The Metal Magnesium Market Report is Segmented by Production Process (Thermal Pidgeon, Electrolytic, Secondary/Recycled, and Seawater Electro-Extraction), End-User Industry (Aluminum Alloys, Die-Casting, Iron and Steel, Metal Reduction, and Other End User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The Market Forecasts are Provided in Terms of Volume (Tons).

The global metal magnesium market size was valued at USD 4.34 billion in 2023, Asia-Pacific is the most significant revenue contributor.
Report Scope:

Magnesium fell to 16,950 CNY/T on December 3, 2025, down 0.29% from the previous day. Over the past month, Magnesium's price has fallen 1.17%, and is down 1.45% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Magnesium.

Global metal magnesium market was valued at USD 5.88 Billion in 2024 and is predicted to reach USD 10.04 Billion by 2034, with a CAGR of 5.5% between 2025 and 2034.

The global magnesium metal market is estimated to be valued at USD 5.89 billion in 2025 and is projected to reach approximately USD 10.0 billion by 2035, expanding at a compound annual growth rate (CAGR) of 5.4% during the forecast period.

Magnesium Metal Market Analysis 2025 to 2035

According to Cognitive Market Research, the global Magnesium market size is USD 5121.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.60% from 2024 to 2031.

North America held the major market of around 40% of the global revenue with a market size of USD 2048.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1536.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1177.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 256.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 102.42 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.

Light Weighting Trends in Automotive and Aerospace Industries to Increase Sales of Magnesium

Light weighting trends in automotive and aerospace industries are propelling the sales of magnesium due to its exceptional strength-to-weight ratio. Automakers are increasingly adopting magnesium alloys to reduce vehicle weight, thereby enhancing fuel efficiency and meeting stringent emissions regulations. In the aerospace sector, where every ounce matters, magnesium's lightweight properties make it an attractive choice for aircraft components, contributing to improved fuel economy and increased payload capacity. Moreover, the demand for electric vehicles (EVs) further accentuates the need for lightweight materials like magnesium to extend battery range. As manufacturers strive to optimize performance while reducing environmental impact, magnesium's versatility and abundance position it as a key solution. Additionally, advancements in magnesium processing technologies, such as alloying techniques and manufacturing processes, are further driving its adoption in these industries, promising continued growth in magnesium sales.

Growth in Construction Activities to Drive the Demand for Magnesium

The growth in construction activities worldwide is expected to drive the demand for magnesium owing to its various applications in the industry. Magnesium-based materials offer exceptional durability, fire resistance, and thermal insulation properties, making them suitable for a wide range of construction applications, including structural elements, roofing, cladding, and insulation panels. Additionally, magnesium-based cements are gaining popularity as sustainable alternatives to traditional Portland cement due to their lower carbon footprint and superior performance. As urbanization continues and infrastructure development projects expand, particularly in emerging economies, the demand for magnesium in the construction sector is projected to rise steadily. Moreover, advancements in magnesium-based composites and innovative construction techniques are further fuelling this demand, positioning magnesium as a valuable material in the construction industry's quest for sustainability and efficiency.

Limited Availability of High-quality Magnesium Ores to Impact the Sales

The limited availability of high-quality magnesium ores presents a significant challenge to the market, potentially impacting sales and supply chains. High-grade magnesium ores are relatively scarce, leading to concerns regarding future supply stability and pricing volatility. Additionally, as demand for magnesium continues to rise across various industries, including automotive, aerospace, and construction, the pressure on existing magnesium reserves intensifies. This scarcity could lead to increased competition among manufacturers, rising production costs, and ultimately, higher prices for magnesium-based products. To address this challenge, industry stakeholders may need to explore alternative sources of magnesium, invest in research and development for ore processing technologies, and focus on recycling and sustainability initiatives to mitigate the impact of limited ore availability on sales and market growth.

Impact of Covid-19 on the Magnesium Market

The COVID-19 pandemic inflicted a negative impact on the magnesium market, disrupting suppl...

Magnesium Market Outlook

According to our latest research, the global magnesium market size in 2024 stands at USD 5.4 billion, demonstrating robust demand across multiple industries. The market is expected to expand at a CAGR of 7.2% from 2025 to 2033. By the end of 2033, the magnesium market is forecasted to reach a value of approximately USD 10.2 billion. This growth is primarily attributed to increasing utilization of magnesium and its alloys in automotive and aerospace industries, rising demand for lightweight materials, and the expanding application scope in electronics and healthcare sectors.

