ID: MRFR/CnM/1445-HCR | 145 Pages | Published By Anshula Mandaokar on March 2023
Magnesium Metal is projected to be worth USD 401 million by 2030, registering a CAGR of 7.20% during the forecast period (2022 - 2030).
2022 - 2030
Before getting into the magnesium metal market let's just know a bit more about magnesium. Magnesium is the most abundant element in the universe. It stands 9th in the number of abundance in the universe. Magnesium has a lower density than aluminum and steel. Its atomic number is 12. Magnesium is light-witted and greyish white in appearance. The obtaining of magnesium is usually done through the process of electrolysis of brine solution. Magnesium is used in the automotive and aerospace industries just because of its property which holds it as the light-weighted metal.
Magnesium also has alloy properties. Making magnesium much more suitable for the automotive and aerospace industries. Global magnesium metal market is projected to grow at 7.20% CAGR during the forecast period.
Magnesium is biocompatible as well as non-toxic making it a major application element. The applications are used in medical and healthcare. Owing to its superior electrical and mechanical properties magnesium is durable and better heat transfer.
Looking at the current situation of the pandemic is difficult to say whether the magnesium metal market has deflated or stagnated. Although these elements do command health care hence they do not show any sign of deflation. But as its other applications have been stopped due to the log down, people cannot use elements in manufacturing products. Hence magnesium has stagnated overall. It seems like in the year 2021 to 2022 the situation will be much more normalized than before. As more than most people are dying due to the coronavirus it is still hard to predict the actual verdict in the forecasted period of magnesium metal.
The magnesium metal market is growing tremendously and some of the major drivers that push its growth even further are. The increasing demand for magnesium in the aerospace and automotive sectors due to its lightweight and high compressive strengths. Also, there is a surging production of magnesium alloys to make die casting for automotive components such as the steering wheels core dashboards, and gearbox casings are thought to bolster and boost the market growth in upcoming years.
Also what drives magnesium metal in the market is its higher demands from the manufacturing units because of its use in manufacturing titanium which accounts for around 10% of the total world's magnesium consumption.
As the magnesium metal market is growing tremendously globally there are various opportunities present where the magnesium metal market can flourish even further. The opportunities such as the increase in demand for the production of steel and iron. This is expected to be all food as an opportunity for magnesium growth. Also, magnesium is slowly being used in two surgical implants and protective coatings going to high fracture toughness and biodegradability it provides new lucrative properties. Such a fortunate major key in the operation of the global magnesium metal market. In addition to this magnesium is also increasingly used in robotics and wind turbines. These winter vines and robotics are used for creating many immense opportunities for magnesium production.
The magnesium metal market is adding a lot of value to the market and there are many profits of manufacturing magnesium. Magnesium is used in the steel and iron industries. Magnesium is also used to make a noise to make diecast for automotive components and these components include steering wheel cores, dashboards, gearboxes, casings, etc. The major use of magnesium is in the manufacturing of titanium which accounts for about 10% of the total world's magnesium consumption. There are various other uses such as in robotics and winter turbines as well.
The magnesium metal market in the global market has been divided based on the manufacturing process, end-use industry, and product.
The magnesium metal market in the global market has been divided based on the manufacturing process into thermal reduction process, electrolytic process, and recycling.
The magnesium metal market in the global market has been divided based on the end-use industry into aerospace and defense automotive medical and health care electronics and others.
The magnesium metal market in the global market has been divided based on the products into pure magnesium compounds and magnesium alloys.
The magnesium metal market in the global market has been divided based on the region into five major regions. These are North America Asia Pacific Europe Latin America and the Middle East and Africa.
As per the magnesium metal market analysis, the maximum magnesium metal market share is dominated by the Asia Pacific. Its magnesium metal market industries are well flourished in terms of highest CAGR and increase in demand for magnesium metal electronics and automotive. The magnesium metal market industry is Major in profit in this region due to the growing industrialization and also the per capita disposable income is high. China seems to be a significant contributor to the market due to its pertaining applications of magnesium metal and alloys in the production of automobile parts and increased demands for consumer goods. In addition to this China is also the largest producer of titanium. Other regions like India, Japan, and Southeast Asian countries such as Singaporean Indonesia majorly contribute to the regional demand.
