The Magnesium Market is being driven by High demand for steel from various end-use industries
The Magnesium Market is expected to grow at a CAGR of 5.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1773.4 million. The magnesium market is experiencing significant developments, with China being the leading producer. To encourage domestic production and reduce dependence on imports, anti-dumping duties have been imposed on Chinese magnesium exports. In response, Canadian companies are ramping up production. For instance, West High Yield Resources has received a permit to extract samples from a serpentine deposit at its Record Ridge project in British Columbia, with plans to construct both a mine and smelter if magnesium recovery is successful. Additionally, a new partnership between Western Magnesium and various economic development groups in Harrison County, Ohio, was recently announced, further boosting domestic production.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
210 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
Market growth 2025-2029 |
USD 1773.4 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
4.9 |
Key countries |
China, US, Russia, Australia, UK, India, Germany, Canada, Japan, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 use in electromagnetic components and thermal management systems. The prices of metals, including aluminum, impact the market. In the automobile sector, magnesium is used for manufacturing automotive components and tools, while in the aerospace sector, it is utilized for producing plates and sheets for aerospace parts. The rise in aircraft deliveries and electric car manufacturing further boosts the demand for magnesium. Its ductility and high strength make it an essential metal for both industries.
The global diversified metals and mining market encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as aluminum alloy, lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and diversified mining operations. Notable sectors utilizing these metals and minerals are aerospace and defense, aerospace parts manufacturing and production, air passengers and aircraft deliveries, automotive and electronics, automotive component manufacturing, and automotive machinery. Technavio's market analysis calculates the market size based on the consolidated revenue generated by these companies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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