Global Magnesium Output and Demand to Continue to Grow in 10 Years

Published: Sep 8, 2021 13:47

Save

In the next 10 years, global magnesium demand will continue to grow, with an average annual growth rate of 5.2%, slightly higher than the previous 10 years, according to Alan Clark with Australian CM Consulting Company at the 78th World Magnesium Conference of the International Magnesium Association, on August 24.

SHANGHAI, Sep 8 (SMM) - In the next 10 years, global magnesium demand will continue to grow, with an average annual growth rate of 5.2%, slightly higher than the previous 10 years, according to Alan Clark with Australian CM Consulting Company at the 78^th World Magnesium Conference of the International Magnesium Association, on August 24.

The growth of magnesium alloy utilisation in the automotive field will be the main driver for the continued growth of magnesium demand. The average annual growth rate of magnesium consumption in the automotive field will be 7.6% from 2021 to 2030.

The development of electric vehicles will be the key driver of magnesium consumption. The amount of magnesium used in the metallurgical field will also continue to grow, driven by the change of the variety structure, such as the growth of aluminium for aviation and titanium.

CM predicts that between 2020 and 2030, the average annual growth rate of global magnesium production will be 5.1%, and output will reach about 1.4 million mt by 2025 and about 1.8 million mt by 2030.

Driven by demand and prices, China and other countries will have new projects and expansion projects of primary magnesium completed and put into production in the next 10 years. The average annual growth rate of output in China is estimated at 4.3%, and that in other countries at 7.8%.

Although global magnesium supply pattern will undergo some changes in the future as supply diversifies, China will remain as the world's most important producer of primary magnesium, and the output will account for more than 75%.

CM listed five overseas magnesium smelting projects under construction and planned to be built in Canada, the United States, Australia and Norway.

magnesium magnesium prices supply demand

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Apr 2, 2026 15:08

Latrobe Magnesium Secures Funding for Commercial Plant via U.S. Distributor Prepayment

[SMM Magnesium Express] Latrobe Magnesium secured a non-dilutive prepayment from U.S. distributor Metal Exchange to advance commissioning of its commercial magnesium plant. The Latrobe Valley facility uses brown coal fly ash as feedstock to produce magnesium ingots and cementitious by-products. The funding signals growing commercial backing for ash-to-magnesium processing, offering an offtake-backed prepayment model for similar projects.

Apr 2, 2026 15:08

Mar 31, 2026 19:33

[SMM Analysis] Manganese-based Battery Materials Market Analysis：Cost-driven Divergence with Demand Recovery Ahead

Recently, China's manganese-based battery materials market has been characterized by cost-driven divergence and gradual demand recovery. Battery-grade manganese sulfate and trimanganese tetroxide have strengthened on the back of rising raw material and freight costs; electrolytic manganese dioxide remains stable; and lithium manganate is steady amid volatile lithium carbonate prices, awaiting a demand rebound in April.

Mar 31, 2026 19:33

Mar 26, 2026 15:38

Magnesium Market Holds Up Well as Cost Support and the Tug-of-War Between Sellers and Buyers Continues [SMM Magnesium Weekly Review]

[SMM Magnesium Weekly Review: Magnesium Market Held Up Well, With Cost Support and a Tug-of-War Between Sellers and Buyers Continuing] This week, the overall magnesium industry chain held up well, with prices of all products generally raised. The raw material dolomite market remained stable, with ample supply and steady demand. Magnesium ingot prices consolidated at highs. At the beginning of the week, supported by rising energy costs such as ferrosilicon and coke and tight spot availability, prices jumped by 300 yuan/mt. Subsequently, downstream fear of high prices emerged, transactions failed to keep pace, and prices consolidated at highs. In foreign trade, the center of magnesium ingot FOB quotes moved up to $2,440-2,470/mt. Wait-and-see sentiment outside China remained strong, but influenced by bullish expectations in China, forward orders were gradually locked in. Magnesium powder prices remained firm, with strong cost support. Export data increased YoY, while domestic trade was mainly driven by just-in-time procurement. The benchmark price of magnesium alloy held up well, but the release of new capacity led to increased supply, processing fees stayed in the doldrums, and the market showed a pattern of strong supply and weak demand. Overall, cost support remained the core driver behind magnesium prices fluctuating at highs, while downstream acceptance of high prices was limited, and the market may continue this tug-of-war in the short term.

Mar 26, 2026 15:38