North America also considerably contributed to the magnesium metal market growth in 2018. Due to the presence of precocious electronics and aerospace industry. Also, there are major advancements made in the magnesium metal market. New technologies are introduced and these are positively driving the magnesium demand in the region. New advancements have been made in the production of low-cost and green magnesium matter in 2019.
Europe, for now, doesn't seem to be a major contributor to the magnesium metal market but is expected in the future to showcase moderate growth during the forecasted period. The reason why it is expected soon is because of the Swift growth of the automotive sectors in this region. Also, there is a shift in the preference of metals from aluminum and steel to magnesium In all the major industrial sectors. Durability and low cost can be attributed as the reason for the demand. Russia is counted as the top producer of titanium and also supplements the regional demand.
Lastly Latin America and the Middle East in Africa these two regions are also expected to show some substantial growth in the forecasted period.
October 2021 - General Magnesium Corporation and International Cobalt Corp. are happy to disclose that the Laurentian Bank Securities Inc. has been involved as Financial Advisor to the firms. According to the press release held on August 11, 2021, International Cobalt disclosed the terms of a definitive “Business Combination Agreement” with GMC and 2857695 Ontario Inc., a recently integrated, wholly-owned subsidiary of International Cobalt. As per the terms of the agreement, all of the issued and outstanding shares of GMC will be acquired by International Cobalt. October 2021 - COVER TECHNOLOGIES INC. happily announced that Mag One Operations, its wholly-owned subsidiary, will be starting its next phase to establish the feasibility of manufacturing magnesium metal with a novel Aluminothermic Reduction Process by Tech Magnesium. The National Research Council of Canada backed the preparatory work conducted in 2019 under its Industrial Research Assistance Program (NRC-IRAP). Mag One signed a Technology Acquisition Agreement in 2019 with Tech Magnesium.Recently many new properties of magnesium have been discovered which makes it easy for its wider range of applications. Newer advancements are being made into winter vines and automotive sectors.Applications of magnesium metal are in the steering wheel core dashboards and gearbox casings making it an important element. Also, there are developments in the field of superior electrical and mechanical properties which provide durability and better heat transfer. Also, the global magnesium market is projected to grow at approximately 6.9% CAGR during the forecasted period.
This magnesium metal market research report consists of the factors that drive the magnesium metal market in the global market along with the factors that restrict the magnesium metal market in the global market. This report also contains various growth opportunities in the magnesium metal market in the global market during the forecasted period. The impact of COVID 19 on the magnesium metal market is also estimated. The future growth rate of the magnesium metal market in the global market is mentioned.
The intended audience discovered by the magnesium metals market overview is as follows-
|Market Size||2030: Significant value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Process Product, Application, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Wenxi YinGuang Magnesium Industry (Group) Co. Ltd (China), Mag Specialties Inc. (US), S. Magnesium LLC (US), Latrobe Magnesium (Australia), Taiyuan Tongxiang Magnesium Co., Ltd (China), Dead Sea Magnesium Ltd (China), RIMA GROUP (Brazil), Magontec Ltd (Australia), NIPPON KINZOKU Co. Ltd (Japan), Solikamsk Magnesium Plant (Russia), Amacor (US), Yulin Wanyuan Magnesium Industry (Group) Co. Ltd (China)|
|Key Market Opportunities||The opportunities such as the increase in demand for the production of steel and iron.|
|Key Market Drivers||The increasing demand for magnesium in the aerospace and automotive sectors due to its lightweight and high compressive strengths.|
The global magnesium metal CAGR during the forecasted period is estimated to be approximately 7.20% in the forecasted period.
The different market segmentations done into the magnesium metal market are based on product end used industries and manufacturing processes.
Magnesium metal is the 9th most abundant element found in the universe with an atomic number of 12. Also, magnesium is grayish-white in color and light-weighted metal having a lower density than steel and aluminum.
Magnesium can be used in the aerospace and defense industry, automotive industry, electronics industry, and various others.