Magnesium Metal Market Size 2023 Business Strategies, Current Insights, Regional Developments
Magnesium Metal Market Analysis Overview:
Magnesium Metal is projected to be worth USD 401 million by 2030, registering a CAGR of 7.20% during the forecast period (2022–2030).
Market Research Future (MRFR) revealed that the market could benefit from the beneficial features of Magnesium Metal Market Size like low weight and high compressive strength. These make the metal an ideal choice in the manufacturing of various parts of a car. The market would witness a steep rise in demand due to the increasing percolation of it in the automotive and aerospace industries.
Segmentation:
The global market report on the magnesium metal market includes a proper segmentation on the basis of types and end-use industries. Data gathered from these segments are expected to provide support during the development of strategic moves.
By manufacturing process, the market report on the global magnesium metal market includes electrolytic process, thermal reduction process, and recycling.
By products, the report on the global magnesium metal market includes magnesium compounds, pure magnesium, and magnesium alloys.
By end-use industry, the study on the global market includes segments like aerospace defense, automotive, medical healthcare, electronics, and others. The aerospace and defense sector would boost the growth significantly as the budget for these sectors is increasing in several countries. The electronics segment is witnessing growth due to the integration of several new technologies in the sector. Hike in investment for the healthcare sector would also boost the medical healthcare segment.
Regional Analysis:
Asia Pacific has the maximum market share and the burgeoning automotive and construction industries can ensure a strong rise for the market. Its demand for steel production is also making it a product experiencing high regional demands. China would take the market lead.
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Competitive Landscape:
Mag Specialties Inc. (US), Wenxi YinGuang Magnesium Industry (Group) Co., Ltd (China), Taiyuan Tongxiang Magnesium Co., Ltd (China), U.S. Magnesium LLC (US), Latrobe Magnesium (Australia), Magontec Ltd (Australia), Dead Sea Magnesium Ltd (China), RIMA GROUP (Brazil), Solikamsk Magnesium Plant (Russia), Amacor (US), NIPPON KINZOKU Co. Ltd (Japan), and Yulin Wanyuan Magnesium Industry (Group) Co., Ltd (China) are some of the prominent names taking the global magnesium metal market forward. These companies are launching several moves with an intent to change the global outcome and boost their own market status.
Industry News:
In July 2020, researchers revealed that magnesium is fast emerging as a good alternative for lithium for the production of metal-ion batteries. This new technology would create a path to revolutionize the concept of energy storage using multivalent metals. The demand for grid-scale energy storage in various electronic components is rising, which can be satisfied using such technologies. This can also reduce the cost in notable ways.
In July 2020, Leica, the eminent German brand known for its cameras and lenses, launched their new camera, Leica M10-R, which is an upgrade of their previous M10 model. The camera is believed to be ideal for architectural and landscape photography. The camera has been designed with an all-metal diecast magnesium Revenue Opportunity body.
However, the COVID-19 pandemic has impacted the market in notable ways as it forced manufacturers to continue their work with limited resources or to stop production temporarily. The pandemic has disrupted the supply chain as well. These would impact the market outcome in significant ways.
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