high demand for steel from various end-use industries is driving the Magnesium Market
Technavio analyzes that the Magnesium Market is expected to grow at a CAGR of 5.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.58 billion.There are various factors that contribute to the growth of the market. The magnesium market is experiencing significant growth due to the increased demand for magnesium in the steel industry. Steel is extensively used in various sectors such as automotive, construction, and packaging, leading to a surge in magnesium consumption. As a vital alloying element in steel production, magnesium enhances the material's strength and durability, making it an indispensable component in numerous industries. This heightened demand for steel, in turn, boosts the market potential for magnesium.
In the realm of advanced manufacturing, magnesium emerges as a preferred choice for various industries, particularly electric vehicle manufacturing and electronics. Its electromagnetic properties, including the electromagnetic screening property, render it indispensable in electrical automotive applications. The magnesium market is thriving due to its utilization in die casting processes for producing lightweight and robust components. By employing high-pressure injection of molten magnesium into moulds, intricate and precise shapes can be created with minimal post-processing requirements. Magnesium's low density is a significant advantage, making it an ideal material for applications where weight reduction is crucial, such as in the aerospace and automotive sectors. Furthermore, its excellent thermal conductivity expedites the cooling process during the casting procedure. The high strength-to-weight ratio, resistance to corrosion, and ease of machining of magnesium contribute to its popularity in die casting applications, enabling manufacturers to produce affordable, high-performing parts for electric cars, energy-efficient electronics, and engine cooling systems.
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Magnesium Market Segmentation
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The Magnesium market experiences significant growth due to its usage in die-casting aluminum alloys for lightweight components in the automotive and aerospace sectors. Its electromagnetic screening property and high heat conductivity make it ideal for manufacturing plates and sheets for various applications. The prices of metals, including aluminum, have an impact on the market. In the automobile sector, magnesium is used for manufacturing automotive components, while in the aerospace sector, it's used for producing parts for aircraft deliveries. The ductility of magnesium alloys makes them suitable for tools and machinery in the die-casting process. The electromagnetic property and thermal heat capacity of magnesium make it a preferred choice for electric cars and aerospace parts manufacturing.
The global magnesium market is a significant segment of the larger diversified metals and mining market, according to Technavio's market research. This market encompasses businesses involved in the production or extraction of metals and minerals, including non-ferrous metals such as magnesium, as well as salt, borate, phosphate rock, and diversified mining operations. Key non-ferrous metals include lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium. Alloys of these metals are also included. The global diversified metals and mining market's size is determined by the consolidated revenue generated by companies operating in this sector. Magnesium, an essential lightweight metal used in aerospace parts manufacturing and production, automotive component manufacturing, and aluminum industries, is a vital component of this market. Aircraft deliveries, air passengers, airplanes, and automobiles are significant end-users of magnesium.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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