Magnesium Metal Market Size is Expected to Reach US$7.5 Billion by 2027
HYDERABAD, TELANGANA, INDIA, Sept. 5, 2022 /EINPresswire.com/ — The magnesium metal market size is expected to reach US$7.5 billion by 2027, after growing at a CAGR of 6.7% during of the forecast period 2022-2027. Magnesium (Mg) or magnesium metal with atomic number 12 is a chemical element classified as an alkaline earth metal, silvery white and relatively durable. Magnesium metal is commonly found in pure magnesium, ingots, bars, and other forms. Due to superior electrical and mechanical properties such as longevity coupled with improved heat transfer and excellent corrosion resistance, magnesium metal and alloys are commonly used in various electronics, automotive and aerospace applications. The increasing demand for aluminum alloys and magnesium alloys in these industries has triggered a massive increase in the growth of the magnesium metal market size. In 2020, COVID-19 affected all industries. Demand for magnesium metal in the automotive and aerospace industries has declined as the pandemic has forced a sudden shutdown of production facilities, raw material extraction and supply chains.
Key points to remember:
This IndustryARC Magnesium Metals Market report highlights the following areas –
1. Asia-Pacific dominates the magnesium metal market, owing to the growing automotive and aerospace industry in the region. The growth in per capita income and urbanization coupled with the increase in population are the main factors for the expansion of the automotive and aerospace industry in APAC.
2. Rising production of magnesium metal is also expected to drive the market in the coming years. For example, in June 2021, Western Magnesium acquired 122 acres of land to set up its first commercial metallic magnesium production plant in Ohio.
3. Currently, one of the main growth factors in the magnesium metal industry is the increasing consumption of aluminum alloys in the beverage can manufacturing industries.
4. Magnesium is one of the rapidly emerging markets. The industry has changed significantly over time, primarily due to the continued growth and integration of aerospace and defense products. During the forecast period, strong growth in fuel efficient and lightweight vehicles is expected to drive the global demand for magnesium metal market.
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Top 5 Magnesium Metal Industry Players are –
1. Dead Sea Magnesium Ltd.
2. Esan Eczacibasi
3. Luxfer Magtech
4. United States Magnesium LLC
5. Ust-Kamenogorsk Titanium and Magnesium Plant JSC
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