Magnesium Metal Market Estimated to Witness High Growth Owing to Increasing Demand from Aluminum Alloys
Magnesium metal is a lightweight, versatile and environment-friendly metal which is extensively used in the production of aluminum alloys. Magnesium alloys find wide application across automotive, aerospace and electronics industries owing to their lightweight properties which enhance fuel efficiency and performance. Magnesium is cast into complex geometries to produce structural components for vehicles and aircrafts. In addition, magnesium compounds are used in the production of fertilizers, dyes, pigments and other chemical products.
The magnesium metal market is estimated to be valued at US$ 5.17 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The magnesium metal market is expected to witness significant growth over the forecast period, driven by increasing demand from aluminum alloys. Aluminum alloys containing 1-10% magnesium exhibit superior strength, ductility and corrosion resistance properties. Growing automotive production especially in Asia Pacific is augmenting the consumption of magnesium alloys for making lighter vehicle components. Additionally, stringent emission norms are pushing automakers to reduce vehicle weight in order to improve fuel efficiency, which is further propelling the demand for lightweight magnesium alloys. Furthermore, increasing aircraft production and rising investments in building infrastructure are fueling the magnesium metal consumption across aerospace and construction industries.
SWOT Analysis
Strength:
Magnesium metal is lightweight and durable, making it suitable for numerous applications. It has high specific strength combined with good castability. Magnesium can also be easily alloyed with aluminum and other metals to enhance its corrosion resistance.
Weakness:
Magnesium has low melting point which makes it difficult to cast. The production of magnesium is also energy intensive. Magnesium is highly combustible and requires special precautions during production and processing.
Opportunity:
Growing demand for lightweight materials in automotive and aerospace industries is driving the adoption of magnesium. Focus on development of new alloys with better corrosion resistance can further boost its use.
Threats:
Fluctuations in raw material prices can impact the cost of magnesium production. Increase in exports from China exerts pricing pressure in the global market.
Key Takeaways
The Global Magnesium Metal Market Growth is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from automotive industry. Magnesium finds widespread application in manufacturing automobile parts owing to its lightweight properties which help improve fuel efficiency.
Regional analysis
Asia Pacific dominates the global magnesium metal market, accounting for around 60% of the overall demand. China leads the regional demand due to large production capacities and growing use of magnesium in automotive and electronics industries in the country. North America and Europe are other major consumers owing to developed automotive and aerospace sectors in these regions.
Key players related content comprises
Key players operating in the Magnesium Metal market are 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., and Taiyuan Tongxiang Magnesium Co., Ltd.
Get More Insights On This Topic: https://makuv.com/alloyed-magnesium-is-fastest-growing-segment-fueling-the-growth-of-magnesium-metal-market/
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