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| Global Magnesium Metal Market Growth |
Magnesium metal offers unique properties such as lightweight, corrosion
resistance, and high specific strength. It is majorly used in automotive,
electronics and medical device industries due to its superior physical and
mechanical properties over conventional materials.
The global
Magnesium Metal Market is estimated to be valued at US$ 5.17 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
One of the key trends spurring the growth of the market is the increasing use
of alloyed magnesium. Alloyed magnesium exhibits improved mechanical and
physical properties as compared to pure magnesium. It offers better corrosion
resistance, higher strength and workability. Growing demand from automotive and
aerospace industries for lightweight materials is propelling the demand for
alloyed magnesium globally. The aerospace manufacturers are extensively
utilizing magnesium alloys for manufacturing aircraft components to reduce the
weight. This is positively impacting the alloyed magnesium segment growth in
the market.
Segment Analysis
The global magnesium metal market is segmented on the basis of grade,
application, and region. Based on grade, the market is segmented into
industrial and refined. The industrial grade segment dominated the market in
2022 and is projected to maintain its dominance during the forecast period.
Industrial grade magnesium metal is used in various applications such as
alloying, construction, die-casting, etc. due to its low cost as compared to
refined grades.
Key Takeaways
The Global
Magnesium Metal Market Growth is expected to witness high growth,
exhibiting CAGR of 9.7% over the
forecast period, due to increasing demand from the automotive industry.
Regional analysis
Regionally, Asia Pacific is anticipated to dominate the magnesium metal market
during the forecast period. This is attributed to the high automotive and alloy
production in countries such as China, Japan, and India. China accounted for
the largest share in 2022, owing to low labor costs and increasing automotive
production.
Key players
Key players operating in the 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 market is highly consolidated with top players
accounting for over 50% of the global production.
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