Global Magnesium Market: Overview

Magnesium is a silvery white metal, and it is lighter as compared to aluminum and steel. Moreover, this metal is easily available and due to its easy availability from different mineral sources, such as sea water, its commercialization is increasing globally. Magnesium is witnessing increasing application over many industries and this would broaden its market demand as well.

The global magnesium market is witnessing rapid expansion in recent years, and it is expected to expand at a rapid growth rate during the forecast period. Growing trend of employing non-ferrous casting materials instead of metallic casting materials is fuelling the expansion of the magnesium market worldwide. Earlier, in the automotive, telecommunication industries iron-based products were employed. However, presently, there is an increase in the application of lightweight metals in these industries, as they offer better quality and durability. Magnesium-based products offer greater conductibility also, thus increasing their utilization in the automotive, telecommunication sector considerably. Magnesium is replacing iron, as magnesium has resistance to corrosion. These features of magnesium raise its application in gearbox, seat frame, and steering wheels among others. These advantages of magnesium over heavy metals is driving the expansion of the magnesium market eventually. Moreover, rising population coupled with increasing disposable income leads to increase in vehicle population in economically developed nations such as the U.S., Germany, the U.K., and emerging economies such as China, India, and South Korea. Furthermore, increased internet penetration in these countries boosts the expansion of the telecommunication industry. Therefore, expanding automotive and telecommunication industries are estimated to expand the global magnesium market during the forecast period.

Major disadvantages of magnesium is that it is chemically reactive and highly unsuitable for wielding. This metal is unsuitable for heat treatment, and it shrinks at extreme cold temperature. These disadvantages limit the application of magnesium, thus restraining the market prospect during the forecast period.

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Demand for magnesium stainless steel alloy witness considerable growth rate during the growth rate as this alloy has high applications in the manufacturing industry. This alloy is lightweight and offers high strength, and these features increase its application in the automotive sector extensively. Latest models of Jaguar, Ferrari, among others employ this alloy, thus increasing its application in the automotive industry in the near future. Electronics devices such as cameras utilize this alloy in its body and lens shell. .Demand for magnesium-based alloy is estimated to rise due to the expanding electronics goods industry. These factors act as an opportunity for the global magnesium market during the forecast period.

In terms of application, the global magnesium market is segmented into steel desulfurization, die castings, aluminum alloys, nodular cast iron, and titanium refining. Aluminum alloy held significant share of the market, and this segment is projected to expand at a CAGR during the forecast period. Aluminum alloy finds wide application in the transportation, packaging, and construction industries. Demand for aluminum alloy is estimated to rise due to light weight, high inductility and expansion of the construction and real estate market. This alloy has better resistance to saltwater corrosion. These features are likely to fuel the expansion of the global magnesium market at a considerable growth rate during the forecast period.

In terms of region, the global magnesium market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Asia Pacific is expanding rapidly for this market. China is the major production and consumption hub of this metal. Large amount of aluminum magnesium alloy have been used in the region.

Key magnesium market players include POSCO, US magnesium LLC, Ningxia Hui-Ye Magnesium Marketing, and Shaanxi Fugu Tianyu Mineral Industry. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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