The Magnesium Metal Market is estimated to be valued
at US$ 5.17 Mn or Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the
forecast period from 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Magnesium metal is a silvery-gray, lightweight metal used in various
applications such as automobile, aerospace, electronics and others owing to its
high strength-to-weight ratio. It is around two-third lighter than aluminum and
one-fourth lighter than steel. Majority of magnesium metal production is
consumed by aluminum alloys for die casting applications in automotive industry
due to its fatigue and corrosion resistance properties.
Market Dynamics:
The two major drivers for magnesium metal market are-
Growing automotive production- Global automotive production has grown
significantly over the past few years owing to rising disposable incomes.
Magnesium alloys castings are increasingly used in automobile engines and
transmissions parts to reduce vehicle weight and improve fuel efficiency. This
is expected to drive the demand for magnesium metal over the forecast period.
Increased usage in consumer electronics- Magnesium is used in housings and
casings of smartphones, laptops, tablets and other consumer electronic devices
to make them lighter. Growth in consumer electronics industry especially in
Asia Pacific region will propel the magnesium metal consumption from 2023-2030.
Segment
Analysis
The global magnesium metal market can be segmented on the basis of form into
ingot, chips, granules, alloy, die casting, and others. The die casting segment
holds the highest market share owing to increasing applications of die cast
magnesium in automotive parts and electronics housings. Magnesium alloys in die
casting form have superior properties like dimensional stability, die lube
retention, corrosion resistance and rigidity making them ideal for
manufacturing structural and interior automobile parts.
PEST Analysis
Political: Governments across the globe are supporting the use of magnesium in
transportation and renewable energy sectors by offering subsidies. This is
aimed at reducing the dependence on fossil fuels.
Economic: Growth in automotive production and renewable energy sectors along
with rise in investments for magnesium production facilities is expected to
drive the magnesium metal market growth during the forecast period.
Social: Rising environment concerns and push for green manufacturing are
increasing the adoption of magnesium for its lightweight and corrosive
resistance properties.
Technological: Development of high pressure die casting technology and alloying
techniques are helping improve magnesium casting properties and expand its
applications.
Key Takeaways
Global
Magnesium Metal Market Size is expected to witness high growth,
exhibiting CAGR of 9.7% over the
forecast period, due to increasing demand from automotive industry. The
automotive segment accounts for more than 30% share of global magnesium
consumption owing to lightweight and anti-corrosion properties of magnesium
alloys.
Regional analysis: Asia Pacific holds the major share of global magnesium metal
market and is expected to remain the fastest growing regional market during the
forecast period. This is attributed to the presence of emerging economies like
China and India with growing automotive and infrastructure sectors. China, in
particular, is the largest producer and consumer of magnesium globally.
Key players operating in the global magnesium metal market are 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., and Taiyuan Tongxiang
Magnesium Co., Ltd. The key players are investing in increasing magnesium metal
production capacities to cater to the rising demand.
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