One of the principal growth drivers for the magnesium market is the automotive industry’s ongoing shift toward lightweight materials to enhance fuel efficiency and reduce emissions. Magnesium, being the lightest structural metal, has gained significant traction in the automotive sector for manufacturing components such as engine blocks, transmission cases, and wheels. The rising adoption of electric vehicles (EVs) further propels magnesium demand, as automakers seek to offset the weight of heavy battery packs through lightweight body structures. Additionally, regulatory mandates on vehicle emissions across North America and Europe are compelling manufacturers to integrate magnesium alloys, fostering sustained market growth.

The aerospace sector also plays a pivotal role in propelling the magnesium market. Aircraft manufacturers are increasingly utilizing magnesium alloys due to their high strength-to-weight ratio and excellent machinability. These alloys are extensively used in aircraft interiors, gearboxes, and structural components, contributing to overall weight reduction and improved fuel efficiency. The resurgence of commercial air travel post-pandemic, coupled with growing investments in space exploration and defense, has significantly bolstered magnesium consumption. This sector’s stringent safety and performance requirements are driving continuous innovation in magnesium alloy compositions, further expanding their application range.

Beyond transportation, the electronics and healthcare industries are emerging as lucrative avenues for magnesium market expansion. Magnesium’s excellent electromagnetic shielding properties make it ideal for use in electronic housings and portable devices, where weight reduction is critical. In healthcare, magnesium compounds are widely used in pharmaceuticals, dietary supplements, and medical devices due to their biocompatibility and therapeutic benefits. The increasing prevalence of magnesium deficiency and the rising awareness about its health benefits are stimulating demand in the nutraceutical segment. Furthermore, the construction and chemical industries are leveraging magnesium compounds in refractory materials, fertilizers, and specialty chemicals, adding another dimension to market growth.

Regionally, Asia Pacific continues to dominate the magnesium market, accounting for the largest share in 2024, driven by expansive industrialization, burgeoning automotive and electronics manufacturing hubs, and a robust construction sector. China, in particular, stands out as both a leading producer and consumer of magnesium, benefiting from abundant raw material availability and cost-effective production processes. North America and Europe follow, with significant demand stemming from advanced automotive, aerospace, and healthcare industries. Meanwhile, Latin America and the Middle East & Africa are witnessing gradual market development, supported by infrastructural growth and increasing industrial activities.

Product Type Analysis

The magnesium market by product type is segmented into magnesium metal, magnesium compounds, alloys, and others. Magnesium metal constitutes a significant portion of the market, primarily due to its widespread use in structural applications within the automotive and aerospace industries. Magnesium metal’s lightweight nature and high mechanical strength have made it an indispens

Global Magnesium Metal Market valued at $5,280.46 Mn in 2022, and is projected to $USD 8,403.56 Mn by 2030, at a CAGR of 5.98% from 2023 to 2030.

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Magnesium Market Size 2025-2029

The magnesium market size is forecast to increase by USD 1.77 billion at a CAGR of 5.7% between 2024 and 2029.

The market is experiencing significant growth due to the high demand for magnesium in various end-use industries, particularly in the automotive and aerospace sectors. The construction industry is also witnessing an increase in the use of magnesium alloys due to their lightweight and high-strength properties. New production facilities in the US and Canada are coming online, increasing the domestic supply of magnesium and reducing dependence on imports. Additionally, the growing use of carbon fiber composites in aerospace manufacturing is further driving this trend, as these materials offer exceptional strength-to-weight ratios. However, the availability of substitutes for magnesium metal, such as aluminum and zinc, poses a challenge to market growth. Producers must focus on improving the efficiency and cost-effectiveness of magnesium production to remain competitive in the market. The application of phosphate coatings on magnesium alloys is becoming more common to improve corrosion resistance, further enhancing the material's appeal. Additionally, research and development efforts are underway to find new applications for magnesium, expanding its market potential. Overall, the market is expected to grow steadily due to its unique properties and increasing demand from various industries.

What will the size of the market be during the forecast period?

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The market has experienced significant growth in recent years, driven by the increasing demand for lightweight components in various industries. Two primary materials contributing to this trend are aluminum alloys and magnesium alloys, which are widely used in die-casting processes. Die casting, a manufacturing process that uses high pressure to force molten metal into a mold is essential in producing complex and precise components. Aluminum alloys and magnesium alloys are popular choices due to their electromagnetic screening property and excellent heat conductivity. These properties make them ideal for use in the automotive and electronics industries, where lightweight and efficient components are crucial.



