镁行业深度（Ⅱ）：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]. - The automotive industry is identified as the core driver of magnesium demand growth, with a projected global magnesium consumption of 1.12 million tons in 2024, reflecting a year-on-year increase of 6.7% [5]. - The report forecasts that global magnesium demand will grow from 1.12 million tons in 2024 to 2.001 million tons by 2027, with a compound annual growth rate (CAGR) of 21% [58]. Summary by Sections 1. Overview of Magnesium - The magnesium supply and demand are expected to maintain a tight balance, indicating a cyclical bottoming out in the magnesium industry [19][61]. 2. Magnesium Industry Demand - The automotive sector's magnesium demand is projected to reach 50% of global magnesium consumption by 2024, with a total magnesium alloy demand of 570,000 tons [20][5]. - The penetration of lightweight automotive designs is anticipated to drive magnesium alloy demand from 570,000 tons in 2024 to 1.35 million tons by 2027, with a CAGR of 34% [6][24]. - The robotics industry is emerging as a new variable for magnesium alloy demand, with expectations of growth from 3,100 tons in 2024 to 6,700 tons by 2027, reflecting a CAGR of 28% [30][40]. - The construction template industry is accelerating the replacement of aluminum with magnesium alloys, with 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 requirement of 450,000 tons of magnesium based on current hydrogen production levels [49][55]. - 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 global magnesium supply is expected to increase from 1.12 million tons in 2024 to 2 million tons by 2027, with a utilization rate of 83% by 2027 [62]. - The report predicts a supply-demand gap of 0.1 tons in 2025, 0.9 tons in 2026, and a slight surplus of 0.1 tons in 2027, indicating a tight balance in the magnesium market [61][62]. 4. Related Companies - Baowu Magnesium Industry is highlighted as a leading integrated enterprise in the magnesium sector, with a complete magnesium industry chain from mining to recycling [9].