Magnesium Metal Market: Size, Share, Growth For The Forecast Period 2023-2030

 

Magnesium Metal Market

A member of group 2a of the periodic table, magnesium has the atomic symbol Mg. It is a strong and light metal that has a glossy, silvery hue. It is actually the lightest metallic element ever discovered.

In terms of revenue, the global Magnesium Metal Market was estimated to be worth US$ 4.71 billion in 2022 and is anticipated to grow at a CAGR of 9.77% over the forecast period (2023-2030) to reach US$ 9.93 billion by 2030. The market is anticipated to increase as a result of the rising product demand from die casting and aluminium alloy applications in various end-use industries. Magnesium is ideal for these applications due to its superior heat conductivity and electromagnetic screening characteristic. As a result, aluminium, which is widely utilized in many applications, becomes stronger.

Over the course of the projection period, it is also projected that the market would expand in response to the increased demand for lightweight components, notably in the automotive and aerospace sectors.

Market Dynamics

The global Magnesium Metal Market has witnessed significant growth in recent years, driven by various factors such as increasing demand from industries like automotive, aerospace, and construction. This article provides an overview of the magnesium metal market, highlighting its size, share, and growth prospects.

Key Drivers

The automotive industry is one of the key drivers of the Magnesium Metal Market. With the increasing focus on fuel efficiency and emission reduction, automotive manufacturers are incorporating lightweight materials like magnesium into their designs. Magnesium helps in reducing the weight of vehicles, improving fuel efficiency, and meeting regulatory standards. As a result, the demand for magnesium in the automotive sector is expected to witness substantial growth in the coming years.

The aerospace industry is another prominent consumer of magnesium metal. Magnesium alloys are used in aircraft components such as engine parts, fuselage, and interiors. The aerospace industry's emphasis on lightweight materials and fuel efficiency is driving the demand for magnesium. Additionally, magnesium's excellent damping characteristics make it suitable for vibration reduction in aircraft.

Key Players in the Market

US Magnesium LLC, Dead Sea Magnesium Ltd., POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Shanxi Wenxi Hongfu Magnesium Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd., and Taiyuan Tongxiang Magnesium Co., Ltd. are major players in the global magnesium metal market.

Market Growth

The construction industry also plays a significant role in the growth of the Magnesium Metal Market. Magnesium alloys are used in construction applications like roofing, windows, and façade systems. The lightweight nature of magnesium makes it easier to handle and transport, while its corrosion resistance ensures long-lasting structures. The construction industry's growth, especially in emerging economies, is expected to contribute to the increased demand for magnesium in the coming years.

 

 

 

 

 

 

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