Magnesium Metal Market Size Forecast to Reach $5.4 Billion by 2025
Magnesium Metal Market size is forecast to reach $5.4 billion by 2025, after growing at a CAGR of 7.5 % during 2020-2025. Owing to their lightweight properties, magnesium metal and alloys are commonly used in the automotive and aerospace industries. In addition, it finds applications in medical and health care on the basis of its good biocompatibility and nontoxicity. Furthermore, due to its superior electrical and mechanical properties such as longevity and enhanced heat transfer, it is also commonly used in various electronic applications. The increasing application of magnesium metal in these industries is driving its magnesium metal market growth.
Magnesium Metal Market Segment Analysis - By Application
The aluminum alloys segment held the largest share in the magnesium metal market in 2019. The addition of magnesium metal to alloys improves strength and tensile strength. These alloys are non-heat-treated alloys and are used for structural applications. Some uses include structures, pressure vessels, train and truck bodies, chemical tankers and armored vehicles. In addition, increasing titanium demand across the globe is expected to drive the market growth of magnesium metals. Development of the titanium market due to growing applications from the aerospace, pharmaceutical, medical and healthcare industries is expected to accelerate the market growth of magnesium metals. As a result, the increasing production of titanium to meet the growing needs of the above-mentioned application would favor market growth.
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Magnesium Metal Market Segment Analysis - By End Use Industry
Aerospace and Defense segment held the largest share in the magnesium metal market and is growing at a CAGR of 6.9%. It is used in the aerospace industry to make lightweight components due to the increasing need for fuel-efficient aircraft and to minimize the overall weight of aircraft. Magnesium is one of the lightest metals and is substantially more stable, making it suitable for making lightweight and reliable aircraft components such as cabins and other interior parts. Some of the main applications include rotary gearboxes for aircraft, auxiliary gearboxes and transmission components. Applications of magnesium metal in the automotive sector include instrument panels, seat panels, steering column parts, inner door panels, door handles, frame parts, transmission housings and engine blocks.
Magnesium Metal Market Segment Analysis - By Geography
Asia-Pacific held the largest share in the magnesium metal market in 209 up to 30%, Due to the growing demand for magnesium metal in end-use industries such as the electronics and automotive industries. Some of the key drivers for the region's magnesium metal demand are increasing industrialization and increased per capita disposable income. In the forecast period, China is likely to develop with a substantial CAGR in relation to the large range of applications for magnesium metals and alloys in automotive parts manufacturing and increased demand for consumer goods. In addition, China is the leading producer of titanium and therefore is expected to show significant magnesium demand growth. According to OICA, automotive production in countries such as India, Indonesia, and Malaysia have increased by 8%, 10.3% and 12.2% up to 5,174,645, 1,343,714 and 402,085 from 2017. Thus, these countries are contributing to the regional demand.
Magnesium Metal Market Drivers
Increasing demand from aerospace and automotive sector
The key factors expected to drive the growth of the market are the growing demand for magnesium due to its low weight and high compressive strength in the aerospace and automotive sectors. In the coming years, the growing production of magnesium alloys for die-casting for automotive components such as steering wheel cores, dashboards, and gearbox casings is expected to strengthen market growth. According to the International Trade Administration (ITA), in 2019 China was the world’s second-largest civil aerospace and aviation services markets and one of the fastest-growing markets. By the end of 2018, China had more than 59 airlines and 3,615 civil aircraft, an increase of 10% over 2017. In 2016, according to Boeing, China is estimated to require around 6,810 new commercial aircraft, valued at USD 1 trillion, over the next two decades. Also, according to Boeing India is expected to drive the demand for 2,300 aircrafts worth US$320 billion over the next 20 years. Also, the Eastern Economic Corridor (EEC) is targeting US$ 7 billion in investment in MROs and aviation-related industries in Thailand over the next 5 years. In addition, according to International Trade Administration (ITA), China is the world’s largest vehicle market and the Chinese government is expecting that automobile output will reach 35 million by 2025. Thus, these factors are driving magnesium metal market growth.
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Magnesium Metal Market Challenges
Stringent government regulations
Magnesium metal is highly suitable for welding and is chemically reactive, which is likely to limit magnesium metal adoption. In addition, it is not ideal for thermal applications and at very cold temperatures it shrinks. The adoption of magnesium metal is supposed to be constrained by all these drawbacks. Furthermore, certain regulatory bodies regulate the use of magnesium metal and its alloys for some uses, such as automotive and aerospace. Major players are limiting the adoption of magnesium metal, which is expected to impede market growth, due to strict rules and regulations. In addition, flammable magnesium properties, especially when powdered or shaved into thin strips, are another factor expected to hamper the growth of the global market for magnesium metals over the forecast period.
Magnesium Metal Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Magnesium Metal Market. In 2019, the market of Magnesium Metal Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Magnesium Metal market includes Wenxi YinGuang Magnesium Industry Co., Ltd (China), Mag Specialties Inc., U.S. Magnesium LLC, Latrobe Magnesium, Taiyuan Tongxiang Magnesium Co., Ltd, Dead Sea Magnesium Ltd, RIMA GROUP, Magontec Ltd, NIPPON KINZOKU Co. Ltd, among others.
Key Takeaways
Magnesium metal is used for the desulphurization of steel, which is used as reinforcement in the building industry. As a result, the rise in steel and iron production is expected to drive demand during the forecast period.
Magnesium is one of the lightest materials and has an outstanding strength-to-weight ratio. It has high thermal and electrical conductivity and is capable of withstanding high operating temperatures. Aluminum alloy magnesium is used in a range of applications including automotive parts, RFI and EMI insulation, electrical housings and electrical connectors.
The widespread use in medical applications such as surgical implants and protective coatings, due to high fracture strength and biodegradability, offers lucrative opportunities for key players in the global market for magnesium metals. In addition, the growing use of magnesium in robotics and wind turbines is creating huge opportunities for magnesium producers.
However, operations in various industries such as oil & gas, automotive, and aerospace is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. This is limiting Magnesium Metal market growth.
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