Global Magnesium Metal Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
The global magnesium metal market report overview:
“The global magnesium metal market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
The global magnesium metal market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the global magnesium metal market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.
The report offers insightful and detailed information regarding the various key players operating in the global magnesium metal market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global magnesium metal market report has been segmented on the basis of application, and region.
Magnesium is a silvery white metal, and one of the lightest metals available for various structural applications. Magnesium is the ninth most abundant element in the universe and can be easily obtained from various mineral resources such as sea-water or brines.
It is found in large deposits of magnesite, dolomite, other minerals, and in mineral waters, where magnesium ion is soluble. It is primarily used in structural alloys due to its light weight, strength, and resistance to corrosion. Various metals can be produced by thermic reduction of its salts and oxidized forms with magnesium.
Rising demand for magnesium metal in automotive industry for production of various automobile parts is a key factor driving growth of the global magnesium metal market. In addition, increasing adoption of magnesium metal in making of aluminum alloys, and increasing usage of magnesium for die-casting are other factors expected to fuel growth of the global magnesium market over the forecast period.
Also, rising adoption of magnesium is various industries such as aerospace, electronics, and packaging industries are other factors expected to boost growth of the global magnesium metal market.
However, stringent government regulations regarding use of magnesium metal is a key factor restraining growth of the global magnesium metal market. Furthermore, flammable property of the magnesium, especially when powdered or shaved into thin strips, is another factor expected to hamper growth of the global magnesium metal market over the forecast period.
The market in Asia Pacific is expected to account for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to increasing adoption of magnesium metal in end use industries such as automotive and electronics industries in the region.
The market in North America accounts for the second-highest revenue share contribution to the global magnesium metal market followed by markets in Europe, Latin America, and Middle East & Africa respectively owing to factors such as rising demand for magnesium metal in making of automotive wheels, transmission cases, and engine blocks.
Global Magnesium Metal Market Segmentation:
Global magnesium metal market segmentation by application:
- Aluminum alloys
- Automotive industry
- Aerospace industry
- Electronics industry
Global magnesium metal market segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- VSMPO-AVISMA Corporation
- Solikamsk Magnesium Plant OJSC
- US Magnesium LLC
- Dead Sea Magnesium Ltd.
- Taiyuan Tongxiang Magnesium Co., Ltd
- Wenxi YinGuang Magnesium Industry (Group) Co., Ltd.
- Qinghai Sunglow Magnesium Co., Ltd.
- Pohang Iron and Steel Company
- GOSSAN RESOURCES LTD.
- Fugu TONGYUAN Magnesium Co. Ltd.
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