The Metal Magnesium by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Magnesium, The metal
magnesium market size has grown strongly in recent years. It will grow from
$4.43 billion in 2023 to $4.73 billion in 2024 at a compound annual growth rate
(CAGR) of 6.9%. The growth in the historic period can be
attributed to growing demand in the automotive industry for lightweight
materials, expansion of the aerospace industry, adoption of magnesium alloys in
electronics and consumer goods, increasing use of magnesium in medical implants
and healthcare applications, initiatives by governments to encourage the use of
magnesium metal .
The metal magnesium market size is expected to see strong growth in the next
few years. It will grow to $6.13 billion in 2028 at a compound annual growth
rate (CAGR) of 6.7%. The growth in the
forecast period can be attributed to rise in demand for magnesium in battery
technologies, growth in the renewable energy sector, expansion of magnesium
applications in 3d printing and additive manufacturing, increasing awareness
and adoption of magnesium in the construction industry, research and
development in magnesium-based materials for improved properties.. Major trends
in the forecast period include development of high-strength and
corrosion-resistant, integration of magnesium in the development of lightweight
structural components, exploration of magnesium as a potential material for
hydrogen storage, emphasis on sustainable and eco-friendly magnesium
production, collaboration between industries for cross-application of
magnesium.
The increased focus on automotive light-weighting is driving the growth of the
metal magnesium market. The focus on lightweight automotive vehicles is
increasing due to various reasons such as enhancing significant fuel
efficiency, offering a smart look and appearance, and emission standards. The
increased focus on automotive light-weighting will create a significant demand
for metal magnesium due to its lightweight property. Magnesium helps to produce
lightweight products and is increasingly used in automotive applications.
Magnesium is employed in door frames, steering wheel armatures, panel cross-car
beams, seat frames, fuel tank covers, and other components making them lighter
to include in automotive vehicles. For instance, according to the Department of
Energy of the USA, a 10% reduction in vehicle weight can result in a 6% to 8%
improvement in fuel economy. Replacing cast iron and traditional steel
components in vehicles with lightweight materials such as magnesium (Mg) alloys,
high-strength steel, aluminum (Al) alloys, carbon fiber, and polymer composites
can reduce the weight of a vehicle's body and chassis by up to 50%, lowering
fuel consumption. By 2030, the use of lightweight components and
high-efficiency engines enabled by advanced materials in 25% of the US fleet
could save over 5 billion gallons of fuel. Therefore, the increasing automotive
light-weighting will drive the growth of the market for metal magnesium.
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The metal magnesium market covered in this report is segmented –
1) By Product: Pure Magnesium, Magnesium Compounds, Magnesium Alloys
2) By Manufacturing Process: Thermal Reduction Process, Electrolyte Process,
Recycling
3) By Application: Die Casting, Aluminum Alloys, Titanium Reduction, Iron And
Steel Making, Other Applications
4) By End-User Industry: Automotive, Aerospace, Electronics, Sports, Medical,
Other End User
The strategic partnership is a key trend gaining popularity in the metal
magnesium market. Many companies operating in the metal magnesium market and
researchers/academies are undergoing partnerships for the research and
development of metal magnesium. These partnerships bring synergies between the
partners and result in new metal magnesium with multiple benefits. These
partnerships enable metal magnesium players to innovate and strengthen their
market position. For instance, in January 2023, Alliance Magnesium Inc., a
Canada-based manufacturer of magnesium products and critical minerals,
partnered with Triple M Metal, a Canada-based metal recycling company, to
support magnesium metal recycling at Alliance’s Danville foundry. The strategic
partnership will make use of Triple M's global networks and capabilities to
increase sourcing for Alliance's existing recycling operations while also
extending Triple M's product offering and services to its clients. The
Strategic Partnership advances the Alliance's objective of being a major local
supplier of vital minerals to the North American market while also fostering
the circular economy.
The metal magnesium market report table of contents includes:
1. Executive Summary
2. Metal
Magnesium Market Characteristics
3. Metal
Magnesium Market Trends And Strategies
4. Metal
Magnesium Market - Macro Economic Scenario
5. Global
Metal Magnesium Market Size and Growth
.
31. Global Metal Magnesium Market Competitive Benchmarking
32. Global
Metal Magnesium Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Metal Magnesium Market
34. Metal
Magnesium Market Future Outlook and Potential Analysis
35.
Appendix
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