Global metal magnesium market is expected to grow significantly over the forecast period owing to the increasing demand from the automotive sector. Growing use of magnesium in aluminium alloys and die-casting is anticipated to drive the demand for metal magnesium. In addition, rising transportation sector, which is the largest user of die-cast magnesium and aluminium-magnesium alloys, is predicted to fuel the market growth over the next seven years. Moreover, increasing R&D is expected to offer a variety of opportunities for metal magnesium market in applications including new batteries, lighter alloys, producing hydrogen, robots, wind turbines and capturing carbon dioxide. Furthermore, the increasing magnesium consumption to remove sulphur in the production of steel & iron and for titanium production is expected to augment the market growth over the upcoming period. However, explosive nature of magnesium and its alloys coupled with harmful emission of UV light when burnt is expected to restrain the market growth over the forecast period.
Metal magnesium find applications in various sectors including aerospace, automotive, electronics, packaging and printing. Increasing use of magnesium for cathodic protection and nodularisation of cast iron is anticipated to augment the market growth. The metal magnesium market is expected to grow substantially over the forecast period owing to its use in the aerospace industry pertaining to the rising need for fuel efficiency and reducing weight of an aircraft. Moreover, increasing demand from automotive industry is expected to fuel the market owing to the rapid growth in the automotive sector mainly in China, India and Mexico. Automobile companies including Mercedes, Porsche, BMW and Chevrolet use magnesium and its alloys in their engines and body parts. Lower price of magnesium and its alloys is expected to increase its applications in the automotive industry over the next seven years. Incremental growth in the electronics industry is expected to propel the demand owing to its superior electrical & mechanical properties. Growing usage in laptops, mobile phones, tablets, cameras and computers is further expected to fuel market demand. Furthermore, rapid growth in the construction sector owing to industrialization and urbanization is predicted to boost the demand for magnesium and its alloys. The rising demand in the packaging industry is expected to further fuel the market growth over the projected period. Strict government regulations for environmental pollution and emission reduction targets are further expected to amplify the demand for metal magnesium.
Asia Pacific is the largest market for metal magnesium and is expected to grow significantly over the forecast period mainly owing to China which is the largest producer and consumer of magnesium and its alloys. Rapid industrialization, urbanization and growth in the automotive sector is expected to surge the demand for magnesium particularly in China, India, Japan and South Korea. Moreover, swift growth in the electronics industry particularly in China where the manufacturing sector is flourishing is expected to contribute substantially towards the demand over the next seven years. North America is anticipated to contribute substantially towards metal magnesium market growth owing to the growing R&D in aerospace and automotive sector. Increasing use of magnesium and its alloys in the manufacturing of automotive engines, alloy wheels and aircraft body is anticipated to contribute towards the market growth. Moreover, rising demand from the packaging industry is predicted to contribute towards the market growth. Europe is anticipated to offer incremental growth opportunities for metal magnesium market owing to the rising demand from Russia where the production of titanium has increased over the years. Moreover, increasing demand from other European countries including Germany and Italy owing to rapid growth in the automotive sector is expected augment the metal magnesium market growth. Latin America and MEA are expected to grow over the forecast period pertaining to the increasing use in electronics, construction and packaging industries.
Global key players in metal magnesium market include VSMPO-Avisma, Solikamsk Magnesium Works, US Magnesium, Dead Sea Magnesium, Nippon Kinzoku, Sunglow Group, POSCO, Magnohrom, Nevada Clean Magnesium Inc., Magontec Ltd., Latrobe Magnesium Ltd., DunAn Magnesium, FuguTongyuan, Regal Magnesium, CVM Minerals Limited, Rima Industrial and Gossan Resources Ltd. US Magnesium offers pure magnesium, alloy magnesium and chemicals in a wide range of ingot sizes and shapes.
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