Magnesium and Magnesium Alloy Market 2030 - Growth, Trends, and Forecasts

The global metal magnesium market size is expected to reach USD 6.99 billion by 2030, according to a new report by Grand View Research, Inc.  Rising demand for lightweight parts mainly in the automotive and aerospace industries is anticipated to contribute to the market growth over the forecast period.  

Metal Magnesium Market Segmentation

Magnesium is the third-most commonly used structural metal, after iron and aluminum.  Its main applications are in aluminum alloys, die-casting, removal of sulfur in the iron and steel production process, and titanium production.

• Die Casting--------------- --------automobile parts, 3C products, medical instrument, aerospace, national defense...
• Aluminum Alloys--------------- --various alloy casting, mainly aluminum alloys
• Titanium Reduction---------------high temperature reduction metallurgy
• Iron & Steel Making--------------desulfuration
• Others-----------------------------chemicals, medicines

Increasing Demand from the Automotive Manufacturing Industries

The applications of magnesium alloys offer various benefits. They are employed in the engine block and wheels production, which, in turn, supports weight reduction, especially for sports cars.

• Automotive manufacturers have been using magnesium alloys in production to reduce weight, thereby, increasing the fuel efficiency and performance of automobiles. Magnesium alloys are preferred in engine blocks, as they are resistant to higher temperatures.
• Many large automotive manufacturers, like Audi, Mercedes-Benz, Ford, Jaguar, Fiat, and Kia Motors Corporation, have already replaced steel and aluminum with magnesium alloys in their vehicles.
• Magnesium alloys possess excellent impact resistance, and they absorb shocks and vibrations while traveling, in turn, providing a subtle and comfortable drive to the consumers. Magnesium alloys are also eco-friendly, as these alloys are recyclable.

Asia Pacific is Expected to Dominate the Market Studied

Asia-Pacific is expected to dominate the global market, owing to the highly developed automotive sector in China, coupled with the developing production of aerospace components in recent years.

• Magnesium alloys have been increasingly used in the electronics industry, owing to the huge electronic production bases in China, Taiwan, and South Korea, for the production of cameras, cell phones, laptops, and portable media devices.
• According to the US International Trade Commission, China leads the market and exports a large quantity of magnesium alloys to Europe and North America, because of the large number of magnesium alloy manufacturing industries in the country.
• Moreover, the growth of various manufacturing industries in China, India, and other ASEAN countries is expected to support the demand for magnesium alloys in the future.