According to the report published by Zion Market Research, the global Magnesium Metal Market size was valued at USD 5,280.46 Million in 2022 and is predicted to reach USD 8,403.56 Million by the end of 2030. The market is expected to grow with a CAGR of 5.98% during the forecast period. The report analyzes the global Magnesium Metal Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Magnesium Metal Market industry.

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Global Magnesium Metal Market: Overview

Magnesium is the lightest alkaline-earth metal of Group II of the periodic table. Magnesium is less dense compared to aluminium, and when it is combined with aluminium to use as an alloying agent, it improves the fabrication, mechanical, and welding features of aluminium. These alloys are widely used in the construction of airplanes and cars. The presence of magnesium metal is abundant on Earth due to its characteristics it is one of the most commonly used structural metals in the global magnesium metal market. Due to its properties, the uses of magnesium can be seen in many end use industries around the world.

Global Magnesium Metal Market: Growth Factors

The global magnesium metal market is expected to grow at a significant rate over the forecast period. The global market is primarily flourishing due to the increasing use of magnesium alloys in automobile industry to produce lightweight vehicles. Big vehicle brands are in a race for making electric vehicles and fuel-efficient vehicles owing to a shift in government policies for environmental safety. This has significantly increased the demand for magnesium metal in European and Asian countries. Along with this, mounting demand for magnesium alloy can be seen in the manufacturing of TVs, LCDs, and PC casings. As magnesium alloy efficiently dissipates heat generated by electronic circuits.

Moreover, increasing research on the use of magnesium alloys to increase its use in aerospace airframe, engine, and internal components will offer lucrative growth prospects to the global magnesium metal market. However, the high cost associated with magnesium metal is the biggest challenge for end use industries which can hinder the global magnesium metal market growth. However, the booming electric vehicle sector assures the adoption of magnesium metal for manufacturing lightweight vehicles will provide better growth opportunities for the growth of the global magnesium metal market over the projected period.

The onset of COVID-19 pandemic has severely hampered the growth of global magnesium metal market. This is mainly due to reduced demand for magnesium alloys in the aerospace, electronics, and automobile industry in year 2020. As per the report study, more than 70% of automobile manufacturing companies had temporarily halted their manufacturing process in 2020, which had a direct impact on the demand for magnesium alloys. Moreover, restrictions on transportations, raw material shortage, and disruption of the global supply chain have also contributed to less revenue generation during the pandemic period.

Global Magnesium Metal Market: Segmentation

The global magnesium metal market is categorized based on type, application, end-user, and region. Based on the type, the global market is classified into 95 to 97%, 97 to 99%, and >99%. The application segment in the magnesium metal market consists of desulphurization, metal reduction, aluminium alloys, die-casting, and others. Based on the end-user, the global magnesium metal market is divided into medical, sports, electronics, aerospace, automotive, and other end-user industries.