The Magnesium Market size was USD 4.2 Billion in 2022 and is anticipated to reach USD 7.5 Billion in 2032, growing at a rate of 6.0% from 2023 to 2032.
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Magnesium is a chemical element with the symbol Mg and atomic number 12. It is a shiny gray solid which bears a close resemblance to the other five elements in the second column (group 2, or alkaline earth metals) of the periodic table: all group 2 elements have the same electron configuration in the outer electron shell and are thus similarly affected by chemical reactions. Magnesium is the eighth most abundant element in the Earth’s crust and the fourth most common element in the Earth (after iron, oxygen and silicon), making up 13% of the planet’s mass.
Key Trends
The key trends in magnesium technology are the development of new alloys and the use of alternative production methods.
The alloys being developed are designed to improve the strength, ductility and weldability of magnesium, as well as to reduce its weight. The production methods being explored include powder metallurgy, which has the potential to reduce production costs.
The use of magnesium is growing in a number of industries, such as automotive and aerospace, where its weight-saving properties are particularly beneficial. This is likely to continue as manufacturers look for ways to reduce the weight of their products.
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Key Drivers
The key drivers of the magnesium market are its low weight, high strength, and corrosion resistance. These properties make magnesium an ideal material for a wide range of applications, including automotive, aerospace, and construction.
The automotive industry is the largest end user of magnesium, accounting for about 40% of global demand. Magnesium is used in a variety of automotive applications, including wheels, seat frames, and engine blocks.
The construction industry is the third largest end user of magnesium, accounting for about 10% of global demand. Magnesium is used in a variety of construction applications, including windows, doors, and framing.
Restraints & Challenges
The key restraints and challenges in Magnesium market are:
- The high cost of production: Magnesium is produced by electrolysis of magnesium chloride, which is obtained from seawater or brines. The cost of production is therefore high, making magnesium one of the most expensive metals.
- The limited applications: Magnesium is used in a limited number of applications, such as in the production of lightweight alloys for the aerospace and automotive industries.
- The volatile price: The price of magnesium is volatile, as it is influenced by a number of factors, such as the cost of production, global demand and supply, and political factors.
- The health and environmental concerns: Magnesium production and use can have negative impacts on health and the environment. For example, magnesium production releases a number of pollutants into the air, including carbon dioxide and sulfur dioxide.
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Market Segmentation
The Magnesium Market is segmented by manufacturing process, end-user, and region. By manufacturing process, the market is classified into thermal reduction process, electrolytic process, and recycling. By end-user, the market is bifurcated into aerospace & defense, automotive, medical & healthcare, electronics, and others. By region, the market is classified into North America, Europe, Asia-Pacific and rest of the world.
Key Players
The key players in the Magnesium Market are Alliance Magnesium, Esan Eczacibasi, Latrobe Magnesium, Nippon Kinzoku Co. Ltd., Regal Metal, Shanghai Sunglow Investment (Group) Co., Ltd., SolikamskDesulphurizer Works (SZD), U.S. Magnesium LLC, VSMPO-Avisma Corp. and Western Magnesium Corp, among others.
Market Segmentation
By Manufacturing Process
- Thermal Reduction Process
- Electrolytic Process
- Recycling
By End-user
- Aerospace & Defense
- Automotive
- Medical & Healthcare
- Electronics
- Others
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