Magnesium Metal Market to Accrue Impressively By 2022 with a Whooping CAGR; Asserts MRFR
Key Players:
Wenxi YinGuang Magnesium Industry (Group) Co. Ltd (China), Dead Sea Magnesium Ltd (Germany), RIMA Group (Brazil), Magontec Ltd (Australia), POSCO (South Korea), Solikamsk Magnesium Works OAO (Russia), Taiyuan Tongxiang Magnesium Co. Ltd (China), Nippon Kinzoku (Japan), US Magnesium LLC (U.S.), Latrobe Magnesium Ltd (Australia), and Metallic Corporation of India (India) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global magnesium metal market.
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Magnesium Metal Market Overview
The global magnesium metal market is growing with the rapid pace; mainly due to the expanding automotive and electrical & electronics industries. According to a recent study report published by the Market Research Future, the global market of magnesium metal is prospering and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Globally, the market for magnesium metal is driven by the region Asia pacific, owing to the growth in the population resulting in to increasing demand for die-casting and aluminium alloys in electrical & electronics and automotive industries, among others. Magnesium metal are extensively used in laptops, tablets, mobile phones to impart lightweight nature to the final material. Magnesium metal increases the electrical properties, mechanical strength and other physical features of the product. A surge in demand in the end-use industries are prompting the manufacturers and investors to shift their focus from heavy metals to low density materials.
Rapid urbanization coupled with technology is the major factor behind the growth in the end-use industries. Moreover growing industries such as consumer goods, packaging and sports provide impetus to the magnesium metal market growth.
Moreover, the increasing substitution of heavy metals by lightweight materials is growing rapidly in the market due to superior and mechanical properties offered by the product.
Magnesium metal is a lightweight material used in end-use industries to impart lower density nature to the product. It is used a good substitute for aluminium products that offer cost-effective nature and ease of application to the product. Magnesium metal are used in automotive, electrical & electronics, aerospace, construction, consumer goods, packaging, sports to produce high performance and products.
On the other hand, the toxic nature of magnesium and its alloys integrated with harmful emission of UV when burnt is expected to hinder the growth in the market.
Magnesium Metal Market Competitive Analysis
The Magnesium metal market appears to be competitive with the presence of several large and small players operating in the global market. These major players participate in the market on the basis of price, type, quality, technology and innovation. Magnesium metal market is attributed to grow at a higher CAGR and likely to attract many entrants in the market resulting in to strong competition in the future. Manufacturers operating in the magnesium metal market are struggling to respond to the growing demand for product in batteries, lighter alloys, robots, wind turbines, and others. They ensure to produce best quality products based on characteristics, performance and factors that are trending in the market.
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Industry/ Innovation/ Related News:
June 7, 2017 – Latrobe Magnesium Ltd (Australia), a leading magnesium development company, announced that the company has decided to start a magnesium production plant in Victoria’s Latrobe Valley by adopting a combined hydromet/thermal reduction process. In this extraction process, magnesium metal is produced from industrial fly ash which is termed as a waste stream from brown coal power generation. The preliminary studies about the technology, and developments about the production is started in December 2015 and planned to be completed in March 2018. The ordering of plant is expected to start in July 2018, with the product set to be out in the market after twelve months. Additionally, the plant is planned to locate at the centre of Victoria’s coal power generation precinct to provide a continuous access to feedstock. The Japanese and American distributors have already signed an agreement with the company to buy the opening 3000 tpa production, along with the majority portion of its 40000 expanded plant’s production. Moreover, the plant life is expected to be around 20 years and it is the world’s first magnesium extraction from fly ash.
October 14, 2016 – US Magnesium LLC (U.S.) a magnesium producing company, declared that the brownfield expansion of its magnesium production facility from 63500 to76500 has been delayed. The greater number of equipment for metallurgical and chemical portions of this production process have already been installed. However, spending on the plant is estimated to be more than initially planned but the commencement of project is not expected to start before 2018.
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Magnesium Metal Market Regional Analysis
Geographically, Asia-Pacific region holds the majority of global magnesium metal market. China is the prominent player in the market owing to rapid urbanization, and increasing demand of the product in electrical & electronics industry. Growing popularity of aluminium alloy and die-casting alloys in transportation, aerospace, aviation, packaging, consumer goods has boosted the magnesium metal market demand in China, India, Japan and South Korea. North America has witnessed significant growth owing to growing research & development activities in automotive and aerospace sectors. Additionally, the market in the European region has received a significant boost due to growing demand from Russia to increase the production of titanium, aluminium alloys in the couple of years.
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