Magnesium Market Size to Worth USD 9.05 Bn by 2033

The global magnesium market size is calculated at USD 5.62 billion in 2024 and is expected to be worth around USD 9.05 billion by 2033, expanding at a CAGR of 5.44% from 2024 to 2033.

Ottawa, May 13, 2024 (GLOBE NEWSWIRE) — According to Precedence Research, the global magnesium market size is estimated to grow from USD 5.33 billion in 2023 to USD 8.58 billion by 2032. The magnesium market is driven by increasing demand for magnesium in the automotive industry, a wide range of applications in the biomedical domain, government initiatives, and R&D projects.

The magnesium market refers to the global trade and consumption of magnesium and its alloys. Magnesium is a lightweight, very durable metal found in the earth’s crust and is completely recyclable. It is the lightest structural material and can be utilized in both cold and hot chamber die-cast machines, making it ideal for a variety of castings. Magnesium has a variety of alloy options, including AZ91D and AM60B, which are often used in high-pressure die casting and safety applications. It may compete with zinc for the overall thickness of the wall, and its components can be powder-painted, e-coated, or plated to provide corrosion protection or attractive finishes.

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Magnesium pieces can be e-coated, plated, or powder-painted to add a decorative touch. Its vast alloy choices, abundant material supply, and completely recyclable nature make it a suitable alternative for various automotive and mechanical parts.

Key Insights

  • Asia Pacific has held the highest revenue share of 35% in 2023.
  • Europe is expected to expand at the fastest CAGR during the forecast period.
  • By application, the aluminum alloying segment has contributed the largest market share in 2023.
  • By application, the die-casting segment is expected to grow at a notable CAGR during the forecast period.

Asia Pacific Magnesium Market Size and Trends 2024 to 2033

The Asia Pacific magnesium market size was valued at USD 1.87 billion in 2023 and is expected to be worth around USD 3.21 billion by 2033, expanding at a CAGR of 5.55% from 2024 to 2033.

Asia Pacific dominated the magnesium market in 2023. Over the last few decades, global magnesium production and supply have gone through major restructuring. Countries such as Canada, Russia, and Norway were major producers, with electrolysis being the primary method. Since then, worldwide magnesium production has increased dramatically, with China dominating the supply side. China currently supplies the most to world supply via the thermic-reduction pathway known as the pidgeon process. Because of its lightweight composition and high strength-to-weight ratio, magnesium metal is in high demand in Asia Pacific’s automotive industry. This is powered by the region’s expanding crude manufacturing of steel, which uses magnesium as a crucial alloying element to increase the strength and longevity of steel constructions. This worsens the market climate.

  • The India Brand Equity Foundation (IBEF), in addition, forecasts that the Indian automotive industry will reach USD 300 billion by 2026. The report also stated that India’s annual production of automobiles in FY22 was approximately 23 million units.

Europe Magnesium Market Size 2024 to 2033

The Europe magnesium market size is calculated at USD 1.69 billion in 2024 and is anticipated to reach around USD 2.76 billion by 2033 at a CAGR of 5.60% from 2024 to 2033.

Forecasts Year Europe Magnesium Market Size
2024 USD 1.69 Billion
2025 USD 1.78 Billion
2026 USD 1.87 Billion
2027 USD 1.97 Billion
2028 USD 2.08 Billion
2029 USD 2.20 Billion
2030 USD 2.32 Billion
2031 USD 2.44 Billion
2032 USD 2.57 Billion
2033 USD 2.76 Billion

Europe is projected to witness significant growth during the forecast period. Battery manufacturing is projected to fuel the need in the long run, with magnesium resources such as dolomite and magnesite widely available in the EU, making raw material availability a non-limiting factor in future supply growth, according to the European Commission.

Germany, the world’s top aluminum casting user, is increasing magnesium usage due to the car industry’s high need for lightweight components. Germany dominates the European automotive market with engine production facilities and is home to a variety of manufacturers across all sectors. This will help the region build a presence in the global magnesium market, as Germany currently dominates the automobile industry.

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Scope of the Magnesium Market

Report Coverage Details
CAGR 5.44% from 2024 to 2033
Magnesium Market Size in 2023 USD 5.33 Billion
Magnesium Market Size in 2024 USD 5.62 Billion
Magnesium Market Size by 2033 USD 9.05 Billion
Magnesium Market Largest Share Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Historical Year 2021-2022
Segments Covered Application and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Report highlights

Application Insights

The aluminum alloying segment dominated the magnesium market in 2023. Magnesium is a frequent element added to alloys to increase strength while maintaining the base metal’s good qualities. Aluminum alloys containing magnesium provide corrosion resistance, strength, and superior weldability. Their uses are diverse, including train bodies, chemical tankers, pressure vessels, truck bodies, construction ships, armored vehicles, and aluminum beverage can lids.

