The global magnesium market size attained a volume of 20877.30 KMT in 2024. The industry is expected to grow at a CAGR of 1.87% during the forecast period of 2025-2034 to reach a volume of 25126.81 KMT by 2034. The market is witnessing a growing demand in the electric vehicle (EV) sector, a growing demand in the electric vehicle (EV) sector, driven by the increasing demand for lightweight materials that enhance vehicle efficiency and performance.
Growing use of lightweight, high-strength materials in electric vehicles and sustainable products is significantly boosting demand in the magnesium market. In April 2025, Baogang Group (Baotou Steel) successfully commercialised its newly developed magnesium-aluminum coated dual-phase steel specifically designed for electric vehicles. This innovative material is being applied in critical components such as battery covers and lightweight structural parts, where weight reduction and durability are essential.
A growing demand for agricultural production to meet the needs of an expanding population drives the use of magnesium in fertilisers. In February 2025, Grupa Azoty announced its plans to produce its new multi-component fertiliser, POLIFOSKA Multi S. The fertiliser is packed with readily soluble and plant-available nutrients, including nitrogen, phosphorus, potassium, calcium, magnesium, and sulfur.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
1.87%
Value in KMT
2025-2034
*this image is indicative*
The automotive industry is increasingly turning to magnesium alloys to reduce vehicle weight and improve energy and fuel efficiency. Leading manufacturers such as Audi, Daimler (Mercedes-Benz), Ford, Jaguar, Fiat, and Kia Motors have already substituted steel and aluminum with magnesium in several components. Applications include gearboxes, front-end and IP beams, steering columns, driver’s airbag housing, steering wheels, seat frames, and fuel tank covers.
Sponge titanium is produced through the thermal reduction of titanium using magnesium metal, typically achieving a purity level of 99.1% to 99.7%. In 2023, China led global titanium sponge production, accounting for a share of 67% followed by Japan with 18% and Russia with 6%. Together, these three countries formed over 90% of the global sponge titanium production, driving magnesium market growth.
Magnesium is used in wastewater treatment primarily in the form of magnesium hydroxide, which helps neutralize acidic water and remove contaminants. It is effective in precipitating heavy metals and other harmful substances, aiding in the purification process. This makes magnesium a valuable resource for enhancing water quality and meeting environmental regulations. To meet the UN's water targets by 2030, global wastewater treatment capacity must grow by 8.56 billion cubic meters annually, supporting the demand for magnesium.
Magnesium compounds support the agricultural sector, with uses in soil remediation, wastewater treatment, and air pollution control. In livestock production, magnesium, mainly supplied as magnesium oxide, is essential for nutrition. Rising global agricultural output, which grew from USD 4.03 trillion in 2018 to USD 4.38 trillion in 2023, aids the demand for magnesium compounds.
The consumer electronics industry is increasingly leveraging magnesium alloys for lightweight, durable casings in laptops, smartphones, cameras, and wearables. Magnesium's superior strength-to-weight ratio, electromagnetic shielding, and heat dissipation properties make it ideal for portable devices. As demand for compact, high-performance gadgets grows, especially in Asia-Pacific, magnesium usage in electronics is set to expand rapidly.
The EMR’s report titled “Magnesium Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Form
Key Insight: Magnesium compound continues to hold a dominant share in the global magnesium market, due to its diverse applications across multiple industries. It is widely used in agriculture as a soil conditioner, in construction for cement and insulation, and in environmental management for wastewater treatment and flue gas desulfurization. Pure magnesium, used extensively in automotive, aerospace, and electronics industries due to its lightweight and strength, dominates the market. For example, magnesium alloys in car parts help reduce vehicle weight and improve fuel efficiency.
Market Breakup by Region
Key Insight: Asia Pacific leads the global magnesium market, driven by its dominance in production capacity, abundant raw material availability, and strong demand from key end-use industries. China remains the world’s largest producer and consumer, supplying magnesium for automotive, aerospace, construction, and electronics applications. Rapid industrialisation, infrastructure development, and the shift toward lightweight materials in transportation further boost regional consumption, ensuring Asia Pacific maintains its leadership position in the global magnesium market.
Surging Demand for Magnesium Compounds in End-Use Markets
Magnesium oxide is increasingly deployed across the renewable energy sector for its performance-enhancing properties. In next-generation batteries, it serves as an efficiency enhancer for both lithium-ion and solid-state systems. For instance, the inclusion of 400 mg magnesium oxide additives in battery electrolytes improves thermal stability and ion conductivity, thereby extending battery life by up to 30%.
