Magnesium decreased 200 CNY/T or 1.18% since the beginning of 2025, 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.

The U.S. spot Western price of magnesium metal amounted to an estimated five U.S. dollars per pound in 2023. That was a decrease of nearly three U.S. dollars per pound in comparison to the previous year. Magnesium is listed as a critical mineral in the U.S.

The magnesium prices in Canada for Q4 2023 reached 1267 USD/MT in December. The market in region saw price fluctuations mirroring trends from Asia. Disparate movements in upstream costs and modest downstream demand led to a volatile market. The period was also marked by logistical challenges that hindered growth, yet the market in general remained relatively stable despite these fluctuations.

The price of magnesium powder in the United States for Q3 2023 reached 446 USD/MT in September. The market experienced a mixed demand for both magnesium oxide and stearate within the downstream pharmaceuticals, food, and other industrial sectors, showing an upside-down pricing trend.

Magnesium Price in the United States - 2023. Find the latest marketing data on the IndexBox platform.

The magnesium alloy ingot prices in the United States for the fourth quarter of 2023 was 3576 USD/MT. The market saw sluggish price movement due to insignificant year-on-year (YoY) discrepancy. Throughout the quarter, there were some price variations between the first and second halves due to market fluctuations that varied slightly from month to month.

Magnesium Alloy Ingot Prices December 2023

Product	Category	Region	Price
Magnesium Alloy Ingot	Metal & Metalloids	USA	3576 USD/MT (Magnesium Alloy Ingot AZ91D)
Magnesium Alloy Ingot	Metal & Metalloids	China	3443 USD/MT (Magnesium Alloy Ingot AZ91D)
Magnesium Alloy Ingot	Metal & Metalloids	Netherlands	3587 USD/MT (Magnesium Alloy Ingot AZ91D)

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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 Price in Romania - 2023. Find the latest marketing data on the IndexBox platform.

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.

In August 2022, the magnesium price amounted to $5,111 per ton (CIF, Canada), which is down by -34.1% against the previous month.

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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 bil

In June 2023, the price of Magnesium was $3,130 per ton (FOB, China), which saw a decrease of 8.5% compared to the previous month.

Magnesium Price in Russia - 2022. Find the latest marketing data on the IndexBox platform.

The magnesium sulfate prices in the United States for Q4 2023 reached 430 USD/MT in December. The market witnessed a reduction in prices mainly driven by lower demand from horticulture and pharmaceutical sectors. This was coupled with increased supply and decreased feedstock costs, making the market bearish.

Magnesium Sulfate Prices December 2023

Product	Category	Region	Price
Magnesium Sulfate	Bulk Chemical and Fertilizer	USA	430 USD/MT
Magnesium Sulfate	Bulk Chemical and Fertilizer	China	150 USD/MT
Magnesium Sulfate	Bulk Chemical and Fertilizer	Europe	480 USD/MT

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Magnesium chloride prices in the USA plummeted to 575 USD/MT in Q4 2023, owing to feeble demand from industries like textiles and water treatment, a supply-demand imbalance, and poor winter operation rates. Energy costs also contributed to the declining trend. The market encountered issues due to falling prices and oversupply, which were caused by weak demand and seasonal considerations.

Magnesium Chloride Prices December 2023

Product	Category	Region	Price
Magnesium Chloride	Bulk Chemical and Fertilizer	USA	575 USD/MT
Magnesium Chloride	Bulk Chemical and Fertilizer	Netherlands	520 USD/MT

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The magnesium metal market size is estimated to be valued at US$ 5.3 billion in 2023 and is expected to reach US$ 9 billion by 2033. The adoption of magnesium metal is likely to advance at a CAGR of 5.4% during the forecast period.

Attribute	Details
Estimated Market Size (2023)	US$ 5.3 billion
Projected Market Size (2033)	US$ 9 billion
CAGR through (2023 to 2033)	5.4%

2018 to 2022 Global Magnesium Metal Market Outlook Compared To 2023 to 2033 Forecast

Period	Market Size (in US$ billion)
2018	US$ 3 billion
2022	US$ 4.9 billion
2023	US$ 5.3 billion
2033	US$ 9 billion

Report Scope

Report Attribute	Details
Market Value in 2023	US$ 5.4 billion
Market Value in 2033	US$ 9 billion
Growth Rate	CAGR of 5.4% from 2023 to 2033
Base Year for Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in US$ billion and CAGR from 2023-2033
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Application Type Region
Regions Covered	North America Latin America Europe Asia Pacific Middle East and Africa
Key Countries Profiled	United Sates Canada Brazil Mexico Germany United Kingdom France Spain Italy China Japan South Korea Singapore Thailand Indonesia Australia New Zealand GCC South Africa Israel
Key Companies Profiled	US Magnesium LLC. Dead Sea Magnesium Ltd POSCO RIMA Group Solikamsk Magnesium Works OAO Wenxi YinGuang Magnesium Industry (Group) Co., Ltd. Shanxi Wenxi Hongfu Magnesium Co., Ltd. Shanxi Wenxi Zhenxin Magnesium Co. Ltd., Taiyuan Tongxiang Magnesium Co., Ltd.
Customization & Pricing	Available upon Request

Magnesium stock price, live market quote, shares value, historical data, intraday chart, earnings per share and news.

Magnesium Price in South Korea - 2022. Find the latest marketing data on the IndexBox platform.

In January 2023, the magnesium price stood at $10,084 per ton (FOB, Turkey), reducing by -8.2% against the previous month.

During Q4 2024, the Magnesium Hydroxide market in North America demonstrated overall stability with minor fluctuations. The quarter began with balanced market conditions as pharmaceutical consumers maintained routine procurement patterns. Supply chains operated efficiently, with material readily available from both domestic and international sources. A slight softening emerged in November as buyers adopted a more cautious stance amid comfortable inventory positions and adequate supply availability.