Magnesium Metal Market

Magnesium Metal in Transportation Applications is Fastest Growing Segment Fueling the Growth of Magnesium Metal Market

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The global Magnesium Metal Market is estimated to be valued at US$ 5.17 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Magnesium metal is a lightweight material which provides strength and rigidity to components. It is highly suitable for transportation applications due to its strength to weight ratio which enhances fuel efficiency. Magnesium alloys are widely used in automotive components such as engine parts, transmissions, and vehicle body structures. Growing demand for lightweight materials from automotive and aerospace industries is driving the growth of magnesium metal market.

Market Overview:
Magnesium metal has a hexagonal crystal structure and is the lightest structural metal. It has excellent thermal and electrical conductivity. The transportation industry mainly uses magnesium for die casting auto parts and aerospace components where weight reduction is crucial.

Market key trends:
Magnesium is increasingly being used in transportation drivetrain components to reduce weight and improve fuel efficiency. For example, more than 60% of the mass of a traditional automatic transmission can be made of magnesium. The growing focus on emission regulations and fuel efficiency is driving OEMs to use magnesium alloys instead of aluminium alloys in under-hood applications. Furthermore, magnesium alloys provide designers more flexibility to architect innovative lightweight structures for electric vehicles.

Segment Analysis
The global magnesium metal market is segmented by application into aluminum alloying, die casting, desulfurization, and others. The aluminum alloying segment accounted for the largest market share in 2022 owing to the increased demand of aluminum alloys from transportation and packaging industries. Magnesium’s lightweight property and its corrosion resistance ability has increased its adoption in aluminum alloys used in automotive parts like engine blocks and wheels. This segment is expected to remain dominant during the forecast period.

Key Takeaways
Global Magnesium Metal Market Size is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from aluminum alloying industry.

Regional analysis: Asia Pacific accounted for the largest market share in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the presence of emerging economies like China, India, and Japan where magnesium production and consumption is high. Magnesium alloy producers in China export significant quantities of magnesium alloy sheets and forgings to North America and Western Europe.

Key players: Key players operating in the global magnesium metal market are US Magnesium LLC., Dead Sea Magnesium Ltd., POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Shanxi Wenxi Hongfu Magnesium Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd., and Taiyuan Tongxiang Magnesium Co., Ltd.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it