Magnesium Market Size By Magnesium Type (Magnesium Ingots, Magnesium Powder, Magnesium Alloys), Form (Primary Magnesium, Secondary Magnesium), End-use Industry (Automotive, Aerospace and Defense, Electronics, Building and Infrastructure, Healthcare & Medical Devices, Industrial Manufacturing), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Magnesium Market Valuation – 2024-2031

The magnesium market is experiencing steady growth, driven by its increasing demand in various industries. According to the analyst from Market Research, the magnesium market is estimated to reach a valuation of 7316.07 USD Million over the forecast subjugating around 4803.45 USD Million valued in 2024.

Growing demand from the consumer electronics sector for heat dissipation components in laptops, smartphones, and other devices enables the market to grow at a CAGR of 5.40% from 2024 to 2031

Magnesium MarketDefinition/ Overview

Magnesium is a mineral that is essential for human health. It is involved in over 300 enzyme reactions in the body, including those that regulate muscle and nerve function, blood sugar control, and blood pressure. Magnesium is also important for bone health and energy production.

Furthermore, Deficiencies can arise due to several factors like digestive disorders that limit nutrient uptake, conditions like diabetes that increase magnesium excretion, alcohol dependence that disrupts magnesium balance, and simply not getting enough magnesium through diet.

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What are the factors that surge the demand for the Magnesium Market?

Stricter emission regulations are pushing car manufacturers to shed pounds off their vehicles. Magnesium, boasting a significantly lighter weight compared to traditional materials like steel and aluminum, presents a compelling solution. This is driving its use in various car parts, including engine blocks, transmission cases, steering columns, and structural components. The overall weight reduction translates to improved fuel efficiency and lower emissions, making magnesium a win-win for both carmakers and environmentally conscious consumers. Additionally, magnesium’s excellent strength-to-weight ratio allows for the creation of lighter yet robust car parts, enhancing vehicle performance and handling.

Let's face it, all those cool gadgets we love – from laptops to smartphones to gaming consoles – get HOT! That's why efficient heat dissipation is so important to keep them running smoothly. And guess what? Magnesium is a rockstar when it comes to handling that heat! Its amazing thermal conductivity makes it perfect for heat sinks and cooling stuff. As our devices get more powerful and smaller, managing heat becomes even MORE crucial.

That's where magnesium really shines, blowing materials like plastics (which are terrible at conducting heat) out of the water. Plus, with everyone wanting super-thin and lightweight laptops and tablets, magnesium's popularity is only going to keep growing. It's naturally lighter than other heat-dissipating options, helping to make those devices even easier to carry around and making our user experience way better.

What factors hinder the growth of the Magnesium Market?

Magnesium itself has some inherent drawbacks that can limit its applications. These limitations stem from its inherent chemical properties. Magnesium is a highly reactive metal, readily combining with oxygen to form magnesium oxide. This oxidation process, also known as corrosion, weakens the metal and can significantly reduce its lifespan. This susceptibility to corrosion is a major concern, especially in applications exposed to moisture or harsh environments, such as saltwater or acidic conditions

Furthermore, the magnesium market is heavily concentrated in China, which accounts for over 50% of global production. This dependence can lead to supply chain disruptions and price volatility. Additionally, factors like environmental regulations and production quotas in China can further impact the market’s stability. Diversifying production across different regions could help mitigate this issue.

Category-Wise Acumens

How does the increasing adoption of the Automotive Industry impact the market growth?

Okay, so get thisthe Automotive Industry? Yeah, it's predicted to totally dominate the market for a while. And here's whyall these tough new emission rules are forcing car companies to slim down their vehicles. That's where magnesium comes in – it's way lighter than steel or aluminum. Think about itputting magnesium in things like engine blocks, TCs, steering columns, and even the car's frame helps cut down on weight. Less weight means cars need less juice to run. So, you get better gas mileage in your regular car, and your electric vehicle can go further on one charge.

Magnesium’s strength-to-weight ratio is a game-changer for car performance. It allows carmakers to craft lighter components that maintain or even improve strength. This translates to sharper handling due to reduced unsprung mass, quicker acceleration from overall lighter weight (especially beneficial for battery-laden electric vehicles), and potentially enhanced safety through lighter components like doors that maintain structural integrity during collisions.

How Primary magnesium segment propel the growth of the Magnesium Market?

The Primary magnesium segment is estimated to dominate the antibody production market during the forecast period. Primary magnesium is generally considered the larger segment of the market, accounting for a higher proportion of global magnesium consumption compared to secondary magnesium. This can be attributed to several factors, such as the well-established infrastructure for primary magnesium production using electrolysis or the Pidgeon process from magnesite ore or seawater. Additionally, primary magnesium may be preferred for certain applications due to its higher purity levels.

Getting magnesium straight from the source – think magnesite ore or even seawater – has been around for ages. It's got a long history of tinkering and getting better, which is why we make so much more of it this way than by recycling scrap magnesium. These primary production plants are usually massive, industrial setups with everything running like clockwork. On the flip side, recycling magnesium might happen in smaller shops or depend on someone else to prep the scrap. Plus, the scrap can be a bit of a mixed bag in terms of quality, so you often need extra steps to clean it up before you can use it for anything important.

Gain Access into the Magnesium Market Report Methodology

Country/Region-wise Acumens

How is the demand for the Magnesium Market influencing the growth of the market in the Asia Pacific region?

