Increasing Developments by Key Players Are Enhancing the Growth of the Global Magnesium Metal Market

Magnesium Metal Market
Magnesium Metal Market

Magnesium Metal Market, By Application (Die-casting, Aluminium Alloys, Metal Reduction, Desulphurization, Others), and By Region (North America, Latin America, Europe, Asia-pacific, Middle-east & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027.

Market Overview:

Magnesium is one of the lightest structural metals, weighing about two-thirds of aluminum's weight. Its low density makes it an ideal choice for applications where weight reduction is critical, such as in the automotive and aerospace industries. Despite its lightness, magnesium exhibits a high strength-to-weight ratio, which means it offers considerable strength and load-bearing capabilities relative to its weight. This property makes it useful for structural applications where strength is essential.

Competitive Landscape:

Major players operating in the global Magnesium Metal Market include WHY Resources, MagOne Products, Magontec Ltd., Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., RIMA Group, Dead Sea Magnesium Ltd., Regal Magnesium Co. Ltd., US Magnesium LLC., Alliance Magnesium Inc., Latrobe Magnesium, and NIPPON KINZOKU CO., LTD.

Key Market Drivers:

Magnesium metal is known for its exceptional lightweight and high-strength characteristics. As industries strive to reduce weight and improve fuel efficiency, the demand for magnesium metal has increased, particularly in the automotive and aerospace sectors. The automotive industry is one of the major consumers of magnesium metal.

The increasing demand for lightweight vehicles, driven by stringent emission regulations and the pursuit of fuel efficiency, has fueled the adoption of magnesium components in car manufacturing. This is expected to augment the growth of the global magnesium metal for market. In January 2019, MagOne Products signed an agreement with Tech Magnesium, in order to acquire aluminothermic and silicothermic reduction processes for environmentally friendly, low-cost metal.

Magnesium metal is used in electronic devices, such as laptops, smartphones, and tablets, due to its excellent electromagnetic shielding and heat dissipation properties.

The expanding electronics industry, driven by technological advancements and increasing consumer demand, has contributed to the growth of the Magnesium Metal Market.

Magnesium metal is environmentally friendly and highly recyclable. Its use supports sustainability goals, as it requires less energy to produce compared to other metals. The emphasis on environmental sustainability has led to increased adoption of magnesium in various industries. This is estimated to enhance the growth of the global magnesium metal for market

Covid-19 Impact Analysis:

The pandemic disrupted global supply chains, including the production and transportation of magnesium metal. Lockdowns, trade restrictions, and reduced manufacturing activities affected the availability of raw materials and hindered the production and distribution of magnesium products. However, increasing developments by key players are boosting market growth. For instance, in September 2020, Alliance Magnesium partnered with Carrefour de l'Innovation for materials of the MRC des Sources.

Key Takeaways:

· The Asia-Pacific region is expected to dominate the growth of the global Magnesium Metal Market, owing to the presence of major magnesium producers like China. The region's robust automotive, electronics, and construction industries contribute to the high demand for magnesium metal. For instance, in August 2020, Latrobe Magnesium Limited announced that it will be building a new Mg plant in Victoria’s Latrobe Valley.

· North America is estimated to witness high growth in the global magnesium metal for market, owing to the strong presence of the automotive and aerospace sectors. The region's focus on lightweight and sustainability further supports the demand for magnesium components. For instance, in February 2023, Western Magnesium Corporation announced that it will be building an advanced production facility for magnesium metal that has an annual capacity of 25,000 metric tons.

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