Magnesium Automotive Parts Market Report 2026

The magnesium automotive parts market size has grown strongly in recent years. It will grow from $2.73 billion in 2025 to $2.99 billion in 2026 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to growth in automotive lightweighting initiatives, rising use of magnesium alloys in vehicles, expansion of die casting capabilities, increasing OEM demand for fuel efficiency, availability of advanced alloy formulations.

The magnesium automotive parts market size is expected to see strong growth in the next few years. It will grow to $4.26 billion in 2030 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing penetration of electric and hybrid vehicles, rising demand for high-strength lightweight materials, expansion of sustainable automotive manufacturing, growing investment in magnesium recycling, increasing adoption of advanced casting automation. Major trends in the forecast period include increasing adoption of lightweight magnesium components, rising use in electric vehicle platforms, growing focus on structural weight reduction, expansion of advanced die casting technologies, enhanced emphasis on thermal performance.

The rising demand for electric vehicles (EVs) is expected to drive the growth of the magnesium automotive parts market going forward. Electric vehicles are powered by electric motors using energy stored in rechargeable batteries, providing an environmentally friendly alternative to traditional internal combustion engines. Demand for EVs is increasing due to strict government environmental regulations and declining battery costs, as global policymakers set emissions reduction targets and technological advancements make EVs more affordable and accessible. Magnesium automotive parts support EVs by reducing overall vehicle weight, improving energy efficiency and driving range, enhancing performance, supporting battery longevity, and contributing to more sustainable and cost-effective vehicle production. For example, in February 2024, the U.S. Department of Energy reported that monthly EV sales showed strong year-over-year growth for the past three years, with peak monthly sales reaching around 80,000 in 2022 and exceeding 100,000 in 2023. Therefore, the rising demand for electric vehicles is driving the growth of the magnesium automotive parts market.

Major companies in the magnesium automotive parts market are adopting innovative techniques such as semi-solid processing to enhance strength, reduce weight, and improve sustainability. Semi-solid processing is a manufacturing method in which metal alloys are shaped while in a partially solid and partially liquid state, improving flowability, casting quality, mechanical strength, and energy efficiency. For instance, in December 2024, SAIC Motor Corp. Ltd., a China-based automotive manufacturer, launched its second-generation magnesium alloy case for electric drive assemblies - the world’s first mass-produced magnesium alloy case created using semi-solid processing. This innovation significantly reduces weight, increases strength, ductility, and corrosion resistance, and promotes large-scale adoption in new energy vehicles, supporting lightweight, sustainable, and energy-efficient mobility solutions. The technique also eliminates the need for protective gases and reduces energy consumption, aligning with global green manufacturing standards. This advancement accelerates EV lightweighting and sets new benchmarks for the magnesium alloy industry, positioning China as a leader in magnesium material innovation and strengthening its role in the global automotive supply chain.

In April 2023, Teknia Manufacturing Group SLU, a Spain-based manufacturing company, acquired Svensk Tryckgjutning AB (STG) for an undisclosed amount. This acquisition enables Teknia to enhance its aluminium and magnesium injection moulding capabilities, which are essential for producing lightweight, high-precision components for electric vehicles. It also expands Teknia’s production footprint, strengthens its multi-material expertise, and reinforces its position as a benchmark company in the rapidly evolving mobility industry. Svensk Tryckgjutning AB (STG) is a Sweden-based aluminium and magnesium injection moulding company specializing in magnesium automotive parts.

Major companies operating in the magnesium automotive parts market are Georg Fischer AG, Linamar Corporation, Nemak S.A.B. de C.V., Rheinmetall AG, Handtmann Metallgusswerk GmbH, Spartan Light Metal Products Inc., Pace Industries Inc., Dynacast International Inc., Meridian Lightweight Technologies Inc., Ryobi Limited, Endurance Technologies Limited, Rockman Industries Limited, Sandhar Technologies Limited, Mag Specialties Inc., Chicago White Metal Casting Inc., Twin City Die Casting Company, MRT Castings Limited, Zhejiang Wanfeng Auto Wheel Co. Ltd., Zibo Deyuan Metal Materials Co. Ltd., Kobe Steel Ltd., Minda Corporation Limited, Harrison Castings Limited.

Asia-Pacific was the largest region in the magnesium automotive parts in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the magnesium automotive parts market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the magnesium automotive parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The magnesium automotive parts market consists of sales of brake components, suspension parts, fuel system components, body brackets, heat shields, and dashboard supports. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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