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
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.