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Magnesium Market Size, Share, Industry & Opportunities 2031

Magnesium Market

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Segments - by Category (Magnesite, Dolomite, and Carnallite) Applications (Automobile Industry, Health Care Industry, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author :

Riddhesh Dani

Fact-checked by :

Harneet Meher

Editor :

Shruti Bhat

Report Description

The Global Magnesium Market size was valued at USD 4.51 Billion in 2022 and is expected to surpass USD 9.63 Billion by 2031, expanding at a CAGR of 8.8% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising requirements of several structural applications along with die casting requirements in automotive industry.

Magnesium is known to be the lightest material among its competitors with magnificent strength to weight ratio. Additionally magnesium being a good conductor of thermal and electricity, it has the capability to withstand high temperature. Magnesium alloyed with aluminum is used in several applications including electrical connectors, vehicle parts, electrical housings, RFI, and EMI shielding.

Silvery white metal magnesium is lighter compared to other metals such as aluminum and steel. It is easily accessible from various sources of minerals, such as sea water; thereby, its commercialization is expanding globally. Many industries are opting for magnesium for its utility; this in turn drives the market demand.

The Covid-19 pandemic affected the demand and supply of magnesium market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

Rising tendency of using non-ferrous casting materials over metallic casting materials is boosting the expansion of the magnesium market around the globe.
Increasing application of lightweight metals in telecommunication and automotive industries, due to better durability and quality is expected to drive the market.
Magnesium has resistance to corrosion therefore it is replacing iron. This feature have further escalated its application in steering wheels, seat frame, and gearbox, thereby propelling expansion of the magnesium market.
Increasing industries and infrastructural advancements the global magnesium market is witnessing rapid demand in recent years and it is projected to aid the market growth during the forecast period.
Rising, population along with rising economic income leads to increase in vehicle population in nations such as the U.S., Germany, the U.K., and emerging economies such as China, India, and South Korea; therefore, directly aiding in the expansion of magnesium metal market.
The Covid-19 situation had a hinder impact on the market due to unfavorable production and supply.
Enlarging telecommunication industries are anticipated to boost the global magnesium market during the forecast period.

Scope of Magnesium Market Report

The report on the global magnesium market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Magnesium Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Category (Magnesite, Dolomite, and Carnallite) Applications (Automobile Industry, Health Care Industry, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	ICL, Ningxia Hui-Ye Magnesium Marketing, Posco, Shaanxi Fugu Tianyu Mineral Industrial, US Magnesium, and Wenxi YinGuang Magnesium Industry

Magnesium Market Segment insights

The magnesite segment is projected to expand at a high CAGR during the forecast period.

Based on category, the global magnesium market is segregated into magnesite, dolomite, and carnallite. The magnesite segment accounts for a key share of the market. The dolomite and carnallite segment is anticipated to expand at a rapid pace during the forecast period. Dolomite is a replacement for limestone and improves water penetration is vital factor propelling growth of the segment.

The automobile industry is projected to expand at robust CAGR

Based on application, the global magnesium market is divided into automobile industry, health care industry, and others. The automobile segment accounts key share of the market, attributed to rising demand for magnesium stainless steel alloy in automotive sector for its lightweight and high strength. Rising acquisition of high speed surgical drills in orthopedic surgeries the health care segment is segment is anticipated to expand at a rapid pace during the forecast period.

The market in Asia Pacific is expected to expand at a high CAGR

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America holds the maximum share of the magnesium market in terms of revenue, demand, and consumption. This is due to rise in demand of magnesium in the automobile sector in the region. The market in Asia pacific is anticipated to expand at a rapid rate during the forecast period, attributed to presence of major production and consumption hubs of metal in the region. Large amount of aluminum magnesium alloys are used in the region.

Segments

The Global Magnesium Market has been segmented on the basis of:-

Applications

Automobile Industry
Healthcare Industry
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Companies

ICL
Ningxia Hui-Ye Magnesium Marketing
Posco
Shaanxi Fugu Tianyu Mineral Industrial
US Magnesium
Wenxi YinGuang Magnesium Industry

Competitive Landscape

Key players in the global magnesium market include ICL, Ningxia Hui-Ye Magnesium Marketing, Posco, Shaanxi Fugu Tianyu Mineral Industrial, US Magnesium, and Wenxi YinGuang Magnesium Industry.

Companies are engaging in mergers, acquisitions and partnerships to extend their market share. Moreover they are focusing on expanding their product portfolio to leverage their market position.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Magnesium Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Magnesium Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Magnesium Market - Supply Chain
  4.5. Global Magnesium Market Forecast
     4.5.1. Magnesium Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Magnesium Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Magnesium Market Absolute $ Opportunity
5. Global Magnesium Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Magnesium Market Size and Volume Forecast by Applications
     5.3.1. Automobile Industry
     5.3.2. Healthcare Industry
     5.3.3. Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Magnesium Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Magnesium Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Magnesium Demand Share Forecast, 2019-2026
7. North America Magnesium Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Magnesium Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Magnesium Market Size and Volume Forecast by Applications
     7.4.1. Automobile Industry
     7.4.2. Healthcare Industry
     7.4.3. Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Magnesium Demand Share Forecast, 2019-2026
8. Latin America Magnesium Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Magnesium Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Magnesium Market Size and Volume Forecast by Applications
     8.4.1. Automobile Industry
     8.4.2. Healthcare Industry
     8.4.3. Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Magnesium Demand Share Forecast, 2019-2026
9. Europe Magnesium Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Magnesium Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Magnesium Market Size and Volume Forecast by Applications
     9.4.1. Automobile Industry
     9.4.2. Healthcare Industry
     9.4.3. Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Magnesium Demand Share Forecast, 2019-2026
10. Asia Pacific Magnesium Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Magnesium Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Magnesium Market Size and Volume Forecast by Applications
     10.4.1. Automobile Industry
     10.4.2. Healthcare Industry
     10.4.3. Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Magnesium Demand Share Forecast, 2019-2026
11. Middle East & Africa Magnesium Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Magnesium Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Magnesium Market Size and Volume Forecast by Applications
     11.4.1. Automobile Industry
     11.4.2. Healthcare Industry
     11.4.3. Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Magnesium Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Magnesium Market: Market Share Analysis
  12.2. Magnesium Distributors and Customers
  12.3. Magnesium Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. ICL
     12.4.2. Ningxia Hui-Ye Magnesium Marketing
     12.4.3. Posco
     12.4.4. Shaanxi Fugu Tianyu Mineral Industrial

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