Magnesium Market by Application and Geography - Forecast and Analysis 2021-2025
- Published: Sep 2021
- Pages: 120
- SKU: IRTNTR43562
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The magnesium market share is expected to increase by USD 844.74 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.5%.
This magnesium market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers magnesium market segmentations by application (die castings, aluminum alloys, iron and steel desulfurization, and others) and geography (APAC, Europe, North America, South America, and MEA). The magnesium market report also offers information on several market vendors, including China Magnesium Corp., ICL Group Ltd, Latrobe Magnesium Ltd., Magontec Ltd., POSCO, Rima Group, Shaanxi Tianyu Magnesium Industry Group Co. Ltd., US Magnesium LLC, VSMPO-AVISMA Corp., and Western Magnesium Corp. among others.
What will the Magnesium Market Size be During the Forecast Period?
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Magnesium Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The high demand for steel from various end-use industries is notably driving the magnesium market growth, although factors such as availability of substitutes may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the magnesium industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Magnesium Market Driver
The high demand for steel from various end-use industries is notably driving the magnesium market growth. Magnesium is widely used in the steel desulfurization process, as sulfur increases the brittleness of steel and reduces its weldability and corrosion resistance. Therefore, sulfur content should be less than 0.015% in steel. Magnesium is used in hot metal desulfurization, where it vaporizes under high temperatures between 1,250 C (2,282 F) and 1,450 C (2,642 F). The magnesium gas then diffuses into liquid iron, where it reacts with the dissolved sulfur, forming magnesium sulfide (MgS). It MgS floats on the top solution, which is later skimmed off. Among the different end-use industries of the steel market, the demand from the construction segment, which includes building and structural work, accounted for more than half of the share in 2016. Steel products such as flat, long, and tube products are extensively used in structural constructions. Thus, vendors are investing in the commercialization of magnesium plants. For instance, in December 2019, Alliance Magnesium Inc. announced the arrival of its share capital of the Japanese company Marubeni Corp. The global construction industry is expected to grow at a steady pace at a CAGR of 2.86% during the forecast period. APAC is a key construction industry and accounts for a major share of the global construction industry due to the presence of China, India, and Japan. The demand for steel from emerging markets, such as India and Mexico, is expected to fuel the growth of the global steel market. The increased steel consumption will drive the demand for magnesium for steel desulfurization.
Key Magnesium Market Trend
High production of magnesium in China is the key market trend driving the magnesium market growth. Globally, China is the largest producer and consumer of magnesium. During 2000-2005, the high production led to excess supply from China, and the country started exporting magnesium at low costs. The exports affected the domestic production in many countries. In the present scenario, however, China is tightening its supply. The producers in China are manufacturing at half their capacity to avoid oversupply. China accounted for around 80% of the global magnesium production in 2016. Producers in China dominate global magnesium metal production, and several projects were under development to increase primary magnesium metal capacity in China. Also, growing automotive players' investment for luxury vehicles in China will drive the magnesium demand and, in turn, the market in focus. The magnesium prices in China are expected to increase due to an increase in the prices of ferrosilicon and coal. The primary production of magnesium in China was 871 thousand metric tons in 2016, and it increased in 2017.
Key Magnesium Market Challenge
The major challenge impeding the magnesium market growth is the availability of substitutes. Magnesium is a very light metal. Aluminum and zinc can be used as substitutes for magnesium in castings and wrought metal products. The high cost of magnesium compels the manufacturers to use its substitutes, such as aluminum and zinc. Calcium carbide can be substituted in place of magnesium for iron and steel desulfurization. In July 2021, Israel Chemicals Ltd (ICL) expanded its specialty product offering to meet growing demand from the electric vehicle market. Thus, it is able to offer a complete range of mono ammonium phosphate (MAP) solutions from its YPH joint venture plant in China. It is able to provide both flexibility and cost-effectiveness while also meeting unique customer specifications. ICL will create additional capacity to meet rapidly increasing customer demand for specialty products, including for the production of lithium iron phosphate (LFP) batteries destined for electric vehicles and other energy storage. Thus, the availability of substitutes can impose a threat on the market in focus during the forecast period
This magnesium market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global magnesium market as a part of the global diversified metals and mining market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the magnesium market during the forecast period.
Who are the Major Magnesium Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- China Magnesium Corp.
- ICL Group Ltd
- Latrobe Magnesium Ltd.
- Magontec Ltd.
- Rima Group
- Shaanxi Tianyu Magnesium Industry Group Co. Ltd.
- US Magnesium LLC
- VSMPO-AVISMA Corp.
