Market Size of Metal Magnesium Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 1.15 Million tons |
| Market Volume (2029) | 1.50 Million tons |
| CAGR (2024 - 2029) | 5.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Metal Magnesium Market Analysis
The Metal Magnesium Market size is estimated at 1.15 Million tons in 2024, and is expected to reach 1.5 Million tons by 2029, growing at a CAGR of 5.30% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020. However, the demand increased in 2021 due to the rise in consumption from various growing end-user sectors, such as automotive and electronics. Moreover, in electronics, magnesium is used in heat dissipation systems, television and computer casings, and others. This resulted in the steady growth of the market in the post-pandemic era and is expected to continue at the same pace during the forecast period.
- Over the short term, the growing demand for alloying with other metals and the increasing demand for lightweight materials in the aerospace and automotive industries are some driving factors stimulating market demand.
- On the flip side, fluctuations in the prices of metals are expected to hinder market growth.
- In the coming years, the market is likely to have more opportunities as more people buy electric cars.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
