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Anthony, I believe magnesium weighs 34% less by volume than aluminum and 50%
less than titanium. Titanium weighs 42% less than steel. In case you wanted to know.
I have machined and built a lot of special magnesium and titanium parts for my motorcycles.
Rule of thumb is 33% or a third less, but that depends on the alloys used so it can swing a % or 2 in either direction. Going from a sand casting to a die casting also allows for thinner walls and lighter design since these are non strength related applications.
As an element aluminum weighs 40% less than titanium and magnesium weighs 62% less than titanium. Magnesium weighs 35.6% less than aluminum. However you have to consider what elements are used in making up the chemical composition of the alloy and that will vary depending on desired results from the alloy.