The aerospace sector is another significant consumer of magnesium alloys. The high ductility and strength-to-weight ratio of magnesium alloys make them ideal for manufacturing plates and sheets used in aerospace parts. The increasing demand for aircraft deliveries has led to a rising in the usage of magnesium alloys in the aerospace industry. The prices of metals, including magnesium, have been volatile due to various factors, such as supply and demand dynamics and geopolitical tensions. However, the growing demand for magnesium alloys in the automotive and electric vehicle manufacturing sectors is expected to drive the market's growth. The automobile sector's shift towards lightweight materials, including magnesium alloys, is a response to the increasing demand for fuel efficiency and reduced carbon emissions.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Die castings
  Aluminum alloys
  Iron and steel desulfurization
  Others


End-user

  Aerospace
  Automotive
  Electronics
  Medical
  Others


Geography

  APAC

    China
    India
    Japan


  Europe

    Germany
    UK


  North America

    Canada
    US


  South America

    Brazil


  Middle East and Africa

By Application Insights

The die castings segment is estimated to witness significant growth during the forecast period.

Magnesium is a versatile lightweight metal widely used in various industries due to its desirable properties. Its low density, high strength-to-weight ratio, and excellent machinability make it an ideal choice for manufacturing lightweight and durable components. In the die casting process, magnesium's low melting point and good thermal conductivity enable the creation of intricate shapes with minimal post-processing. This property is particularly valuable in sectors such as aerospace and automotive, where weight reduction is crucial for enhancing fuel efficiency and performance. Furthermore, magnesium's resistance to corrosion and ease of machining adds to its appeal to manufacturers seeking affordable ways to produce high-performing parts.

The die casting method, which involves injecting molten magnesium under high pressure into a mold, is a popular process for producing complex and accurate components.

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The die castings segment was valued at USD 2.28 billion i

The size of the Metal Magnesium Market was valued at USD 5.3 Billion in 2023 and is projected to reach USD 8.9 Billion by 2032, with an expected CAGR of 5.4% during the forecast period. Recent developments include: February 2023: Western Magnesium Corporation announced its plan to build a new production facility for magnesium metal with an initial annual capacity of 25,000 metric tons and a new research and development center in Nevada. With the help of this new production facility, the company aims to serve automotive, aerospace, airline, eco-friendly technology companies, and Defense Contractors through this expansion., July 2022: Chongqing Boao Magnesium-Aluminum Metal Manufacturing Co. Ltd (a wholly owned subsidiary of RSM Group/ Nanjing Yunhai Special Metals Co. Ltd) announced the completion of a high-performance magnesium-aluminum alloy and deep processing project (Phase II project) located in Pingshan Industrial Park, Chongqing City. The new production facilities could have various workshops, including a magnesium particle production workshop with a 7,200 tons/year capacity.. Key drivers for this market are: Growing Demand for Alloying with Other Metals, Increasing Demand for Lightweight Materials in the Aerospace and Automotive Industry. Potential restraints include: Fluctuation in Prices of Metal. Notable trends are: Increasing Usage in the Production of Aluminum Alloys.

The Magnesium Market size was valued at USD 27.8 Billion in 2024 and is anticipated to reach USD 43.2 Billion by 2031, growing at a CAGR of 5.7% from 2024 to 2031.

Global Magnesium Market Drivers

Increasing Demand for Lightweight Materials: The automotive and aerospace industries are increasingly utilizing magnesium alloys to reduce vehicle weight and improve fuel efficiency, driven by stricter emission regulations. Government data indicates that lightweight components can enhance fuel economy by up to 6% for every 10% reduction in vehicle weight.

Growth in Die Casting Applications: Magnesium's excellent properties for die casting are leading to its rising demand in various industrial applications. It was reported that die casting accounted for over 37% of magnesium usage in 2021, highlighting its significance in manufacturing processes.

Rising Infrastructure Development: Significant investments in infrastructure projects across Asia Pacific and other regions are boosting the demand for magnesium in construction and building materials. For instance, the Indian government aims to build 20 million affordable housing units under its Pradhan Mantri Awas Yojana scheme, which is expected to increase the need for magnesium-based materials.

Sustainability Initiatives: Governments worldwide are promoting sustainability through regulations that encourage the use of eco-friendly The shift towards electric vehicles (EVs) and sustainable manufacturing practices is driving the adoption of magnesium, which is favored for its low carbon footprint compared to traditional metals.

