Magnesium Metal Market Size was valued at USD 5.04 billion in 2023. The Magnesium Metal industry is projected to grow from USD 5.40 Billion in 2024 to USD 8.79 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.27% during the forecast period (2024 - 2032). Increasing product demand from die casting and aluminum alloy applications in various end-use industries is the key market driver enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for magnesium metal is widely used in the manufacturing of metals, especially aluminum alloys, as it adds moderate and high strength characteristics without affecting their ductility. Aluminum alloys that contain magnesium belong to the 5000 series and are available commercially in the form of plates and sheets. These alloys find significant applications in industries such as aerospace parts manufacturing, automotive component manufacturing, industrial components, machinery and tools, and more. The increasing demand for electric vehicles is expected to further drive the demand for aluminum alloys. The trend of lightweight component manufacturing is also fueling the use of magnesium in various applications.
Furthermore, Magnesium is known for its lightweight, high strength, and excellent machinability, making it a popular material for automotive parts such as steering wheels, seat frames, and engine blocks. The use of magnesium in automotive manufacturing has increased over the years, as car manufacturers seek to reduce the weight of their vehicles to improve fuel efficiency and meet environmental regulations.
For instance, The U.S. Department of Energy's (DOE) Vehicle Technologies Office (VTO) has been conducting research and development to improve the use of magnesium in the automotive industry. The VTO released a report in 2015 titled "Multi-Material Lightweight Vehicle Concept" which highlighted the benefits of using magnesium in automotive manufacturing, such as weight reduction and improved fuel efficiency.. Thus, driving the Magnesium Metal market revenue.
In July 2024, JSW Steel enhanced its product mix to reduce India's reliance on coated steel imports with an indigenous Made In India, JSW Magsure. This makes JSW Steel the first and only Indian steel company to manufacture & market such Zinc-Magnesium-Aluminium alloy coated steel product domestically. The unique chemical composition of JSW Magsure has been patented by JSW Steel. Significant use of JSW Magsure is made possible by its application areas, which are highly corrosive environments. From FY20 until FY24, the Indian market of Zinc-Magnesium-Aluminium alloy-coated steel grew more than six times from around 15 thousand MT to about 120 thousand MT.
According to the World Economic Forum, it is estimated that approximately 4.3 million electric vehicles that are battery-powered along with plug in hybrid electric vehicles that were sold in the h1 of 2022. In addition, the sales associated with BVE's got an increase of 75% and PHEVs reached a 37% increase as well. Global sales in relation to electric cars also crossed 5.7 million units in the first 8 months of 2022, and it was also reported that the market share of electric plug-in cars was close to 15%, depending on the region.
The Magnesium Metal market segmentation, based on Manufacturing Process includes Thermal Reduction Process, Electrolytic Process, and Recycling. The electrolytic process segment dominated the market, accounting for electrolytic process 35% of market revenue. The process produces high-purity magnesium metal with low levels of impurities, which is essential for many industrial applications.
The Magnesium Metal market segmentation, based on Products, includes Pure Magnesium, Magnesium Compounds, and Magnesium Alloys. The Magnesium alloys category generated the most income. It has a high strength-to-weight ratio, which means they are strong for their weight. This makes them ideal for applications where strength is critical, such as in the construction of aircraft and high-performance racing cars.
Figure 1: Magnesium Metal Market, by Products, 2022 & 2032 (USD billion) 
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American magnesium metal market area will dominate this market, owing to an its lightweight properties, high strength-to-weight ratio, and excellent machinability, making it ideal for automotive and aerospace applications.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MAGNESIUM METAL MARKET SHARE BY REGION 2022 (%) 
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Magnesium Metal market accounts for the second-largest market share due focus on reducing greenhouse gas emissions and promoting sustainable manufacturing practices. Further, the German Magnesium Metal market held the largest market share, and the UK Magnesium Metal market was the fastest growing market in the European region
The Asia-Pacific Magnesium Metal Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to focus on reducing carbon emissions and promoting sustainable manufacturing practices is also driving the growth of the magnesium industry. Moreover, China’s Magnesium Metal market held the largest market share, and the Indian Magnesium Metal market was the fastest growing market in the Asia-Pacific region.
For instance, magnesium metal industry in the Asia Pacific region is by investing in new production facilities. This can be achieved by attracting foreign investment or by supporting local companies to invest in new facilities.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Magnesium Metal market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Magnesium Metal industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Magnesium Metal industry to benefit clients and increase the market sector. In recent years, the Magnesium Metal industry has offered some of the most significant advantages to medicine. Major players in the Magnesium Metal market, including Dead Sea Magnesium Ltd., Esan Eczacibasi, Luxfer Magtech, U.S. Magnesium LLC, Ust-Kamenogorsk Titanium and Magnesium Plant JSC and others, are attempting to increase market demand by investing in research and development operations.