- Western Magnesium Corp.
This statistical study of the magnesium market encompasses successful business strategies deployed by the key vendors. The magnesium market is fragmented and the vendors are deploying organic and inorgnic growth strategies to compete in the market.
Product Insights and News
- China Magnesium Corp. - The company offers magnesium product which can be used as alloys in computers, communications, consumer electronics amd others.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The magnesium market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Magnesium Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the magnesium market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Magnesium Market?
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57% of the market’s growth will originate from APAC during the forecast period. China is the key market for magnesium market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growth of the construction industry is expected to drive the demand for aluminum and steel, which, in turn, will facilitate the magnesium market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 in the region hampered the growth of the magnesium market in APAC. Several countries, such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines, implemented partial or complete lockdown to contain the spread of the disease. Thus, various industries such as automotive and construction were adversely impacted in 2020 due to the COVID-19 pandemic. The imposition of stringent lockdowns and social distancing regulations compelled many business owners to shut down their facilities temporarily. Thus, in 2020, following the COVID-19 pandemic, automobile manufacturing was one of the most affected industries because of challenges from both supply and demand-related uncertainties. Also, in Q2 2021, the second wave of COVID-19 in the region led to a decline in the growth of the automobile industry, which, in turn, affected the sales of crossover vehicles in the region. However, automobile manufacturing is expected to recover once the COVID-19 pandemic is contained in the region.
What are the Revenue-generating Application Segments in the Magnesium Market?
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The magnesium market share growth by the die castings segment will be significant during the forecast period. Features such as high strength-to-weight ratio, die castability, and damping capacity drive the use of magnesium in the automotive industry. The thriving automotive sector will increase the use of magnesium in die casting applications.
This report provides an accurate prediction of the contribution of all the segments to the growth of the magnesium market size and actionable market insights on post COVID-19 impact on each segment.
Magnesium Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 5.5%
Market growth 2021-2025
$ 844.74 million
YoY growth (%)
APAC, Europe, North America, South America, and MEA
Performing market contribution
APAC at 57%
Key consumer countries
China, US, Germany, Russian Federation, and Brazil
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
China Magnesium Corp., ICL Group Ltd, Latrobe Magnesium Ltd., Magontec Ltd., POSCO, Rima Group, Shaanxi Tianyu Magnesium Industry Group Co. Ltd., US Magnesium LLC, VSMPO-AVISMA Corp., and Western Magnesium Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Magnesium Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive magnesium market growth during the next five years
- Precise estimation of the magnesium market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the magnesium industry across APAC, Europe, North America, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of magnesium market vendors
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1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- 2.2 Value chain analysis
- Exhibit 02: Market characteristics
- Exhibit 03: Value chain analysis
3 Market Sizing
- 3.1 Market definition
- 3.2 Market segment analysis
- Exhibit 04: Offerings of vendors included in the market definition
- 3.3 Market size 2020
- Exhibit 05: Market segments
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
4 Five Forces Analysis
- 4.1 Five forces summary
- 4.2 Bargaining power of buyers
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.3 Bargaining power of suppliers
- Exhibit 09: Bargaining power of buyers
- 4.4 Threat of new entrants
- Exhibit 10: Bargaining power of suppliers
- 4.5 Threat of substitutes
- Exhibit 11: Threat of new entrants
- 4.6 Threat of rivalry
- Exhibit 12: Threat of substitutes
- 4.7 Market condition
- Exhibit 13: Threat of rivalry
5 Market Segmentation by Application
- 5.1 Market segments
- Exhibit 15: Application - Market share 2020-2025 (%)
- 5.2 Comparison by Application