The global magnesium market size attained a volume of 20877.30 KMT in 2024. The industry is expected to grow at a CAGR of 1.87% during the forecast period of 2025-2034 to reach a volume of 25126.81 KMT by 2034.  The market is witnessing a growing demand in the electric vehicle (EV) sector, a growing demand in the electric vehicle (EV) sector, driven by the increasing demand for lightweight materials that enhance vehicle efficiency and performance.

Key Market Trends and Insights

• The Middle East and Africa region is estimated to grow with the highest CAGR of 3.03% through the forecast timeline.
• By form, pure magnesium (elementary magnesium) is set to grow at a CAGR of 3.42% during the forecast period.
• By type, secondary magnesian is expected to grow with the highest CAGR of 3.96% over the forecast period.
• The global magnesium industry by die-casting application category is expected to grow at 3.83% CAGR over the forecast period.

Market Size and Forecast

• Market Size in 2024: 20877.30 KMT
• Projected Market Size in 2034: 25126.81 KMT
• CAGR from 2025 to 2034: 1.87%
• Dominant Regional Market: Asia Pacific

Growing use of lightweight, high-strength materials in electric vehicles and sustainable products is significantly boosting demand in the magnesium market. In April 2025, Baogang Group (Baotou Steel) successfully commercialised its newly developed magnesium-aluminum coated dual-phase steel specifically designed for electric vehicles. This innovative material is being applied in critical components such as battery covers and lightweight structural parts, where weight reduction and durability are essential.

A growing demand for agricultural production to meet the needs of an expanding population drives the use of magnesium in fertilisers. In February 2025, Grupa Azoty announced its plans to produce its new multi-component fertiliser, POLIFOSKA Multi S. The fertiliser is packed with readily soluble and plant-available nutrients, including nitrogen, phosphorus, potassium, calcium, magnesium, and sulfur.

Metal Magnesium Market Outlook

The global metal magnesium market size was valued at approximately USD 4.2 billion in 2023 and is projected to reach around USD 7.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period. This growth is driven primarily by the increasing demand for lightweight materials in various industries, particularly in the automotive and aerospace sectors, which seek to enhance fuel efficiency and reduce emissions.

One of the primary growth drivers of the metal magnesium market is its rising application in the automotive industry. As governments worldwide implement stringent emission regulations, automakers are increasingly turning to lightweight materials like magnesium alloys to meet fuel efficiency standards. MagnesiumÂ’s high strength-to-weight ratio makes it an ideal substitute for traditional steel and aluminum, thereby playing a crucial role in reducing the overall weight of vehicles. This shift is expected to significantly propel the demand for metal magnesium over the coming years.

Another significant driver is the growing use of magnesium in the aerospace industry. The aerospace sector continuously seeks performance improvements, and using magnesium alloys is one way to achieve this. These alloys offer excellent mechanical properties, corrosion resistance, and reduced weight, making them suitable for various aerospace applications, including aircraft frames and engine components. The increase in air travel and the production of new aircraft models further amplify the demand for magnesium.

The electronics industry also contributes to the growth of the metal magnesium market. Magnesium alloys are increasingly used in the production of electronic devices due to their excellent electromagnetic shielding properties, light weight, and durability. These properties make them suitable for manufacturing components such as laptop frames, mobile phone casings, and other consumer electronics. As the demand for portable and compact electronic devices continues to rise, so does the requirement for magnesium alloys.

The sourcing of Magnesium Raw Materials is a critical aspect of the metal magnesium market. These raw materials are primarily derived from natural sources such as dolomite and magnesite, which are abundant in certain regions of the world. The extraction and processing of these raw materials require specialized techniques to ensure high purity and quality, which are essential for producing magnesium alloys. The availability and cost of magnesium raw materials can significantly impact the production costs and pricing of magnesium products. As the demand for magnesium continues to rise, the industry is exploring more sustainable and efficient methods of sourcing and processing these raw materials to meet the growing needs of various sectors.

Regionally, Asia Pacific holds the largest share in the metal magnesium market, driven by the rapid industrialization and urbanization in countries like China and India. The presence of major automotive and electronics manufacturing hubs in this region further bolsters the demand for magnesium. North America and Europe also contribute significantly to the market revenue, particularly due to the robust aerospace and automotive industries. Additionally, the Middle East & Africa, and Latin America are emerging markets, showing promising growth due to ongoing infrastructure development projects and increasing industrial activities.

