Market

Magnesium: a fast-growing market

Worldwide use of magnesium and its alloys has increased significantly in recent years. Global demand in all sectors using magnesium is expected to grow by about 7% per year over the next decade (IMA, Future Market Insights).

Estimated Consumption Distribution of Magnesium Alloys by Application Worldwide

Source : Roskill, 2012

 

There is a growing demand for magnesium worldwide, particularly in the automotive and aerospace industries, because it can be used to produce lighter vehicles. This is a valuable resource we can count on for our transportation electrification strategy. The Government of Quebec is proud to support Alliance Magnesium, a clean technology company whose project is a real example of a circular economy that will create major economic benefits for the Des Sources RCM

Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for the Lanaudière Region
Growth in the use of this metal is leading to an increase in its production. The following table shows the boost in global production.

The market has grown from around 300,000 tonnes in 2000 to 1.2 million tonnes today.

Automotive sector: rapid growth

Growth in this sector could reach 9.7% per year, mainly due to measures to lower vehicle emissions by reducing weight.
A report by the United States Automotive Materials Partnership shows that 250 lbs of magnesium can replace 500 lbs of steel, and 90 lbs of magnesium can replace 130 lbs of aluminum, per vehicle, resulting in a 15% weight reduction.

Transportation will be the main application affecting demand for magnesium. Magnesium use in transportation industries is growing in parallel with demand for fuel-efficient vehicles.

Consumption of magnesium in aluminum alloys by region