Magnesium metal offers unique properties such as lightweight, corrosion resistance, and high specific strength. It is majorly used in automotive, electronics and medical device industries due to its superior physical and mechanical properties over conventional materials.
The global Magnesium Metal Market is estimated to be valued at US$ 5.17 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends spurring the growth of the market is the increasing use of alloyed magnesium. Alloyed magnesium exhibits improved mechanical and physical properties as compared to pure magnesium. It offers better corrosion resistance, higher strength and workability. Growing demand from automotive and aerospace industries for lightweight materials is propelling the demand for alloyed magnesium globally. The aerospace manufacturers are extensively utilizing magnesium alloys for manufacturing aircraft components to reduce the weight. This is positively impacting the alloyed magnesium segment growth in the market.
Segment Analysis
The global magnesium metal market is segmented on the basis of grade, application, and region. Based on grade, the market is segmented into industrial and refined. The industrial grade segment dominated the market in 2022 and is projected to maintain its dominance during the forecast period. Industrial grade magnesium metal is used in various applications such as alloying, construction, die-casting, etc. due to its low cost as compared to refined grades.
Key Takeaways
The Global Magnesium Metal Market Growth is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from the automotive industry.
Regional analysis
Regionally, Asia Pacific is anticipated to dominate the magnesium metal market during the forecast period. This is attributed to the high automotive and alloy production in countries such as China, Japan, and India. China accounted for the largest share in 2022, owing to low labor costs and increasing automotive production.
Key players
Key players operating 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. The market is highly consolidated with top players accounting for over 50% of the global production.
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The Magnesium Metal Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers& acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Magnesium Metal Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/magnesium-metal-market/download-sampleMarket DynamicsThe growing automobile industry coupled with the rising geriatric population is the major factor driving the magnesium metal market.
Magnesium alloys have large demand in market due to its high strength, good castability and corrosion resistance property.
Magnesium finds application in various industries such as automotive, aerospace, electronics and ships due its lightness and corrosion resistance property.
In addition to this, extensive utilization of magnesium powder in water treatment is further fuelling the market growth.
Abstract: The ' Magnesium Metal Industry, 2013-2023 Market Research Report' is a professional and in-depth study on the current state of the global Magnesium Metal industry with a focus on the Chinese market.
The report provides key statistics on the market status of the Magnesium Metal manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/2419/global-magnesium-metal-2018-635 The global magnesium metal market is anticipated to increase at a CAGR of 7.1% during 2016-2026, reaching US$ 6.2 Bn in revenues by 2026.
Get the Complete Report @ https://www.24chemicalresearch.com/reports/2419/global-magnesium-metal-2018-635Company Segments Of Magnesium Metal Industry:- Firstly, the report provides a basic overview of the industry including its definition, applications and manufacturing technology.
The compnaies include: Wenxi YinGuang Magnesium Industry Group, Taiyuan Tongxiang Magnesium, US Magnesium LLC, Dead Sea Magnesium Ltd, POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Shanxi Wenxi Zhenxin Magnesium, Shanxi et al.
In this part, the report presents the company profile, product specifications, capacity, production value, and 2013-2018 market shares for each company.
Through the statistical analysis, the report depicts the global and Chinese total market of Magnesium Metal industry including capacity, production, production value, cost/profit, supply/demand and Chinese import/export.
The Global Magnesium Metal Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The report offers a value chain analysis that gives a comprehensive outlook of the magnesium metal market.
The attractiveness analysis of thismarket has also been included so as to evaluate the segments that are anticipated to be profitable during the forecast period.Browse the complete Global Magnesium Metal Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 @ https://www.decisiondatabases.com/ip/6467-magnesium-metal-market-reportThe report also covers the complete competitive landscape of the global Magnesium Metal market with company profiles of key players such as:US Magnesium LLC.Dead Sea Magnesium Ltd.POSCORIMA Group.Solikamsk Magnesium Works OAOWenxi YinGuang Magnesium Industry (Group) Co., LtdShanxi Wenxi Hongfu Magnesium Co., Ltd.Shanxi Wenxi Zhenxin Magnesium Co., Ltd.Taiyuan Tongxiang Magnesium Co., Ltd.SEGMENTATIONS IN REPORT:Magnesium Metal Market Analysis by Applications:Aluminium AlloysDie-CastingDesulphurizationMetal ReductionOthersMagnesium Metal Market Analysis by Geography:North AmericaEuropeAsia PacificRest of the WorldDownload Free Sample Report of Global Magnesium Metal Market @ https://www.decisiondatabases.com/contact/download-sample-6467The Global Magnesium Metal Market has been exhibited in detail in the following chapters –Chapter 1 Magnesium Metal Market PrefaceChapter 2 Executive SummaryChapter 3 Magnesium Metal Industry AnalysisChapter 4 Magnesium Metal Market Value Chain AnalysisChapter 5 Magnesium Metal Market Analysis By ApplicationsChapter 6 Magnesium Metal Market Analysis By GeographyChapter 7 Competitive Landscape Of Magnesium Metal CompaniesChapter 8 Company Profiles Of Magnesium Metal IndustryPurchase the complete Global Magnesium Metal Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-6467Other Reports by DecisionDatabases.com:Global Heavy Rare Earth Metals/Elements (HREM/HREE) Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Base Metal Mining Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Metal Replacement Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
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