Magnesium Metal Market 2022 Strategic Analysis, Growth Drivers, Industry Trends, Demand And Future Opportunities Till 2031
According to a latest magnesium metal market report published by Future Market Insights, the long-term outlook of the global magnesium metal market remains optimistic. Global magnesium metal revenues are set to grow at a CAGR of over 7% through 2031.
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.
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.
Read Full Report - https://www.futuremarketinsights.com/reports/magnesium-metal-market
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