According to a latest magnesium metal market report published by Future Market Insights, the long-term outlook of the global magnesium metal market remains optimistic. Global magnesium metal revenues are set to grow at a CAGR of over 7% through 2031.
Analysis of the Magnesium Metal Market
The use of magnesium metal and magnesium metal alloys in aircraft and aerospace applications is expected to witness a steady growth over the forecast period. Over the years, aircraft manufacturers across the globe have focussed on developing lighter and more fuel-efficient aircraft in order to adhere to stringent emission norms and regulations imposed by various regulatory bodies and associations. Magnesium metal is one of the lightest metals on Earth.
Moreover, magnesium metal is relatively more dimensionally stable, resistant to elevated temperatures, and relatively easier to process. Also, the reduction process associated with the manufacture of metals such as titanium, hafnium, uranium, zirconium, and beryllium, among others, is one of the major application areas for magnesium metal. Titanium is obtained from ores such as rutile, Ilmenite, leucoxene, and pervoskite, among others. Major steps involved in the production process of magnesium metal include extraction, purification, and sponge production.
Magnesium Metal Market: Factors Impacting Growth
The global magnesium metal market report has been analysed on the basis of application. By application, magnesium metal is used in die-casting, aluminium alloys, metal reduction, desulphurization, and others.
The global magnesium metal market has been viewed as a high value, moderate growth type market, which is expected to follow suit during the forecast period. During the past decade, the world has witnessed a rising preference for magnesium metal, which is primarily due to its application in aluminium alloy.
Request a sample to obtain authentic analysis and comprehensive market insights at- https://www.futuremarketinsights.com/reports/sample/rep-gb-1550
The main reason for the growth of the magnesium metal market is its increased adoption rate. Increasing emphasis on automotive light-weighting is also expected to impact the magnesium metal market positively over the forecast period. Growing automotive sales and a corresponding increase in automotive /vehicle parks is expected to result in a significant increase in environmental greenhouse gas emissions.
Magnesium metal is around 65% lighter than steel and 33% lighter than aluminium. Moreover, the use of magnesium metal for automotive components results in parts that are not only lighter in weight but also relatively more dimensionally stable. Besides, several intricate and thin-walled components can be manufactured with relatively more ease vis-à-vis some of the conventional materials.
Magnesium Metal Market: Top Participants
Some of the market participants identified 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 magnesium metal market is a highly competitive market, consisting of tier-1 global scale manufacturers and a greater proportion of small-scale magnesium metal manufacturers catering to domestic demand. However, large industrial operations seek products from reputed magnesium metal manufacturers for demand procurement.
Key strategies employed by tier-1 magnesium metal manufacturers include the provision of effective sales and services, strategic tie-ups with regional distributors/manufacturers to foray expansion in untapped markets, and undergoing restructuring business operations to optimize the use of resources.
Discover more about report analysis with figures and data tables, along with the table of contents. Ask an Analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-1550
Magnesium Metal Market: Segmentation
By Application
- Die-casting
- Aluminium Alloys
- Metal Reduction
- Desulphurization
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excl. Japan
- Middle East and Africa
- Japan
Key Questions Answered in the Magnesium Metal Market Report
- How has the magnesium metal market evolved in the past four years?
- What shape is the magnesium metal market expected to take in terms of volume and value during the study period?
- What are some of the prevailing market dynamics in the magnesium metal market?
- What are the competition developments and trends in the magnesium metal market?
- What are some of the underlying macro-economic and industry factors impacting the growth of the magnesium metal market?
- What are the important key challenges, opportunities, and improvement factors for magnesium metal market players?
- What are the important market positioning and key strategies of key manufacturers as per the magnesium metal market taxonomy?
- How is the competition structured at present, and how has it evolved in the magnesium metal market over the past few years?
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
LinkedIn| Twitter| Blogs