. The electronic industry utilizes magnesium in various applications, including portable tools, laptops, and electronic portables, due to its thermal heat capacity and electrical conductivity. In the medical and healthcare sector, magnesium is used in medical equipment and implants due to its biocompatibility and stability. The magnesium market's future growth is influenced by factors like the increasing demand for lightweight materials in the automotive and aerospace industries, the growth of the electric vehicle segment, and the construction process of spacecraft and commercial aircraft. However, challenges like environmental concerns, pollution control norms, and competition from other lightweight materials like carbon fiber composites and titanium alloys may impact the market's growth.
• The magnesium market encounters notable challenges due to the availability of alternative materials, including aluminum, carbon fiber, and high-strength steel. In the automotive and aerospace sectors, these substitutes are increasingly favored for their superior properties and cost-effectiveness. Aluminum, for instance, is popular due to its lightweight, corrosion-resistance, and affordability compared to magnesium. Carbon fiber, despite being costlier, offers remarkable strength-to-weight ratios, making it suitable for high-performance applications. High-strength steel provides durability and cost advantages, particularly in structural components. The competition intensifies as material science advancements continually enhance the performance and lower the costs of these alternatives.

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Segment Overview 

This magnesium market report extensively covers market segmentation by

• 1.1 Die castings
• 1.2 Aluminum alloys
• 1.3 Iron and steel desulfurization
• 1.4 Others

• 2.1 Aerospace
• 2.2 Automotive
• 2.3 Electronics
• 2.4 Medical
• 2.5 Others

• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Die castings- Magnesium is a popular choice in die casting due to its desirable properties for manufacturing lightweight and components. The die casting process involves injecting molten magnesium under high pressure into a mold, enabling the creation of intricate shapes with minimal post-processing. With a low density, magnesium is ideal for weight-sensitive industries like aerospace and automotive. Its good thermal conductivity facilitates quick cooling during casting. Additionally, magnesium's high strength-to-weight ratio, resistance to corrosion, and ease of machining make it an attractive option for die casting applications. The automotive sector's growth is driving the increased use of magnesium in die casting for parts such as wheels, chassis, suspension systems, and body panels. The Asia Pacific region, home to major automotive manufacturers in China, India, and Japan, is expected to dominate the market's growth due to this trend. The automotive industry's demand for lightweight materials to produce powertrain components that withstand high temperatures and heavy loads is a significant factor. Magnesium's unique features, including die castability and damping capacity, make it an essential component in this sector's growth.

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Research Analysis

The magnesium market is experiencing significant growth due to the increasing demand for lightweight components in various industries. Magnesium, with its high electromagnetic screening property and heat conductivity, is an ideal choice for die casting in aluminum alloys. The automotive and aerospace sectors are major consumers of magnesium, with automobile manufacturers using it for producing lightweight and strong parts, and aerospace companies for manufacturing plates and sheets for aerospace parts manufacturing. The prices of metals, including magnesium, have been on the rise due to increasing demand and production costs. The electric vehicle manufacturing sector is also showing interest in magnesium for its lightweight properties, which is essential for improving the thermal heat capacity and ductility of electric car batteries. Tools and machinery used in die-casting aluminium alloys also require magnesium for their production. Overall, the market for magnesium is expected to grow further, driven by the increasing demand for lightweight and efficient components in the automotive, aerospace, and electronics industries.

Market Research Overview

The Magnesium market is a significant player in various industries, including Aerospace and Defense, Automobiles, and Electronics. Magnesium's unique properties, such as high strength-to-weight ratio, corrosion resistance, and good chemical stability, make it an ideal choice for manufacturing aerospace parts, including aircraft engines, engine cooling systems, and lightweight components for commercial and general aviation aircraft. In the automotive sector, magnesium is used in automotive component manufacturing, particularly for producing lightweight parts for electric vehicles (EVs) and hybrid cars. The market also caters to the construction process of spacecraft and the manufacturing of batteries for electric cars. Additionally, magnesium is used in various industrial processes, from producing aluminum and aluminum alloys to manufacturing household appliances, tools, and machinery. Environmental concerns and pollution control norms have increased the demand for magnesium due to its lightweight properties and energy efficiency. The market also serves the medical and healthcare industry, where magnesium is used in various medical applications. Overall, the Magnesium market is a diverse and essential ecosystem, catering to various industries and applications, from aerospace and defense to automotive and electronics.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Die Castings
• Aluminum Alloys
• Iron And Steel Desulfurization
• Others
• End-user
• Aerospace
• Automotive
• Electronics
• Medical
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio