According to a market report published by Future Market Insights, titled ‘Magnesium Metal Market: Global Industry Analysis and Opportunity Assessment 2016–2026’, the long-term outlook of the global magnesium metal market remains a sound one, with volume sales of magnesium metal expected to increase at a CAGR of 5.8% during the forecast period (2016–2026) with an estimated market size of magnesium metal valued around US$ 6,141 Mn in 2026.
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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. 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.
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According to EPA, the transportation sector accounted for around 26% of overall greenhouse gas emissions in 2014 in the U.S. Thus, in order to tackle the menace of increasing environmental pollution emanating from the transportation sector, the development of greener technologies and vehicles that are all the more fuel efficient has emerged as a top priority for automotive industry think tanks and related R&D activities. Magnesium metal is one of the most versatile metals on Earth. 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.
For more insights on the magnesium metal market, write in to Future Market Insights analysts at press@futuremarketinsights.com
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