Wrought aluminum with magnesium and silicon can be extruded into a variety of goods, including drive shafts, handrails, stiffeners, bike frames, and tubular lawn furniture. Belmont Metals provides a variety of magnesium and silicon-added aluminum alloys to provide material and product diversity.

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The die-casting segment is expected to grow at the fastest rate during the forecast period. Magnesium is a lightweight, robust, and cost-effective material for die castings. It has outstanding stiffness, strength-to-weight ratios, and EMI/RFI shielding qualities, making it suitable for connectors, electrical housings, and medical and laboratory equipment. Magnesium die castings also have great conductivity, dimensional accuracy, stability, outstanding thin wall capability, good environmental corrosion resistance, good finishing properties, and complete recyclability. The most often used magnesium die-cast alloy is AZ91D, which has outstanding mechanical qualities, resistance to corrosion, and castability. Connectors, medical equipment, electrical housings, and laboratory equipment are all examples of applications for magnesium die casting.

Market Dynamics


Magnesium Alloys in Automotive Design

The usage of magnesium and magnesium alloy in the automotive industry is fueling the growth of the magnesium market. Magnesium alloys, a unique material with distinct characteristics, are critical in automotive applications. They are lighter than aluminum alloys, lowering weight by 32%. Their strength-to-weight ratio enables significant weight reduction while maintaining structural integrity, leading to more fuel-efficient automobiles with improved handling.

Magnesium alloys are used in various automotive components, including sunroofs, pedal supports, seat frames, body parts, cylinder head covers, engine blocks, steering wheels, and transmission cases. High-pressure die-cast magnesium alloys such as AE44 are used in engine cradles to save weight, as seen in the GM Chevrolet Z06 Corvette.

Wide range of applications in the biomedical field

Biomedical application is a key driver for the growth of the magnesium market. Magnesium alloys have been employed in biomedical applications since 1878, primarily in cardiovascular stents and bone implants. Magnesium-based vascular stents control heart rhythm, increase blood flow, and avoid vasoconstriction. Mg alloys can expand constricted arteries and keep them open until the artery completely remodels.

In orthopedics, magnesium alloys can replace traditional bone implants such as steel nails, better matching the mechanical properties of human bones while eliminating stress-shielding effects. Mg alloys can be metabolized into non-toxic, innocuous molecules after healing, reducing patient suffering. Mg, as an orthopedic biomaterial, promotes bone healing and remodeling, making them important and potentially useful biomaterials, particularly for orthopedic applications.


Corrosive property of magnesium

Magnesium alloy corrosion rates grow with relative humidity, with 95% humidity prohibiting surface corrosion after 18 months. In freshwater and saline situations, magnesium alloys produce a protective coating, although dissolved salts can cause pitting. Severe corrosion can occur in neutral solutions of heavy metal salts, with chloride solutions corrosive and fluorides insoluble. Except for hydrofluoric acid and H2CrO4, most acids and alkalis attack magnesium.

Organic molecules such as ethers, aliphatic and aromatic hydrocarbons, ketones, glycols, and higher alcohols do not corrode magnesium or its alloys. At room temperature or slightly higher, gases such as iodine, bromine, dry chlorine, and fluorine produce little to no corrosion. Magnesium alloys require protection to survive in maritime environments with high salt spray concentrations.

Browse More Insights:

  • Aluminum Die Casting Market: The global aluminum die casting market size was estimated at USD 82.67 billion in 2022 and is projected to reach over USD 144.74 billion by 2030, poised to grow at a CAGR of 7.2% from 2022 to 2030.
  • Orthopedic Biomaterials Market: The global orthopedic biomaterials market size accounted for USD 21.38 billion in 2023 and is predicted to reach around USD 43.43 billion by 2033, expanding at a CAGR of 7.38% from 2024 to 2033.
  • Automotive Active Purge Pump Market: The global automotive active purge pump market size was valued at USD 0.29 billion in 2022 and is expected to reach USD 22.75 Billion by 2032, with a compound annual growth rate (CAGR) of 54.6% from 2023 to 2032.
  • Thermal Interface Materials Market: The global thermal interface materials market size accounted for USD 4.21 billion in 2023 and it is expected to be worth around USD 11.37 billion by 2033, poised to grow at a CAGR of 10.49% from 2024 to 2033. 
  • Metal Fiber Market: The global metal fiber market size was valued at USD 5.31 billion in 2022 and is expected to reach USD 8.77 billion by 2032, with a compound annual growth rate (CAGR) of 5.2% during the forecast period 2023 to 2032.
  • Metal Powder Market: The global metal powder market size was valued at USD 5.81 billion in 2023 and is predicted to surpass around USD 10.97 billion by the end of 2033, representing an impressive CAGR of 6.6% during the forecast period 2024 to 2033.
  • Bearing Market: The global bearing market size was valued at USD 133.99 billion in 2023 and it is predicted to hit over USD 279.83 billion by 2032, with a registered CAGR of 8% during the forecast period 2023 to 2032.
  • Sulfur Market: The global sulfur market size was valued at USD 10 billion in 2022 and is expected to hit around USD 13.9 billion by 2032 with a CAGR of 3.4% during the forecast period 2023 to 2032.
  • Circular Saw Blade Market: The global circular saw blade market size was estimated at USD 10.6 billion in 2022 and is projected to surpass USD 15.92 billion by 2032, representing an impressive CAGR of 4.2% during the forecast period 2023 to 2032.
  • Recycled Metal Market: The global recycled metal market size was estimated at US$ 2.50 billion in 2022 and is expected to surpass around US$ 4.37 billion by 2032, poised to grow at a CAGR of 5.80% from 2023 to 2032.
  • Metal and Ceramic Injection Molding Market: The global metal and ceramic injection molding market size was valued at US$ 4 billion in 2022 and is expected to hit US$ 9 billion by 2032, poised to grow at a CAGR of 8.50% from 2023 to 2032.
  • Metal Additive Manufacturing Market: The global metal additive manufacturing market size was valued at US$ 2.90 billion in 2022 and it is expected to reach around USD 14.99 billion by 2032, growing at a CAGR of 17.90% from 2023 to 2032.
  • Precious Metal Market: The global precious metal market size was valued at USD 265.26 billion in 2023 and is anticipated to reach around USD 514.06 billion by 2033, growing at a CAGR of 6.84% from 2024 to 2033.


