The global magnesium metal market is predicted to grow at a strong CAGR of 7% from 2021 to 2031. The target market is set to present significant growth during the forecast period. Progress in the automobile manufacturing, growing adoption in aviation capacity, and a surge in crude steel production are expected to drive the growth in the magnesium metal market during this period of observation.
Magnesium metal is a silvery white metal. As one of the lightest metals available for structural applications, magnesium metal is rapidly gaining traction in the global marketplace. Magnesium metal is around 33% lighter than aluminium and nearly 67% lighter than steel and this factor aids in augmenting the demand for the product during the projected period.
One of the most abundant metal, magnesium metal can be obtained form several mineral sources. Magnesium metal is increasingly finding a wide range of applications across multiple industry verticals including the automobile and aviation sectors.
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Magnesium metal is used in the production of aluminum alloys as magnesium metal enhances physical properties and processability of these alloys. Other important applications of magnesium metal includes die-casting, desulphurization, and others.
Moreover, growing concerns for the environment due to increasing pollution from the transport sector also encourages the increasing use of magnesium metals. As one of the most versatile metals, the use of magnesium metal for automotive parts makes them more stable and lighter in weight.
In addition, magnesium metal and magnesium metal alloys are gaining increasing usage in aircraft and aerospace sector. Manufacturers in the aircraft industry are focussing on developing lighter and more fuel-efficient aircraft so as to comply with to strict emission standards and regulations set by diverse regulatory bodies and associations.
As one of the lightest metal, magnesium metal is comparatively more dimensionally stable, immune to high temperatures, and relatively easy to process. In order to effect weight saving without compromising structural strength and effectiveness.
The application of magnesium metal in the aerospace and aircraft industry has led to greater structural strength and effectiveness all the while executing a lightweight aircraft. All of these considerations further aid the growth of the magnesium metal market during the forecast period.
“Rising adoption in the automobile and aviation sectors will likely supplement the global growth of the magnesium metal market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Increasing prospects in automotive and aircraft industry will propel the target market.
- The magnesium metal market in the Asia Pacific excluding Japan region is expected to present the highest CAGR.
- MEA and Latin America’s magnesium metal market will also register high growth rate during the forecast period.
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Competitive Landscape
US Magnesium LLC., Dead Sea Magnesium Ltd, POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Shanxi Wenxi Hongfu Magnesium Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd., Taiyuan Tongxiang Magnesium Co., Ltd., among others are some of the major players in the magnesium metal market profiled in the full version of the report.
Leading market players are focusing on employing strategies like sales contract and acquiring technical expertise so as to increase their market share. These enterprises also employ tactics like patents and events, partnerships, joint ventures, collaborations, mergers and acquisitions to strengthen their market position.
Magnesium Metal Market: Segmentation
By Application
- Die-casting
- Aluminium Alloys
- Metal Reduction
- Desulphurization
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excl. Japan
- Middle East and Africa
- Japan
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More Insights into Magnesium Metal Market Report
In its latest report, FMI offers an unbiased analysis of the global magnesium metal market, providing historical data and forecast statistics for 2021 to 2031. According to the latest FMI reports, based on region, the magnesium metal market in the Asia Pacific excluding Japan region will exhibit substantial growth during 2021-2031.
This region is predicted to present a high CAGR owing to increasing investment in the automobile sector. The growth in crude steel production also contributes to the growing demand for magnesium metal market in this region.
The magnesium metal market in MEA and Latin America will also present notable growth in the magnesium metal market. These regions will also record heightened growth rates. This primarily due to the expanding aviation sector in these regions.