镁行业深度（）：供需或进入持续性紧平衡状态：多领域共振推动镁需求增长

Investment Rating - The report maintains a "Positive" outlook on the non-ferrous metals industry, specifically focusing on the magnesium sector [2]. Core Insights - The magnesium industry is expected to enter a sustained tight balance state, driven by multiple sectors that are pushing for increased magnesium demand [4][8]. - The global magnesium demand is projected to grow from 1.12 million tons in 2024 to 2.001 million tons in 2027, with a compound annual growth rate (CAGR) of 21% [58]. Summary by Sections 1. Overview of Magnesium - The report highlights that the global magnesium supply and demand may enter a tight balance state, indicating a cyclical bottom characteristic for the magnesium industry [4][19]. 2. Magnesium Industry Demand - The automotive sector is identified as the core driver of magnesium demand growth, with global magnesium consumption expected to reach 1.12 million tons in 2024, a 6.7% increase year-on-year [5][20]. - In 2024, magnesium alloy production demand is projected to be 550,000 tons, accounting for nearly half of global magnesium demand [5][20]. - The automotive industry's magnesium alloy demand is estimated to reach 560,000 tons by 2024, representing 50% of total magnesium demand [5][20]. - The penetration of lightweight materials in the automotive sector is expected to significantly boost magnesium alloy demand, with projections indicating a rise from 570,000 tons in 2024 to 1.35 million tons by 2027, achieving a CAGR of 34% [6][24]. - The robotics industry is anticipated to become a new variable for magnesium alloy demand growth, with global industrial robot magnesium alloy demand expected to increase from 3,100 tons in 2024 to 6,700 tons by 2027, with a CAGR of 28% [7][30]. - The construction template industry is also shifting towards magnesium-aluminum substitution, with magnesium alloy demand projected to grow from 56,000 tons in 2024 to 145,000 tons by 2027, achieving a CAGR of 37% [43][44]. - The development of magnesium-based hydrogen storage materials is expected to significantly boost long-term magnesium demand, with estimates suggesting a potential demand of 450,000 tons based on global hydrogen production [49][50]. - The low-altitude economy is increasingly relying on magnesium alloys, with projections indicating that eVTOL (electric vertical takeoff and landing) aircraft could generate a magnesium demand of 60,000 tons in China by 2035 [56]. 3. Global Magnesium Supply and Demand Structure - The report forecasts that the global raw magnesium supply will increase from 1.12 million tons in 2024 to 2 million tons in 2027, with a significant rise in capacity utilization rates [19][62]. - The global raw magnesium supply-demand gap is expected to be tight, with estimates indicating a gap of 0.1 tons in 2025, 0.9 tons in 2026, and a slight surplus of 0.1 tons in 2027 [62]. 4. Related Companies - The report mentions Baowu Magnesium Industry as a leading integrated enterprise in the magnesium industry, with a complete magnesium industry chain from mining to recycling [9].