Latest News- Magnesium Market: Die castings is expected to lead the Application segment during 2025-2029

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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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application

  • Die castings
  • Aluminum alloys
  • Iron and steel desulfurization
  • Others

• End-user

  • Aerospace
  • Automotive
  • Electronics
  • Medical
  • Others

• Geography

  • APAC

    • China
    • India
    • Japan

  • Europe

    • Germany
    • UK

  • North America

    • Canada
    • US

  • South America

    • Brazil

  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• High demand for steel from various end-use industries
• Use of lightweight materials in automotive industry
• China accounts for high production of magnesium

However, the market also witnesses some limitations, which are as follows:

• Availability of substitutes for magnesium metal
• Complexities in producing and refining titanium
• Disadvantages of die casting process

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Market Scope in Magnesium Market Research Report

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Research Analysis Overview

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.

Market Research Overview

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
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/