Dead Sea Magnesium Ltd is a company based in Israel that specializes in the production and supply of magnesium products. It located in the southern part of the Dead Sea region that uses the naturally occurring magnesium reserves found in the Dead Sea to manufacture high-quality magnesium products, including magnesium alloys, magnesium ingots, and magnesium granules. The Dead Sea is one of the world's most unique natural resources and is located at the lowest point on Earth. The sea's high salt concentration and mineral content make it an excellent source of magnesium. Dead Sea Magnesium Ltd takes advantage of this natural resource to produce magnesium products that are in high demand around the world. One of the its main products is magnesium ingots, which are used in various industries, including the automotive, aerospace, and defense industries. Magnesium alloys are also in high demand, and Dead Sea Magnesium Ltd produces a range of magnesium alloys that are used in various applications, such as in the production of aircraft parts, power tools, and sporting goods.
Luxfer Magtech is a leader in the development and production of innovative magnesium-based products and solutions. It has a rich history that spans over 120 years, during which it has built a reputation for excellence in the fields of science, engineering, and materials technology. It has a strong presence in Europe, North America, and Asia, and its products and solutions are used by customers in a range of industries, including aerospace, defense, healthcare, and environmental protection. Its product portfolio includes a wide range of magnesium-based products, including high-performance alloys, extrusions, sheet, plate, and billets. These products are used in a variety of applications, including aircraft and missile components, automotive parts, medical equipment, and industrial tools and equipment.
Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd (under RSM Group/ Nanjing Yunhai Special Metals Co. Ltd) in July 2022 finished the project of the creation of a magnesium-aluminum alloy located in Pingshan City, specifically the Chongqing City. In the new manufacturing building complex, multiple workshops are being established, such as the magnesium particle production workshop, which has a capacity of 7,200 tons per year.
February 2023: Western Magnesium Corporation has announced its plan to construct a new magnesium metal production facility in Nevada, which will have an initial annual capacity of 25,000 metric tons. The company intends to cater to the automotive, aerospace, airline, eco-friendly technology companies, and defense contractors through this expansion. Additionally, a new research and development center will also be established as a part of this project.
In May 2023, Ipower Batteries Pvt Ltd announced that it would achieve a major milestone, which is being dubbed as revolutionizing the EV 2-wheeler industry in India. The Company has developed its first set of LMFP batteries for the EV industry in India. They have been named as Rugpro series.
July 2022: Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd, which is a wholly-owned subsidiary of RSM Group/Nanjing Yunhai Special Metals Co. Ltd, has completed its Phase II project for the production of a high-performance magnesium-aluminum alloy and deep processing. The new production facilities include various workshops, including a magnesium particle production workshop with a capacity of 7,200 tons/year.
September 2020: Alliance Magnesium has signed an agreement with the Carrefour de l'Innovation on materials of the MRC des Sources. The collaboration, which started on August 1, 2020, will continue for a minimum of two years, and will allow AMI to access 50% of CIMMS facilities, equipment, and technical staff, as well as have unlimited access to the laboratory. The research and development work has already commenced.
In May 2024, Latrobe Magnesium (ASX: LMG) will be celebrating a major milestone when it starts selling early-stage magnesium oxide (MgO) out of its demonstration plant project located in Victoria. Latrobe’s project and construction teams have fast-tracked the construction of the plant areas required to produce one-ton bulk bags of MgO aimed at commercialization. Latrobe is using the bagging plant to help demonstrate its patented, world-first hydromet process to all stakeholders.
July 2023 saw Chinese scientists create magnesium alloy bodywork for cars, which promises to be more cost-effective and lighter. Both the vehicle’s body and battery box cover were obtained from one mold during a single casting process. Magnesium alloys are approximately 30% lighter than popular aluminum alloys and steel by nearly 70%. These lighter parts can increase car range, thus eliminating ‘range anxiety’ in electric vehicles.
| Attribute/Metric | Details |
| Market Size 2023 | USD 5.04 billion |
| Market Size 2024 | USD 5.40 billion |
| Market Size 2032 | USD 8.79 billion |
| Compound Annual Growth Rate (CAGR) | 6.27% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Manufacturing Process, Product, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Dead Sea Magnesium Ltd., Esan Eczacibasi, Luxfer Magtech, U.S. Magnesium LLC, Ust-Kamenogorsk Titanium and Magnesium Plant JSC, Alliance Magnesium, YinGuang Magnesium Industry Co. Ltd., Shanxi Bada Magnesium Co. Ltd., Fugu Xintian Magnesium, Solikamsk Desulphurizer Works Ltd. |
| Key Market Opportunities | Growing demand in the aerospace industry |
| Key Market Dynamics | demand for magnesium metal is driven by a range of industries, including automotive, aerospace, and electronics. |
Magnesium Metal Market Highlights:
Frequently Asked Questions (FAQ) :
The Magnesium Metal market size was valued at USD 5.04 Billion in 2023.
The market is projected to grow at a CAGR of 6.27% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Dead Sea Magnesium Ltd., Esan Eczacibasi, Luxfer Magtech, U.S. Magnesium LLC, Ust-Kamenogorsk Titanium and Magnesium Plant JSC, Alliance Magnesium, YinGuang Magnesium Industry Co. Ltd., Shanxi Bada Magnesium Co. Ltd., Fugu Xintian Magnesium, Solikamsk Desulphurizer Works Ltd.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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