Metal Magnesium Market: Aluminum Alloys Segment Held A Significant Volume Share

 Metal Magnesium Industry Overview

The global metal magnesium market size was valued at USD 4.39 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030. The market growth is anticipated to be driven by the increasing product demand from die casting and aluminum alloy applications in various end-use industries. Magnesium is ideal for these applications due to its good electromagnetic screening property and heat conductivity. It also adds strength to aluminum, which is widely used for these applications. Furthermore, the rising demand for lightweight components, mainly in the automotive and aerospace sectors, is anticipated to augment the market growth over the forecast period.

The U.S. is one of the dominant aerospace manufacturers with established players, such as Boeing, Lockheed Martin, and United Technologies. As per the Bureau of Transportation Statistics, the U.S. recorded 1,551 aircraft deliveries in 2020 compared to 1,771 deliveries in 2019. With the rising demand for aluminum alloys and titanium in aerospace parts production, metal magnesium is likely to witness growing demand over the forecast period. Magnesium and aluminum alloys are witnessing growing adoption in the aerospace and automotive industries owing to their high-strength-to-weight ratio, stiffness-to-weight ratio, machinability, and lightweight properties.

Gather more insights about the market drivers, restrains and growth of the Global Metal Magnesium market

Also, with their ability to withstand extreme conditions, they are widely used in the construction of ballistic missiles and spacecraft as they require lightweight materials that can also resist short wave electromagnetic radiation. Increasing environmental concerns and the implementation of stringent pollution control norms across the world are further propelling the product demand. Furthermore, magnesium is used in the production process of metallic titanium. The usage of titanium alloys ranges from aerospace to the medical industry. Thus, the rapid growth of these industries is anticipated to propel the market growth over the forecast period.

Magnesium alloys are also seen as an alternative to fiber metal laminates or carbon fiber composites owing to their comparative strength and relatively lower cost. Also, with the recent changes to the aircraft seat design standards, these can be used in the production of seats in helicopters, transport aircraft, and general aviation aircraft, thereby further augmenting the product demand in the aerospace industry. Despite the rising demand for metal magnesium, certain limitations are restricting the market growth, such as concerns related to magnesia mining activities, which have adverse effects on the surrounding ecosystem. To counter this, several governments and regulatory bodies across the world have enacted various environmental laws to regulate such activities.



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Metal Magnesium Market Segmentation

Grand View Research has segmented the global metal magnesium market on the basis of application and region:

Metal Magnesium Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Die Casting
  • Aluminum Alloys
  • Titanium Reduction
  • Iron & Steel Making
  • Others

Metal Magnesium Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa


Key Companies profiled:

Some of the prominent players in the global metal magnesium market include:

  • Alliance Magnesium
  • Esan Eczacibasi
  • Latrobe Magnesium
  • Nippon Kinzoku Co. Ltd.
  • Regal Metal
  • Shanghai Sunglow Investment (Group) Co., Ltd.
  • SolikamskDesulphurizer Works (SZD)
  • S. Magnesium LLC
  • VSMPO-Avisma Corp.
  • Western Magnesium Corp.

 

Order a free sample PDF of the Metal Magnesium Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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