Magnesium Metal Market to Reach US$7.5 Billion by 2027: IndustryARC

September 17 01:35 2022
Magnesium Metal Market to Reach US$7.5 Billion by 2027: IndustryARC
Market Research Reports, Business Consulting Services & Analytics
Magnesium Metal Market size is forecasted to reach US$7.5 billion by 2027, after growing at a CAGR of 6.7% during the forecast period 2022-2027.

The Magnesium Metal Market size is forecasted to reach US$7.5 billion by 2027, after growing at a CAGR of 6.7% during the forecast period 2022-2027. Magnesium (Mg) or magnesium metal with atomic number 12 is a chemical element that is classified as an alkaline earth metal, which is silvery-white and relatively durable. Magnesium metal is usually found in pure magnesium, ingots, bars, and other forms. Due to the superior electrical & mechanical properties such as longevity coupled with enhanced heat transfer and excellent corrosion resistance, magnesium metal and alloys are commonly used in various electronic, automotive, and aerospace applications. The rising demand for aluminium alloys and magnesium alloys in these industries has sparked a massive increase in the magnesium metal market size growth. The  Magnesium Metal Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Competitive Landscape:

The top 5 players in the Magnesium Metal industry are –

1. Dead Sea Magnesium Ltd.

2. Esan Eczacibasi

3. Luxfer Magtech

4. U.S. Magnesium LLC

5. Ust-Kamenogorsk Titanium and Magnesium Plant JSC

 

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Segmental Analysis:

1. The rising production of magnesium metal is also estimated to uplift the market in the upcoming years. For instance, in June 2021, Western Magnesium acquired 122-acre land to set up its first commercial magnesium metal production plant in Ohio.

2. Magnesium is one of the rapidly emerging markets. The industry has changed dramatically over time, mainly due to continued growth and integration in aerospace and defense products. During the forecast period, extensive growth of fuel-efficient and lightweight vehicles is expected to drive the global magnesium metal market demand.

3. Magnesium alloys are alloys made up of magnesium (the lightest structural metal) with other metals, such as aluminum, zinc, manganese, silicon, copper, rare earth, and zirconium. Alluring properties such as low density (two-thirds that of aluminum), good high-temperature mechanical properties, and good to excellent corrosion resistance, are the major reasons behind the adoption of magnesium alloys in several end-use sectors. 

4. In the automotive industry, magnesium metal is utilized as a superior material due to its less weight, which is 36% lighter than aluminum and 78% lighter than iron per unit volume. Also, alloying magnesium metal has the highest strength-to-weight ratio as compared to other structural metals. Magnesium metal is utilized in the gearbox, steering column, driver’s airbag housings, front end, and IP beams, and also in seat frames, fuel tank covers, and steering wheels.

 

Report Coverage

Report Attributes

Details

By Manufacturing Process

Thermal Reduction Process, Electrolytic Process, and Recycling

 

By Product

Pure Magnesium, Magnesium Compounds, Magnesium Alloys

 

By Application

 Die Casting, Aluminium alloys, Titanium Reduction, Iron & Steel Making

By End-Use Industry

Aerospace & Defense, Automotive, Construction, Medical & Healthcare, Packaging, Electronics

 

By Geography

North America, Europe, Asia-Pacific, South America and Rest of World

 

Get more detailed information about these segments in the report. Buy it here:

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Market Drivers and Challenges:

1. Rising Production of New Aircrafts will Drive the Market Growth: The aircraft industry has a long history of employing metal in a variety of civil and military applications. To help reduce emissions and increase fuel efficiency, it is necessary to reduce the weight of air and spacecraft, as well as projectiles. Due to the limited ongoing improvements in aluminum weight reduction, the high cost of fiber metal laminates or carbon fiber composites, and the poor impact and damage properties of low-density plastics when exposed to extreme temperatures, magnesium is an ideal material for use in these applications.

2. According to the Federal Aviation Administration (FAA), after declining by 22.9% (1,746 aircraft) in 2020, the number of aircraft in the US commercial fleet is estimated to rise from 5,882 in 2020 to 8,756 in 2041, a 2% annual growth rate.

3. Availability of Substitutes Can Hinder the Market Growth: One of the major challenges that the magnesium metal market faces is the presence of alternative metals. Aluminum and zinc could be used as a substitute for magnesium in castings and wrought items. In most applications, magnesium’s light weight is an advantage over aluminum and zinc in castings and wrought products; however, its expensive cost is a drawback in comparison to these substitutes.

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Similar Reports:

A. Magnesium Alloys Market

https://www.industryarc.com/Research/Magnesium-Alloys-Market-Research-500295

B. Metal & Metal Ores Market

https://www.industryarc.com/Research/Metal-Metal-Ores-Market-Research-501558

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