Form Analysis

The metal magnesium market by form includes segments such as ingot, powder, granules, and others. The ingot form holds the largest market share due to its widespread applications across various industries. Magnesium ingots are primarily used in the production of alloys, which are then utilized in automotive and aerospace components. The ease of handling and melting of ingots makes them a preferred choice for manufacturers. The demand for ingots is expected to continue growing, driven by the increasing production of lightweight alloys.

Magnesium powder is another significant segment, finding extensive use in the pyrotechnics industry and as a reducing agent in the production of titanium. Its fine particle size and high reactivity make it suitable for these applications. Additionally, magnesium powder is used in the manufacturing of brake linings, fertilizers, and various chemical processes. The growing demand for fireworks and titanium production i

UAE metal magnesium market is projected to grow robustly from 2019-2030, driven by automotive, aerospace demand, with key segments in primary magnesium and alloys.

In 2022, the market of magnesium oxide (MgO) was valued at approximately 5.13 billion U.S. dollars worldwide. By the year 2030, the global market value of this inorganic salt is forecast to grow to around 7.55 billion U.S dollars. Meanwhile, in 2022, the market volume of magnesium oxide stood at some 15.18 million metric tons.

The magnesium and magnesium alloy market, valued at approximately $1901 million in 2021, is projected to experience steady growth, driven by increasing demand across diverse sectors. The automotive and transportation industry remains a key driver, fueled by the lightweighting trend in vehicle manufacturing to improve fuel efficiency and reduce emissions. Consumer electronics are another significant contributor, with magnesium alloys finding applications in portable devices demanding high strength-to-weight ratios. The aerospace and defense sectors also present lucrative opportunities due to the material's high strength and corrosion resistance. While the "Others" segment encompasses a variety of applications, its growth is expected to be influenced by emerging uses in medical implants and sporting goods. Cast alloys currently dominate the market, owing to their cost-effectiveness in mass production, while wrought alloys are anticipated to see increased adoption in specialized applications demanding higher performance characteristics. Geographic growth is expected to be distributed, with North America and Asia Pacific continuing to be prominent regions due to established manufacturing bases and high consumption. However, regions like Europe and the Middle East & Africa are likely to experience growth in line with the increasing adoption of lightweight materials in various applications. Factors such as price volatility of magnesium and potential environmental concerns related to production processes may pose challenges to market expansion. However, ongoing innovations in production techniques and increasing awareness of the environmental benefits of lightweight materials are expected to mitigate these restraints. The forecast period from 2025 to 2033 anticipates a continuation of this growth trajectory, with a compound annual growth rate (CAGR) of 4%. This growth will be shaped by continued technological advancements leading to improved magnesium alloy properties, expanding applications in electric vehicles and renewable energy technologies, and a growing focus on sustainability in manufacturing. The market segmentation will likely evolve, with a greater emphasis on specialized alloys tailored for specific applications. Competitive landscape will remain active, with established players and emerging companies vying for market share through innovation, strategic partnerships, and expansion into new geographic markets. Furthermore, governmental regulations promoting sustainable materials will likely incentivize the adoption of magnesium alloys, propelling further market expansion throughout the forecast period.

Asia Pacific Magnesium market size is USD 1177.88 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031

Learn about the expected growth of the magnesium market in the United States over the next decade, with consumption trends on the rise. Market performance is forecast to slow down slightly but still show growth, with the market volume expected to reach 25K tons by 2035. In terms of value, the market is projected to increase to $209M by the end of 2035.

North America's Leadership The North American magnesium supplement market was valued at USD 1,321.89 million in 2024 and is expected to continue its dominance, reaching USD 2,132.22 million by 2032, growing at a steady pace. Europe's Expansion Europe's market for magnesium supplements, valued at USD 1,045.18 million in 2024, is anticipated to grow to USD 1,627.35 million by 2032, with consistent growth projected throughout the forecast period. Asia Pacific's Growth Asia Pacific recorded a market size of USD 802.56 million in 2024. By 2032, the region is forecasted to grow to USD 1,481.8 million, driven by increasing consumer awareness and health trends. Market Dynamics The magnesium supplement market is expected to see a compound growth rate across all regions, with North America projected to maintain the highest share, closely followed by Europe and the Asia Pacific. Key Trends The projected annual growth reflects an increasing demand for magnesium supplements, particularly in the Asia Pacific region, where the market size is expected to rise from USD 802.56 million in 2024 to USD 1,481.8 million by 2032.

The magnesium oxide market is projected to grow from USD 4.6 billion in 2025 to USD 8.9 billion in 2035, reflecting a CAGR of 6.6%.