Yahoo Finance Metal Magnesium Market to Grow $6,324Mn by 2028 | CAGR 5.4% Report Published By Acumen Research and Consulting
Global Metal Magnesium Market revenue was valued at $4319Mn and is estimated to grow at a CAGR of above 5.4% over the forecast timeframe and reach a market value of around US $6,434Mn by 2028.
LONDON, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Magnesium is a chemically active element with a silvery-white appearance. Magnesium is employed in a wide range of applications. It is easily harvested and put to many purposes due to its abundance in nature. Growing applications in automotive, electronics, aerospace, as well as, in several industries has sky rocketed the demand for the global metal magnesium market.
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Covid-19 Impact on the Metal Magnesium Industry
The worldwide economy was severely impacted by the COVID-19 pandemic. The level of demand fell to an all-time low as a result of the lockdown, which posed challenges for the market's major players. According to the findings, more than 85 percent of magnesium comes from China. China has a monopoly on magnesium production, and recent Chinese power restrictions have devastated the global magnesium supply chain. The country's magnesium output has been cut to about half its typical amount in 2021 because of increased coal costs. As a result, the metal's price has risen dramatically. However, the industry has started to recover gradually and is expected to attain quick growth in the coming years.
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Global Metal Magnesium Market Dynamics
The growing demand for magnesium in the production of various automotive parts is one of the global metal magnesium market trends. Likewise, increasing usage of magnesium in aerospace and electronic industries has also driven the market with a significant growth rate. Magnesium alloys are a promising technical material for the automotive and aerospace industries due to their lightweight, high specific strength, and outstanding castability. They're a crucial component of aluminum alloys, which are utilized in everything from gearboxes to steering columns, seat frames, and fuel tank lids. However, the global magnesium shortage is causing a global supply constraint of aluminum alloys, which has a greater impact on the auto industry.
Manufacturing operations are predicted to increase in India, due to increased activity in the defense and civil aviation sectors. For instance, they are also commonly utilized in the manufacturing of ballistic missiles and spaceships due to their capacity to tolerate harsh environments. In addition, this metal is also used in the production of metallic titanium that has its applications in the medical and aerospace industry.
The market suffers certain restraints such as the concerns associated with environment and certain threats from substitutes. For instance, numerous findings show that magnesia mining activities harm the surrounding environment. On the other hand, rising aircraft capacity, the introduction of magnesium into the robotics industry, and the development of crude steel production are some of the factors that are expected to drive market growth in the approaching years.
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Increased focus on automotive light weighting propels the global metal magnesium market share
As car manufacturers are working to reduce vehicle weight in response to consumer demands for improved fuel efficiency, the use of magnesium in automotive parts is continuously growing. In some automobiles, magnesium castings have taken the place of aluminum, iron, and steel. It was projected that the substitution of aluminum for steel in the automotive sheet would increase magnesium consumption in aluminum alloy sheets. Although some magnesium sheet applications for automobiles have been developed, they have largely been limited to high-end sports cars and luxury vehicles, where the higher cost of magnesium is not a deterrent to its use.
Threat from substitutes may hamper the growth of the industry
In castings and wrought goods, aluminum and zinc can be used to replace magnesium. In most applications, magnesium's lightweight is an advantage over aluminum and zinc in castings and wrought goods; however, its high cost is a drawback when compared to these substitutes. Calcium carbide, rather than magnesium, can be used to desulfurize iron and steel. Because calcium carbide creates acetylene in the presence of water, magnesium is favored for the desulfurization of iron and steel.
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Growing production of magnesium alloys to make die casting for auto components propels the segmental growth
The application segment is further categorized into die-casting, aluminum alloys, titanium reduction, iron & steel making, and others. The die casting segment dominated the market with majority of the share. Magnesium is an excellent material for die casting because of its excellent heat conductivity and electromagnetic screening properties. Automotive components such as the steering wheels core dashboards and gearbox casings are made by this application.
Increased usage of magnesium in wide variety of auto parts drives the automotive industry segment
The end-user industry consists of automotive, aerospace, electronics, sports, medical and other end-user industries. Among them, automotive applications conquered the market with a maximum share in 2020. Magnesium is a popular automotive material because of its low weight, which is 36 percent lighter than aluminum and 78 percent lighter than iron per unit volume. When alloyed, magnesium has the highest strength-to-weight ratio of any structural metal. Thus, they find their major application in the automotive industry.
Metal Magnesium Market Regional Stance
The Metal Magnesium market is divided into five regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa (MEA). In 2020, the Asia-Pacific region had the greatest market share of all regions. The increasing use of steel and aluminum in areas such as construction and electric vehicles is the key factor driving regional growth. Another factor contributing to China's worldwide market domination is the country's massive automobile and aerospace sectors. Furthermore, China is the world's largest producer of magnesium and titanium, resulting in the APAC region's largest market share.
In 2020, North America dominated the second-largest proportion. The aerospace and automobile industries are driving regional growth through increasing demand for aluminum alloys. Moreover, the EU also held a significant share in the global market due to the growing EV production in the region.
Major Players
Some of the major players active in the market and covered in the report include Alliance Magnesium, WenxiYinGuang Magnesium Industry (Group) Co., Ltd., Nippon Kinzoku Co. Ltd., POSCO, Taiyuan Tongxiang Magnesium Co., Ltd.,RIMA Group, Magontec Ltd, Regal Metal., Shanxi WenxiHongfu Magnesium Co., Ltd.,US Magnesium LLC., Latrobe Magnesium, Shanxi WenxiZhenxin Magnesium Co., Ltd.,Western Magnesium Corp. and others.
For example, in January 2021 – By purchasing Tianjin Liuhe Magnesium, a magnesium parts manufacturer for autos and bicycles with an annual production capacity of 8,000 tonnes, Nanjing Yunhai Special Metals Co., Ltd. expanded its reach from North to South China.
Moreover, in August 2020 – In Victoria's Latrobe Valley, Latrobe Magnesium Limited (LMG) plans to develop a magnesium facility. LMG is looking into combining a hydromet process with a thermal reduction process. To extract the metal, the factory will use the world's first proprietary combination hydromet/thermal reduction extraction technique.
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