Metal Magnesium Industry Overview
The global metal magnesium market size is expected to reach USD 6.99 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 5.3% over the forecast period. Rising demand for lightweight parts mainly in the automotive and aerospace industries is anticipated to contribute to the market growth over the forecast period.
Magnesium is a grey-white lightweight metal, which has the lowest melting point and lowest boiling point of all alkali earth metals. It is the third-most commonly used structural metal, after iron and aluminum. Its main applications are in aluminum alloys, die-casting, removal of sulfur in the iron and steel production process, and titanium production.
Metal Magnesium Market Segmentation
Grand View Research has segmented the global metal magnesium market on the basis of application and region:
Based on the Application Insights, the market is segmented into Die Casting, Aluminum Alloys, Titanium Reduction, Iron & Steel Making, and Others
- The die casting application segment accounted for the maximum revenue share of more than 37.5% in 2021. The trend is expected to continue with the segment registering the fastest CAGR over the forecast period.
- Aluminum alloys are the second-most vital application segment of the market. Aluminum alloys are widely used in engineering components and structures where corrosion resistance and lightweight properties are required.
- Increasing demand for lightweight materials in aircraft production for reducing the weight of commercial aircraft is expected to drive the segment growth.
- The rising demand for titanium from various industries is projected to increase its production and eventually propel the demand for magnesium.
- Magnesium is an important reagent in the production of iron and steel making as it is used for removing excessive sulfur from hot metal, which is a necessary step for creating high-quality steel.
Metal Magnesium Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is competitive with the presence of several regional and global players. These players compete on the basis of product innovation and quality, brand reputation, market presence, and price to sell to various industries.The companies are focusing on various acquisition and expansion strategies to stay ahead of the competition. For instance, in January 2021, Nanjing Yunhai Special Metals Co., Ltd. expanded its presence from North China to South China by acquiring Tianjin Liuhe Magnesium, a magnesium parts producer for automobiles and bicycles with a production capacity of 8,000 tons per year.
Some prominent players in the global Metal Magnesium market include:
- Alliance Magnesium
- Esan Eczacibasi
- Latrobe Magnesium
- Nippon Kinzoku Co. Ltd.
- Regal Metal
- Shanghai Sunglow Investment (Group) Co., Ltd.
- SolikamskDesulphurizer Works (SZD)
- S. Magnesium LLC
- VSMPO-AvismaCorp.
- Western Magnesium Corp.
Order a free sample PDF of the Metal Magnesium Market Intelligence Study, published by Grand View Research.
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