In solar power applications, magnesium oxide is employed in the development of advanced coatings that increase light absorption by approximately 15%, enhancing overall efficiency. These innovations are particularly significant for countries striving to achieve net-zero emission targets while ensuring long-term grid stability and reliability.
The growing demand for magnesium compounds drives its production and aids the growth of the global magnesium market. In 2023, the global capacity for caustic calcined magnesia (CCM) was 10.5 million tonnes, dominated by China with a share of 75%. Further, the capacity for dead burned magnesia (DBM) was 11.3 million tonnes, of which 64% was located in China.
Rising Production of Primary Magnesium Contributes to Market Growth
The global primary magnesium industry has been witnessing steady growth, driven by rising demand across the automotive, aerospace, and electronic industry. In 2024, primary magnesium production reached around 1 million tonnes, marking an 11% year-on-year rise. Further, China is a leading primary magnesium producer globally. In 2023, the country’s primary magnesium production accounted for 86% of the global magnesium supply.
The United States is a significant producer of secondary magnesium globally. In 2023, approximately 25,000 tonnes of secondary magnesium were recovered from old scrap and 75,000 tonnes from new scrap. Of the total secondary magnesium recovered, aluminum-based alloys accounted for about 52%, while magnesium-based castings, ingots, and other materials represented around 48%.
Die Casting Plays a Crucial Role in Driving the Demand for Pure Magnesium (Elementary Magnesium)
There is a rising demand for magnesium in die casting applications. In March 2021, Magellan Aerospace signed a 5-year renewal agreement with Avio Aero in Italy for the supply of magnesium and aluminum castings. Magnesium alloys possess exceptional strength-to-weight ratios and are upto to 70% lighter than stainless steel and a third lighter than aluminium. These are cost-effective, easy to work with, and possess the highest known damping capacity of any structural metal. These are widely used in automotive, defence, electronic, aerospace, biomedical, manufacturing, and green energy technologies. In the automotive industry specifically, the move towards electric and energy-efficient vehicles stimulates the demand for lightweight components, aiding the market growth.
To meet this demand, in December 2024, SAIC Motor R&D Innovation Headquarters unveiled its self-developed second-generation magnesium alloy case for electric drive assembly, along with a three-in-one electric drive assembly equipped with this case. The company highlights this product as the world’s first mass-produced magnesium alloy housing for an electric drive system manufactured using a semi-solid processing technique. Made from AZ91D magnesium alloy, the case weighs only 13.7 kg.
The Steel Industry is a Crucial Demand Driver for Magnesium Compounds
Magnesium compounds, particularly dead-burned magnesia (DBM) and fused magnesia (FM), are essential refractory materials widely used in the steel industry due to their high thermal resistance and durability. In 2023, global DBM capacity reached 11.3 million tonnes, with China accounting for 64% of production, followed by the European Union at 12%. Similarly, China dominated global FM capacity in 2023 with an 82% share, while the EU contributed around 2%. EAFs widely use MgO carbon bricks in the slag zones of steel ladles. In 2024, in the EU, EAF-based steel plants accounted for 57% of magnesia consumption in refractories, a share projected to rise to 63% by 2034.
Producers are increasingly adopting sustainable manufacturing practices to align with evolving customer demand. In May 2024, Latrobe Magnesium Ltd commissioned the first phase of its 1,000 t/y Stage 1 Demonstration Plant, producing the world’s first environmentally sustainable MgO from brown coal fly ash using its patented hydromet process. This milestone validates the technology and positions LMG to begin a bankable feasibility study and financing discussions for its fully contracted 10,000 t/y Stage 2 Commercial Plant.
Asia Pacific is a Significant Consumer of Magnesium Due to a Growing Demand for Steel in End-Use Markets
The increasing adoption of zinc–aluminum–magnesium (ZAM) coated steel is driving demand for magnesium as industries seek stronger, corrosion-resistant, and sustainable materials. This shift is strengthening magnesium’s role as a critical alloying element in the steel sector. For instance, in February 2025, in Indonesia, Tenova partnered with PT Tata Metal Lestari to install a hot-dip galvanizing line at its Sadang Plant, with a 250,000-ton annual capacity for Zn-Al-Mg, coated coils. Such projects underscore magnesium’s importance in supporting Indonesia’s industrial expansion.
