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 78th 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.