The global magnesium metal market is projected to reach approximately USD 10.7 billion by 2034, up from USD 5.4 billion in 2024. This growth reflects a compound annual growth rate (CAGR) of 7.1% over the forecast period from 2025 to 2034.
The global push for vehicle electrification and fuel economy standards, particularly in North America, Europe, and Asia-Pacific, is accelerating magnesium demand. In electric vehicles (EVs), magnesium contributes to battery enclosures and other lightweight elements that enhance driving range. Meanwhile, advancements in casting technologies and corrosion-resistant coatings have broadened its applicability in challenging environments. Moreover, the aerospace sector favors magnesium for interior structures and brackets due to its favorable strength-to-weight ratio. With manufacturers focused on sustainability and cost efficiency, the magnesium market is poised for sustained, technology-driven growth across multiple high-performance sectors.
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