Market Research Report
Metal Magnesium - Global Market Outlook (2019-2027)
|Metal Magnesium - Global Market Outlook (2019-2027)|
Published: September 1, 2020
Stratistics Market Research Consulting
Content info: 150+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Metal Magnesium Market is accounted for $3.58 billion in 2019 and is expected to reach $7.23 billion by 2027 growing at a CAGR of 9.2% during the forecast period. Increasing die casting requirements in automotive and various structural applications, growing adoption of magnesium metal in making of aluminium alloys, and investment in automotive R&D are some of the factors propelling the growth of the market. However, chemically reactive and low ductility are hampering the growth of the market.
Magnesium is a silvery-white metal, and one of the lightest metals available for various structural applications which have an excellent strength to weight ratio. It is found in large deposits of magnesite, dolomite, other minerals, and in mineral waters, where magnesium ion is soluble.
Based on the application, the aluminium alloys segment is anticipated to hold considerable market share during the forecast period as the addition of magnesium metal in alloys increases strength and strain hardening ability and these alloys are non-heat-treatable alloys and are used for structural applications. By geography, Asia Pacific is expected to grow at a significant market share during the forecast period owing to the increasing adoption in end-use industries such as automotive and electronics industries and rapidly increasing industrial base due to shifting in manufacturing base of the major end-use industries into Asia-Pacific especially in China and India.
Some of the key players profiled in the Metal Magnesium Market include VSMPO-Avisma, Shanxi Wenxi Zhenxin Magnesium Co., Ltd., Nippon Kinzoku, Latrobe Magnesium, Esan, Dead Sea Magnesium, Alliance Magnesium, US Magnesium LLC., POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Shanxi Wenxi Hongfu Magnesium Co., Ltd., Taiyuan Tongxiang Magnesium Co., Ltd, and Yulin Wanyuan Magnesium.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.