Metal Magnesium Market is Expected to Reach $8.36 Billion, Growing at a CAGR of 5.2% by 2034

Effective Heat Dissipation Properties of Metal Magnesium Driving Use of Alloys in Production of Electronic Devices: Fact.MR Report

In this revised study by Fact.MR, the global metal magnesium market has been forecasted to reach a valuation of US$ 5.04 billion in 2024 and thereafter expand at a CAGR of 5.2% through 2034. Growth of this market is being largely driven by the automotive sector’s shift toward magnesium alloys to construct lighter vehicles. The race to produce electric and fuel-efficient vehicles supported by environmental regulations is driving high magnesium metal demand across the world, and more so in the Asia Pacific region.

Increasing use of magnesium alloys in the production of electronic devices like TVs, LCDs, and computer casings due to their effective heat dissipation properties is contributing to market expansion. Research efforts to broaden the application of magnesium alloys in aerospace, specifically for airframes, engines, and internal parts, are poised to present attractive opportunities for market growth.

Despite the challenge posed by the high cost of metal magnesium, which can impede market growth, the burgeoning electric vehicle industry is projected to utilize magnesium metal extensively in the production of lightweight vehicles, thereby offering promising prospects for market expansion in the forecasted timeframe.

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Key Takeaways from Market Study :

• The global metal magnesium market is forecasted to expand at a CAGR of 5.2% through 2034.
• Global sales of metal magnesium are estimated at US$ 5.04 billion in 2024.
• The market is projected to reach US$ 8.36 billion by 2034-end.
• The North American market is forecasted to expand at a CAGR of 3%

through 2034.

• Magnesium-aluminum alloys are estimated to account for a 35.4% market share in 2024.
• East Asia is projected to account for 24.6% of the global market share by
• 2034.
• China accounts for 56.9% share of the metal magnesium market in East Asia.
• The United States accounts for 71.7% of the market share in North America.

“Demand for metal magnesium in East Asia is driven by the automotive sector’s growing need to produce fuel-efficient vehicles. Stringent environmental regulations in the region are responsible for this shift,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Metal Magnesium Market:

Alliance Magnesium; Regal Metal; Western Magnesium Corp.; Rima Group; ICL Group; Dead Sea Magnesium Ltd.; Mag Specialties Inc.; Latrobe Magnesium

Market Developments

Key metal magnesium producers are Alliance Magnesium, Regal Metal, Western Magnesium Corp, Rima Group, and ICL Group. Companies in the market are refining their strategies to solidify their market position by forming partnerships with various renowned firms.

• In 2023, Western Magnesium Corporation launched its strategy to construct a new magnesium metal production plant in Nevada, boasting an initial output capacity of 25,000 metric tons per year, alongside a cutting-edge research and development hub. This expansion is intended to cater to the needs of the automotive and aerospace sectors as well as airlines, green technology firms, and defense contractors.

Metal Magnesium Market News:

In 2022, Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd., a wholly owned subsidiary of RSM Group/Nanjing Yunhai Special Metals Co. Ltd, released a statement confirming the completion of its Phase II project. The high-performance magnesium-aluminum alloy and deep processing project is situated in Pingshan Industrial Park, Chongqing City. The new facilities are set to accommodate different workshops, including a magnesium particle production workshop, with an annual capacity of 7,200 tons.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the metal magnesium market for 2018 to 2023 and forecast market statistics for 2024 to 2034.

The study divulges essential insights into the market based on application (iron & steel making, titanium reduction, aluminum alloys, die casting), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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