Global Magnesium Market Size, Share, Growth Analysis, By Application(Iron & Steel Making, Die Casting), By End-Use Industry(Aerospace & Defence, Automotive) - Industry Forecast 2022-2028

Magnesium Market was valued at USD 4.37 billion in 2021, and the market size is estimated to reach USD 6.36 billion by 2028, at a CAGR of 5.50% over the forecast period (2022-2028).

Magnesium is a lightweight metal that find use in a number of industrial sectors, including the transport, aircraft, construction, and healthcare sectors. It is commonly utilized in the manufacturing of aluminum as an alloying agent and as a component of consumer goods like electronics and batteries. Medical devices like orthopaedic implants and cardiovascular stents both use magnesium. The rising demand from several sectors is anticipated to fuel the steady growth of the worldwide magnesium market over the next few years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Magnesium market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global Magnesium market is segmented based on application, end-use industry and region. Based on application, the Magnesium Market is segmented as Iron & Steel Making, Die Casting, Aluminium Alloy making, and Titanium Reduction. Based on end-use industry, the magnesium market is segmented as Aerospace & Defence, Automotive, Medical & Healthcare, Electronics, and Others. Based on region the Magnesium Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA

Driver

Increasing demand from the automotive industry for lightweight components to improve fuel efficiency and reduce emissions. Growing demand from the aerospace industry for magnesium alloys in aircraft components due to their high strength-to-weight ratio. Increasing use of magnesium in the healthcare industry for medical applications, including orthopaedic implants, cardiovascular stents, and dental materials. Growing use of magnesium alloys in consumer electronics, such as laptops and smartphones, due to their lightweight and durable properties.

Restraint

The magnesium market is the high cost of production. Magnesium production requires a significant amount of energy, which can make it expensive compared to other metals. Another restraint is the limited availability of magnesium resources, as the metal is primarily mined in a few countries.

Market Trends

The magnesium market is the increasing use of magnesium in the healthcare industry. Magnesium is used in various medical applications, including orthopedic implants, cardiovascular stents, and dental materials. Another trend is the growing use of magnesium alloys in consumer electronics, such as laptops and smartphones, due to their lightweight and durable properties. Finally, there is a trend towards greater sustainability in the magnesium industry, with companies focusing on reducing their carbon footprint and increasing the use of renewable energy sources in production.