Global Magnesium Metal Market to Grow by 2023 Due to Increasing Demand in Various Sectors

Global Magnesium Metal Market Research Report: Information by Manufacturing Process (Thermal Reduction Process, Electrolytic Process, and Recycling), Products (Pure Magnesium, Magnesium Compounds, and Magnesium Alloys), End-Use Industry (Aerospace & Defense, Automotive, Medical& Healthcare, Electronics, and Others), and Region (Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa)—Forecast till 2025.

Defination

Magnesium is a gray-white lightweight metal that has a lower density than aluminum and steel. A new report on the global magnesium metal market, published by Market Research Future (MRFR), prophesizes that this market can recognize maturation at 6.9%CAGR between 2017 and 2023.

Highlights

The vital market driving factor for the Global Magnesium Metal Market growth is increasing demand for magnesium in the aerospace sector and automotive sector. Magnesium is preferred in these sectors as it has high compressive strength and low weight. The production of magnesium alloys is surging to make die-castings for automotive components such as dashboards, gearbox casings, and steering wheel cores. Hence, the market is expected to grow in the coming years. Magnesium is also used to manufacture Titanium. The magnesium metal is used in the desulphurization of steel. The widespread use of magnesium in medical applications such as surgical implants as well as protective coatings, due to biodegradability and high fracture toughness.

Key Players

Amacor (USA), Dead Sea Magnesium Ltd (China), Latrobe Magnesium (Australia), Magontec Ltd. (Australia), Mag Specialties Inc. (USA), NIPPON KINZOKU Co. Ltd. (Japan), RIMA Group (Brazil), Solikamsk Magnesium Plant (Russia), Taiyuan Tongxiang Magnesium Co. Ltd (China), US Magnesium LLC (USA), Wenxi YinGuang Magnesium Industry (Group) Co. Ltd. (China), and Yulin Wanyuan Magnesium Industry (Group) Co. Ltd (China).

Latest Industry News

The construction of Latrobe Magnesium’s initial USD 54 Mn 3000 tonne per annum magnesium plant is expected to start in December. The location of this plant will be in Victoria’s Latrobe Valley. 5 SEP 2019

Market Segmentation

The global magnesium metal market segmentation encompasses end-use industry, manufacturing process, and product. MRFR’s take on the market marks various facets of the market in-depth.

Regarding the end-use industry, this market has been segmented into aerospace & defense, automotive, electronics, medical& healthcare, and others. By manufacturing process, the market has been segmented into the electrolytic process, recycling, and thermal reduction process. The product-based segmentation of market covers magnesium alloys, magnesium compounds, and pure magnesium.

Segmentation

The global magnesium metal market has been segmented by types, end-use industry, and region.
Based on manufacturing process, the global magnesium metal market has been classified into thermal reduction process, electrolytic process, and recycling.
Based on products, the global magnesium metal market has been classified into pure magnesium, magnesium compounds, and magnesium alloys.
Based on end-use industry, the global market has been classified into aerospace & defense, automotive, medical& healthcare, electronics, and others

Read Detailed Index of Full Research Study at @ https://www.marketresearchfuture.com/reports/magnesium-metal-market-1977

Regions

The Asia Pacific region holds the largest market share due to the growth in demand for magnesium metal in end-use industries such as the automotive industry and electronic industry. Growing industrialization and increasing disposable income are also boosting the market growth. China is the fastest-growing country-specific market due to the wide range of applications of magnesium metals and alloys being used in the production of automobile parts.

Increased demand for consumer goods is also boosting market in China. China is a leading producer of Titanium. During the forecast period, China is expected to substantial growth. Other major country-specific markets are India, Japan, Singapore, and South Korea. In this report, Australia and New Zealand have been organized as one segment. An observation of the remaining countries in the Asia Pacific region featured in this report calculates the additional market revenue from some other countries.

North America holds considerable market share due to the presence of precocious aerospace industry and electronics industry. The advancements in magnesium technology and the presence of many key market players are also boosting market in this region. USA and Canada are the biggest country-specific markets in this region.

During the forecast period, Europe is also expected to showcase moderate growth due to the swift growth of the automotive sector in this region. With the shift in preference towards magnesium over aluminum and steel in major industrial sectors, the market can rise. The demand for magnesium is increasing due to its durability and low cost. Russia is among the top producers of Titanium and hence, is supplementing the regional demand for magnesium metals. Other critical country-specific markets in this region are France, Germany, Italy, Poland, Spain, and the UK are other important country-specific markets in Europe. An inspection of the remaining countries in Europe featured in this report speculate the huge contribution to market revenue from some other countries in this region.

During the forecast period, Latin America and the MEA region are expected to show substantial growth due to the industrialization in Latin American countries and growing investments in construction across the Bahrain, Kuwait, Oman, Saudi Arabia, Qatar, and the UAE. Other important country-specific markets in the MEA region are Israel, North Africa, and South Africa. A valuation of the remaining countries in the MEA region featured in this report anticipates a decent contribution to market revenue from some other countries. In Latin America, the top country-specific markets are Argentina, Brazil, and Mexico. An evaluation of the remaining countries in Latin America featured in this report add a decent sum of market revenue from some other countries.