Description:
The value of the global metal magnesium market was approximately USD 4.3 billion in 2021 and is anticipated to increase to approximately USD 6.45 billion by 2028, with a CAGR of roughly 5.45% between 2022 and 2028.
Due to its excellent electromagnetic screening property and heat conductivity, magnesium is perfect for these applications. Aluminum, which is frequently used in these applications, gains strength as a result. Additionally, it is projected that throughout the course of the forecast period, the market would develop in response to the increased demand for lightweight components, particularly in the automotive and aerospace industries.
Due to their comparable strength and relatively lower cost, magnesium alloys are also considered a substitute for fibre metal laminates or carbon fibre composites. The construction of seats for helicopters, transport aircraft, and general aviation aircraft can now apply the new aircraft seat design requirements, which will further increase demand for the products in the aerospace industry.
Magnesium is a crucial reagent in the production of iron and steel because it is used to strip excess sulphur from heated metal, a procedure required to produce steel of superior quality. Magnesium alloys are also utilised in steering columns, gearboxes, seat frames, steering wheels, and other automotive machinery, as well as in the manufacture of aircraft, spacecraft, machinery, automobiles, portable tools, and household appliances.
To learn more about this report : https://www.zionmarketresearch.com/report/metal-magnesium-market
Regional Insights:
Due to the rising demand for the commodity, particularly in the automotive and aerospace industries, Asia-Pacific is expected to have the largest and fastest CAGR growth in the worldwide metal magnesium market. In 2021, the region accounted for over 44.9% of the worldwide market share. Electric car demand is increasing, along with infrastructure development, in places like China, India, Japan, and Singapore.
Private businesses and government agencies working toward the high level of general development of the nations are contributing to this upward trend. According to a survey by Daxue Consulting, China’s electric car market commanded more than 53% of the global market share and earned sales revenue of over USD 2.92 million.
Key Market Segmentation:
- Esan Eczacibasi
- Alliance Magnesium
- Shanghai Sunglow Investment (Group) Co. Ltd.
- Nippon Kinzoku Co. Ltd
- Solikamsk Desulphurizer Works (SZD)
- Regal Metal
- U.S. Magnesium LLC
- Latrobe Magnesium
- Western Magnesium Corp
- VSMPO-Avisma Corp
Report’s Covered Segments:
By Application
- Aluminum Alloys
- Die Casting
- Iron & Steel Making
- Titanium Reduction
- Others
By End-User
- Automotive
- Electronics
- Aerospace
- Sports
- Medical
- Others
Contact Us:
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com