So, get thisanalysts are saying Asia Pacific will likely be the top dog in the Magnesium Market for the next few years. What's driving it? Well, Asia Pacific is growing like crazy with cities expanding and industries popping up everywhere. That means magnesium is in high demand! Think about cars—they're trying to make them lighter to meet those tough emission rules, which means more magnesium in engine blocks, transmission housings, and even the wheels! Then you have all the smartphones, tablets, and laptops being made there. They need magnesium for heat sinks to keep them cool, since these devices are getting smaller and more powerful. And don't forget about all the construction going on! They need strong, lightweight materials for roofs and walls, so magnesium alloys are becoming super popular there too.

Furthermore, Increased magnesium production in the Asia Pacific strengthens the market in several ways. Local production creates a reliable supply chain, reducing dependence on imports and potential issues. Lower transportation costs due to localized production can lead to more competitive magnesium prices for regional manufacturers. Finally, this ramped-up production capacity in the Asia Pacific benefits the global market by contributing to the overall magnesium supply.

What factors contribute to the potential opportunities in North America?

North America region is estimated to grow at the highest CAGR within the Magnesium Market during the forecast period. Stricter emission regulations in North America are pushing car manufacturers to reduce vehicle weight to meet environmental goals. This presents a significant opportunity for magnesium, a metal that boasts a much lighter weight compared to traditionally used steel and aluminum. By incorporating magnesium into various car parts like engine blocks, transmission cases, steering columns, and structural components, overall car weight is reduced.

North America's big presence in aerospace and defense means they're always looking for more magnesium. Why? Because magnesium has an amazing strength-to-weight ratio, making it perfect for tons of things. In aerospace, it helps cut down on aircraft weight—without making things weaker. That's a huge deal for better fuel efficiency and how well planes fly! You'll find magnesium in places like aircraft wings, fuselage panels, and even landing gear components. Over in defense, that same strength-to-weight thing is super valuable. Think missile casings, weapon systems, and armored vehicles—places where you need things tough but not too heavy. With aerospace and defense always growing and getting more high-tech in North America, expect the demand for magnesium to keep climbing.

Competitive Landscape

The North American magnesium market landscape is marked by the presence of both established international corporations and regional participants. Several major multinational companies dominate the magnesium market, with a significant presence in North America.

Some of the prominent players operating in the Magnesium Market include

  • China Magnesium Corporation (China)
  • Magnesium Elektron (UK)
  • SBM Offshore (Netherlands)
  • Dead Sea Magnesium Group (Israel)
  • Rio Tinto Group (UK-Australia)
  • Norsk Hydro ASA (Norway)
  • AmeriMag Inc. (US)
  • Magnesita Refratários S.A. (Brazil)
  • Iochpe-Maxion S.A.

Latest Developments

  • In 2022, SBM Offshore, primarily focused on the energy sector, continued to secure new contracts for floating production storage and offloading (FPSO) units.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2021-2031

Growth Rate

CAGR of 5.40% from 2024 to 2031

Base Year for Valuation

2024

HISTORICAL PERIOD

2021-2023

FORECAST PERIOD

2024-2031

Quantitative Units

Value in USD Million

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Magnesium Type
  • Form
  • End-use Industry
Regions Covered

Magnesium Type, Form, Industry of End Use, And Geography.

Key Players

China Magnesium Corporation (China), Magnesium Elektron (UK), SBM Offshore (Netherlands), Dead Sea Magnesium Group (Israel), and Rio Tinto Group, Norsk Hydro ASA (Norway), AmeriMag Inc. (US), Magnesita Refratários S.A. (Brazil), Iochpe-Maxion S.A.

Customization

Report customization along with purchase available upon request

Magnesium Market, By Category

Magnesium Type

  • Primary Magnesium
  • Secondary Magnesium

Form

  • Magnesium Ingots
  • Magnesium Powder
  • Magnesium Alloys

End Use Industry

  • Automotive
  • Aerospace and Defense
  • Electronics
  • Building and Infrastructure
  • Healthcare & Medical Devices
  • Industrial Manufacturing

End-use

  • Pharmaceutical and Biotechnology Companies
  • Research Laboratories
  • Contract Manufacturing Organizations (CROs)
  • Others

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

We'll dive into the market with both qualitative and quantitative analysis, slicing and dicing it by economic stuff, and the things that aren't about money. We'll give you the market value – think USD Billion – for every single segment and sub-segment. Plus, we'll tell you which region and segment we think is going to be the rocket ship, growing the fastest and ruling the roost. Get ready for a geographic breakdown, looking at who's using the product/service where, and what's pushing or pulling the market in each area. We'll map out the competitive landscape, ranking the big names and highlighting their latest moves – new stuff, partnerships, expansions, and buyouts from the last five years. You'll get detailed company profiles tooa look at the company, key insights, how their products stack up, and a good old SWOT analysis. We'll also give you the current and future outlook, focusing on the juicy growth opportunities, what's driving the market, and the hurdles in both up-and-coming and established regions. Expect a deep dive with Porter’s five forces analysis, and a clear picture of the Value Chain. Finally, we’ll lay out the market dynamics, pinpointing growth opportunities in the years ahead. Oh, and don't forget – you get 6 months of post-sales analyst support to help you make sense of it all!

Customization of the Report

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Pivotal Questions Answered in the Study

The major players in the Magnesium Market are China Magnesium Corporation (China), Magnesium Elektron (UK), SBM Offshore (Netherlands), Dead Sea Magnesium Group (Israel), and Rio Tinto Group.
Rising demand for lightweight materials in automotive and aerospace industries propels growth in the magnesium market.
The Magnesium market is estimated to grow at a CAGR of 5.40% during the forecast period.
The Magnesium market was valued at around 4803.45 USD Million in 2024.
The sample report for the Magnesium Market can be obtained on demand from the website. Also, 24*7 chat support & direct call services are provided to procure the sample report.

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