Magnesium Metal Market Likely to Secure 7% CAGR Through 2031 Amid Recent Advances in Automobile Manufacturing and Growing Adoption of Aviation Capability

Increasing emphasis on automotive light weight to increase the demand for magnesium metal in the market. The growing adoption of electric vehicles will likely create opportunities for the market in the coming years.

NEWARK, Del., November 21, 2022 /PRNewswire/ — The global magnesium metal market is forecasted to grow at a steep CAGR of 7% from 2021 to 2031. The target market is expected to exhibit significant growth during the forecast period. Advances in automotive manufacturing, growing adoption of aircraft capability, and an increase in crude steel production are expected to drive the growth of the magnesium metal market during this observation period.

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Metallic magnesium is a silvery white metal. As one of the lightest metals available for structural applications, magnesium metal is rapidly gaining traction in the global market. Magnesium metal is about 33% lighter than aluminum and nearly 67% lighter than steel and this factor helps to increase the demand for the product during the projected period.

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One of the most abundant metals, metallic magnesium can be obtained from several mineral sources. Magnesium metal increasingly finds a wide range of applications across multiple industry verticals, including the automotive and aeronautical industries. Magnesium metal is used in the production of aluminum alloys as magnesium metal improves the physical properties and machinability of these alloys. Other important applications of magnesium metal include die casting, desulfurization and others.

Furthermore, the growing environmental concerns due to the increasing pollution from the transport sector are also encouraging the increase in the use of the metals magnesium. As one of the most versatile metals, using magnesium metal for automotive parts makes them more stable and lighter. Additionally, magnesium metal and magnesium metal alloys are gaining increasing use in the aviation and aerospace industries. Aircraft manufacturers are focusing on developing lighter and more fuel-efficient aircraft to meet stringent emissions standards and regulations set by various regulatory bodies and associations.

As one of the lightest metals, magnesium metal is relatively more dimensionally stable, immune to high temperatures, and relatively easy to machine. In order to achieve weight savings without compromising structural strength and effectiveness, the application of magnesium metal in aerospace and aviation industries has resulted in higher structural strength and effectiveness when running a light aircraft. All these considerations further help the growth of the magnesium metal market during the forecast period.

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“Increased adoption in the automotive and aviation industries is likely to complement the global magnesium metal market growth over the forecast period,” says an FMI analyst.

Key points:

  • Growing prospects in the automotive and aviation industries will fuel the target market.

  • The magnesium metal market in the Asia Pacific excluding Japan the region is expected to have the highest CAGR.

  • MEA and of Latin America The magnesium metal market is also expected to register a high growth rate during the forecast period.

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 key magnesium metal market players profiled in the full version of the report.

Major players in the market are focusing on using strategies like sales contract and acquiring technical expertise so as to increase their market share. These firms also employ tactics such as patents and events, partnerships, joint ventures, collaborations, mergers and acquisitions to strengthen their market position.

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Learn more about 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 the period 2021-2031. To understand the potential, growth, and scope of the global market, the market is segmented on the basis of application (die casting, aluminum alloys, metal reduction, desulfurization, others) and region.

According to the latest IMF reports, based on the region, the magnesium metal market in the Asia Pacific excluding Japan region will experience substantial growth in the period 2021-2031. This region is expected to have a high CAGR due to the growing investments in the automotive sector. The growth in crude steel production also contributes to the growing market demand for magnesium metal in this region.

The magnesium metal market in MEA e Latin America it will also exhibit remarkable growth in the magnesium metal market. These regions will also experience higher growth rates. This is mainly due to the expansion of the aviation sector in these regions.

Magnesium Metal Market: Segmentation

By application

  • Die casting

  • Aluminum alloys

  • Metal reduction

  • Desulfurization

  • Other

By Region

  • North America

  • Latin America

  • Western Europe

  • Eastern Europe

  • Asia Pacific excl. Japan

  • Middle East And Africa

  • Japan

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Table of contents

1. Executive Summary

2. Assumptions and Acronyms

3. Research methodology

4. Magnesium Market Overview

4.1. introduction

4.1.1. Definition of magnesium

4.1.2. Magnesium Market Taxonomy

4.1.3. Overview of magnesium applications

4.2. Dynamics of magnesium

4.2.1. Drivers

4.2.2. Restrictions

4.2.3. Chance

4.2.4. Value chain

4.2.5. Overview of processes and cost structure

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