According to the new market research report “Magnesium and Magnesium Alloy – Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”, published by QYResearch, the global Magnesium and Magnesium Alloy market size is projected to reach USD 2.48 billion by 2030, at a CAGR of 4.1% during the forecast period.
- Global Magnesium and Magnesium Alloy MarketSize(US$ Million), 2019-2030
Source: QYResearch, “Magnesium and Magnesium Alloy – Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
- Global Magnesium and Magnesium Alloy Top10Players Ranking and Market Share (Ranking is based on the revenue of 2023, continually updated)
Source: QYResearch, “Magnesium and Magnesium Alloy – Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
According to QYResearch Top Players Research Center, the global key manufacturers of Magnesium and Magnesium Alloy include Yunhai Special Metals, Regal Magnesium, Magontec, U.S. Magnesium, Zhenxin Magnesium, Yinguang Huasheng Magnesium, Shanxi Bada Magnesium, Huashun Magnesium, Luxfer, Dead Sea Magnesium, etc. In 2023, the global top five players had a share approximately 56.0% in terms of revenue.
2024-2030”
In terms of product application, currently Automotive and Transportation is the largest segment, hold a share of 65.6%.
Market Drivers:
In some applications, magnesium alloys have been considered as an alternative to aluminum because they are even lighter. This has been a trend in industries where weight reduction is critical.
Efforts to diversify supply chains and reduce dependence on specific materials have driven interest in magnesium and its alloys as alternative materials in various applications.
Global trends, such as the push for greener transportation and sustainable manufacturing, have influenced the magnesium and magnesium alloy market. Governments and industries worldwide have been looking for materials that align with these trends, and magnesium alloys have often been considered.
Restraint:
Magnesium production can have environmental impacts, and there has been an increasing focus on more sustainable production methods. This includes efforts to reduce energy consumption and greenhouse gas emissions in magnesium production processes.
The price of magnesium can be volatile due to factors like supply and demand dynamics, energy costs, and currency fluctuations. This can impact industries that rely on magnesium and its alloys.
Like many other industries, the magnesium and magnesium alloy market may have been affected by disruptions in global supply chains, as seen during the COVID-19 pandemic.
Opportunity:
One of the primary drivers for the magnesium market has been the automotive industry. Magnesium alloys are used to make lightweight parts, reducing vehicle weight and improving fuel efficiency. This trend was expected to continue as automakers sought to meet stricter emissions standards and improve electric vehicle (EV) battery efficiency.
Magnesium and its alloys have been increasingly used in the aerospace sector, where lightweight materials are crucial. They are used in components such as aircraft seats, gearbox casings, and engine parts.
Magnesium alloys have found applications in the consumer electronics industry due to their lightweight and durable properties. These alloys have been used in laptops, tablets, and smartphones to reduce weight and improve durability.
The medical industry has also seen the use of magnesium alloys for various applications, including orthopedic implants and surgical instruments. Magnesium’s biocompatibility and ability to degrade within the body make it suitable for certain medical applications.
About The Authors
| Lu Jing – Lead Author |
| Email: lujing@qyresearch.com |
| Lu Jing is a technology & market senior analyst specializing in chemical, advanced material, and component. Lu has 9 years’ experience in chemical and focuses on catalyst and additive, metal and plastic materials, waste recycling, daily chemicals. She is engaged in the development of technology and market reports and is also involved in custom projects. |
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