- 5.3 Die Castings - Market size and forecast 2020-2025
- Exhibit 16: Comparison by Application
- Exhibit 17: Die Castings - Market size and forecast 2020-2025 ($ million)
- 5.4 Aluminum Alloys - Market size and forecast 2020-2025
- Exhibit 18: Die Castings - Year-over-year growth 2020-2025 (%)
- Exhibit 19: Aluminum Alloys - Market size and forecast 2020-2025 ($ million)
- 5.5 Iron and Steel Desulfurization - Market size and forecast 2020-2025
- Exhibit 20: Aluminum Alloys - Year-over-year growth 2020-2025 (%)
- Exhibit 21: Iron and Steel Desulfurization - Market size and forecast 2020-2025 ($ million)
- 5.6 Others - Market size and forecast 2020-2025
- Exhibit 22: Iron and Steel Desulfurization - Year-over-year growth 2020-2025 (%)
- Exhibit 23: Others - Market size and forecast 2020-2025 ($ million)
- 5.7 Market opportunity by Application
- Exhibit 24: Others - Year-over-year growth 2020-2025 (%)
6 Customer landscape
- 6.1 Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 27: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- 7.3 APAC - Market size and forecast 2020-2025
- Exhibit 28: Geographic comparison
- Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
- 7.4 Europe - Market size and forecast 2020-2025
- Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
- Exhibit 31: Europe - Market size and forecast 2020-2025 ($ million)
- 7.5 North America - Market size and forecast 2020-2025
- Exhibit 32: Europe - Year-over-year growth 2020-2025 (%)
- Exhibit 33: North America - Market size and forecast 2020-2025 ($ million)
- 7.6 South America - Market size and forecast 2020-2025
- Exhibit 34: North America - Year-over-year growth 2020-2025 (%)
- Exhibit 35: South America - Market size and forecast 2020-2025 ($ million)
- 7.7 MEA - Market size and forecast 2020-2025
- Exhibit 36: South America - Year-over-year growth 2020-2025 (%)
- Exhibit 37: MEA - Market size and forecast 2020-2025 ($ million)
- 7.8 Key leading countries
- Exhibit 38: MEA - Year-over-year growth 2020-2025 (%)
- 7.9 Market opportunity by geography
- Exhibit 39: Key leading countries
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Market trends
- Exhibit 41: Impact of drivers and challenges
9 Vendor Landscape
- 9.1 Competitive Landscape
- 9.2 Vendor landscape
- 9.3 Landscape disruption
- Exhibit 42: Vendor landscape
- Exhibit 43: Landscape disruption
10 Vendor Analysis
- 10.1 Vendors covered
- 10.2 Market positioning of vendors
- 10.3 China Magnesium Corp.
- Exhibit 46: Market positioning of vendors
- Exhibit 47: China Magnesium Corp. - Overview
- Exhibit 48: China Magnesium Corp. - Product and service
- Exhibit 49: China Magnesium Corp. - Key offerings
- 10.4 ICL Group Ltd
- Exhibit 50: ICL Group Ltd - Overview
- Exhibit 51: ICL Group Ltd - Business segments
- 10.5 Latrobe Magnesium Ltd.
- Exhibit 52: ICL Group Ltd - Key offerings
- Exhibit 53: ICL Group Ltd - Segment focus
- Exhibit 54: Latrobe Magnesium Ltd. - Overview
- Exhibit 55: Latrobe Magnesium Ltd. - Product and service
- 10.6 Magontec Ltd.
- Exhibit 56: Latrobe Magnesium Ltd. - Key offerings
- Exhibit 57: Magontec Ltd. - Overview
- Exhibit 58: Magontec Ltd. - Business segments
- 10.7 POSCO
- Exhibit 59: Magontec Ltd. - Key offerings
- Exhibit 60: Magontec Ltd. - Segment focus
- Exhibit 61: POSCO - Overview
- Exhibit 62: POSCO - Business segments
- 10.8 Rima Group
- Exhibit 63: POSCO - Key offerings
- Exhibit 64: POSCO - Segment focus
- Exhibit 65: Rima Group - Overview
- Exhibit 66: Rima Group - Product and service
- 10.9 Shaanxi Tianyu Magnesium Industry Group Co. Ltd.
- Exhibit 67: Rima Group - Key offerings
- Exhibit 68: Shaanxi Tianyu Magnesium Industry Group Co. Ltd. - Overview
- Exhibit 69: Shaanxi Tianyu Magnesium Industry Group Co. Ltd. - Product and service
- 10.10 US Magnesium LLC
- Exhibit 70: Shaanxi Tianyu Magnesium Industry Group Co. Ltd. - Key offerings
- Exhibit 71: US Magnesium LLC - Overview
- Exhibit 72: US Magnesium LLC - Product and service
- 10.11 VSMPO-AVISMA Corp.
- Exhibit 73: US Magnesium LLC - Key offerings
- Exhibit 74: VSMPO-AVISMA Corp. - Overview
- Exhibit 75: VSMPO-AVISMA Corp. - Product and service
- 10.12 Western Magnesium Corp.
- Exhibit 76: VSMPO-AVISMA Corp. - Key offerings
- Exhibit 77: Western Magnesium Corp. - Overview
- Exhibit 78: Western Magnesium Corp. - Product and service
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 80: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 81: Research Methodology
- Exhibit 82: Validation techniques employed for market sizing
- 11.4 List of abbreviations
- Exhibit 83: Information sources
- Exhibit 84: List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Russian Federation
- High demand for steel from various end-use industries
- New production facilities in US and Canada
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