Use of Mg-Sn alloy

The novel approach of using a Mg-Sn alloy anode in a magnesium-ion rechargeable battery due to its environmental benefits, high volumetric capacity, and safety has a great opportunity for magnesium market growth. The Mg-Sn anode tackles scientific issues in the magnesium-ion battery production process. Meridian Lightweight Technologies gave a presentation titled “Magnesium in E-Mobility Applications,” emphasizing the need for lightweight for EV architectures and the usefulness of magnesium die castings for EV components.

Magnesium castings provide several advantages, including the ability to produce complicated, highly integrated geometries in a single production step at high volumes, to reduce weight through part replacement, and to save 25-50% of the original material weight. This judicious usage has the potential to reduce battery size while increasing range. Weiler addressed how customer concerns about EVs corresponded with conversations about range. Magnesium castings can reduce vehicle weight by up to 100 kg while saving money by casting large pieces rather than putting smaller multi-material parts together. Die-cast magnesium pieces were used in the front-end modules of the Tesla Model S, designed with Meridian.

Recent Developments

  • In May 2023, Latrobe Magnesium is planning to begin early-stage magnesium oxide sales from its Victoria demonstration plant project. The company has finished construction on one-ton bulk bags of MgO, preparing for commercialization. The bagging factory will assist stakeholders in understanding Latrobe’s unique HydroMet technology, marking an important milestone in the company’s development.
  • In November 2023, Chongqing Boao Magnesium Aluminum Manufacturing Co., Ltd., a leading high-tech company in the Western region, installed fully automated production lines for its machining center. The automated production line is primarily utilized to process structural components for New Energy Vehicles (NEVs), with the flagship product, Architectural Components of Lightweight Magnesium Alloy Vehicles for Innovative Energy Vehicles, resulting in a 30%-50% reduction in component weight.
  • In June 2023, Chongqing University’s magnesium alloy research laboratory successfully prototyped the world’s largest magnesium alloy car die-casting component, exhibiting major advances in lightweight vehicle materials. The prototypes, which include integrated body castings and battery box coverings, have a projected area of more than 2.2 square meters, making them 32% lighter than aluminum alloy castings.

Magnesium Market Companies

  • Mag Specialties Inc.
  • U.S. Magnesium LLC
  • RIMA Group
  • China Magnesium Corporation Ltd.
  • Norsk Hydro ASA
  • Taiyuan Tongxiangyuan Fine Material Co., Ltd.
  • Dead Sea Magnesium Ltd.
  • Wenxi YinGuang Magnesium Industry (Group) Co., Ltd.
  • POSCO Magnesium Corporation
  • Yinguang Magnesium Industry (Group) Co., Ltd.
  • Shanxi Credit Magnesium Co., Ltd.
  • Ningxia Hui-Ye Magnesium Marketing Group Co., Ltd.
  • Shanxi Wenxi Hongfu Magnesium Co., Ltd.
  • Shanxi Fugu Tianyu Mineral Industry Co., Ltd.
  • Taiyuan Yiwei Magnesium Co., Ltd.
  • Shanxi Xinghua Magnesium Co., Ltd.
  • Shanxi Yinguang Huasheng Magnesium Co., Ltd.
  • Solikamsk Magnesium Works OAO (SMW)
  • Timminco Limited
  • JSC Magnezit Group

Segments Covered in the Report

By Application

  • Aluminum Alloying
  • Die casting
  • Desulfurization
  • Metal Reduction
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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