Further, Europe is significantly dependent on imports to meet its magnesium demand. To reduce this dependency, in April 2024, Verde Magnesium announced its plans to invest USD 1 billion in Romania. The mine, expected to start production in 2027, could produce as much as 50% of the EU’s demand. Additionally, advancement in magnesium recycling processes to produce secondary magnesium, aid the market growth. In July 2025, Germany's Speira Group transformed magnesium recycling with breakthrough technology at its Töging facility. The automated production line now processes previously problematic oily magnesium scrap, achieving 99.2% purity, near primary-grade quality.
The magnesium market is characterised by intense competition, with producers striving to capture market share across both primary production and recycling segments. Companies are increasingly investing in innovative technologies to differentiate themselves and address environmental concerns. For example, in September 2024, Tidal Metals unveiled its patented brine mining technology, a carbon-neutral and cost-effective alternative to China’s carbon-intensive production methods. Such advancements reflect a growing industry shift toward sustainable practices and enhanced efficiency in magnesium supply.
US Magnesium LLC was founded in 1969 and is headquartered in the United States. The company has an annual capacity of 63,500 metric tons of magnesium and 9,000 metric tons of lithium carbonate, supported by additional chemical products from its integrated facility 60 miles west of Salt Lake City, Utah. Leveraging comprehensive truck and rail infrastructure, US Magnesium maintains extensive global distribution channels and a strong international market presence.
Founded in 2006 and headquartered in the Netherlands, NIKOMAG, a specialised producer of high-purity magnesium products, is a key part of the NIKOCHEM Group's strategy for advanced bischofite processing. Leveraging direct access to local bischofite reserves, modern production technologies, and an advanced in-house research center, the company manufactures magnesium chloride, oxide, and hydroxide for a diverse international clientele in sectors including petroleum, metallurgy, food, power, and chemicals.
Martin Marietta is a leading American-based supplier of building materials, including aggregates, cement, ready-mixed concrete, and asphalt, and is a member of the S&P 500 Index. The company is the largest producer of high-purity dolomitic lime in North America. The company’s Magnesia Specialties division manufactures high-purity magnesia and dolomitic lime products for diverse environmental, industrial, agricultural, and specialty applications both domestically and internationally.
Nedmag specialises in extracting and processing high-purity magnesium salt from a rare bischofite layer, located 2,000 meters beneath Veendam, Netherlands, originating from the ancient Zechstein Sea. This uniquely pure resource underpins a diverse product portfolio. Supported by a dedicated research & development department, Nedmag continuously advances its products and applications for industrial and environmental markets.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the magnesium market report are Grecian Magnesite S.A., Hebei Meishen Technology Co., Ltd., Yingkou Magnesite Chemical Ind Group Co., Ltd. (Sinomagchem), Baymag Inc., Rima Industrial S.A., Shaanxi Yulin Magnesium Industry (Group) Co., LTD., Baowu Magnesium Technology Co., Ltd., and Shanxi Yinguang Huasheng Magnesium Industry Co., Ltd., among others.
Unlock valuable insights with our Magnesium Market Report, your essential guide to navigating evolving magnesium market trends 2025, pricing dynamics, and competitive strategies. Stay ahead with accurate forecasts and expert-driven data. Download your free sample report today to explore key growth opportunities, demand drivers, and emerging applications across industries. Empower your decision-making with Expert Market Research.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2024, the market reached an approximate volume of 20877.30 KMT.
The market is projected to grow at a CAGR of 1.87% between 2025 and 2034.
The key players in the market report include US Magnesium LLC, NikoMag, Martin Marietta Materials, Inc., Nedmag B.V., Grecian Magnesite S.A., Hebei Meishen Technology Co., Ltd., Yingkou Magnesite Chemical Ind Group Co., Ltd. (Sinomagchem), Baymag Inc., Rima Industrial S.A., Shaanxi Yulin Magnesium Industry (Group) Co., LTD., Baowu Magnesium Technology Co., Ltd., and, Shanxi Yinguang Huasheng Magnesium Industry Co., Ltd., among others..
Magnesium compound is a dominant form of the market due to its wide applications in agriculture, construction, environmental treatment, and industrial manufacturing.
Key strategies driving the magnesium market include technological innovation, capacity expansion, vertical integration, recycling initiatives, and sustainability-focused practices aimed at reducing emissions, lowering costs, and strengthening supply chain resilience.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Form |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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