Magnesium Metal Market Is Likely to Obtain a CAGR of 7% Through 2031 Amid Recent Advancements in Automotive Manufacturing and Growing Adoption of Aerospace Capability | Future Market Insights, Inc.

Place more emphasis on automotive lightweighting to drive the demand for magnesium metal in the market. The growing adoption of electric vehicles is likely to create opportunities for the market in the coming years.

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

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 approximately 33% lighter than aluminum and almost 67% lighter than steel and this factor contributes to increase the demand for the product over the projected period.

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One of the most abundant metals, metallic magnesium can be obtained from several mineral sources. Magnesium metal is increasingly finding a wide range of applications in multiple industry verticals, including the automotive and aviation sectors. Metallic magnesium is used in the production of aluminum alloys because metallic magnesium improves the physical properties and processability of these alloys. Other important applications of magnesium metal include die casting, desulfurization and others.

Additionally, growing environmental concerns due to increased pollution from the transportation sector are also encouraging the increasing use of magnesium metals. As one of the most versatile metals, using metallic magnesium for automotive parts makes them more stable and lighter. In addition, magnesium metal and magnesium metal alloys are increasingly used in the aeronautical and aerospace sector. Manufacturers in the aviation industry are focusing on developing lighter and more fuel-efficient aircraft to comply with stringent emission standards and regulations set by various regulatory bodies and associations.

The story continues

As one of the lightest metals, magnesium metal is comparatively more dimensionally stable, insensitive to high temperatures, and relatively easy to process. In order to reduce weight without compromising structural strength and efficiency, the application of metallic magnesium in the aerospace and aircraft industry has led to greater structural strength and efficiency while running a lightweight aircraft. All these considerations further contribute to the growth of the magnesium metal market over the forecast period.

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“Increasing adoption in the automotive and aviation sectors is likely to complement global magnesium metal market growth over the forecast period,” an IMF analyst said.

Key points to remember:

• Rising prospects in automotive and aviation industry will propel the target market.

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

• AEM and Latin America The magnesium metal market will also 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.

The major players in the market are focusing on using strategies such as sales contract and acquiring technical expertise in order to increase their market share. These companies also use tactics such as patents and events, partnerships, joint ventures, collaborations, mergers and acquisitions to strengthen their position in the market.

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More information about the Magnesium Metal market report

In its latest report, FMI offers an unbiased analysis of the Global Magnesium Metal Market, providing historic data and forecast statistics from 2021 to 2031. To understand the potential, growth, and scope of the global market, the market is segmented into 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 the region will show substantial growth during the period 2021-2031. This region is expected to exhibit a high CAGR owing to increasing investment in the automotive sector. The growth in crude steel production is also contributing to the increasing market demand for magnesium metal in this region.

The magnesium metal market in MEA and Latin America will also show notable growth in the magnesium metal market. These regions will also experience increased growth rates. This is mainly due to the expansion of the aviation sector in these regions.

Magnesium Metal Market: Segmentation

By request

• die casting

• Aluminum alloys

• Reduction of metals

• Desulphurization

• Others

By region

• North America

• Latin America

• Western Europe

• Eastern Europe

• Asia-Pacific Excluding. Japan

• Middle East and Africa

• Japan

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Contents

1. 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. Magnesium Applications Overview

4.2. Magnesium dynamics

4.2.1. Drivers

4.2.2. Constraints

4.2.3. Opportunity

4.2.4. Value chain

4.2.5. Overview of processes and cost structure

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