Magnesium is a silvery white metal, and it is lighter as compared to aluminum and steel. Moreover, this metal is easily available and due to its easy availability from different mineral sources, such as sea water, its commercialization is increasing globally. Magnesium is witnessing increasing application over many industries and this would broaden its market demand as well.
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The global magnesium market is witnessing rapid expansion in recent years, and it is expected to expand at a rapid growth rate during the forecast period. Growing trend of employing non-ferrous casting materials instead of metallic casting materials is fuelling the expansion of the magnesium market worldwide. Earlier, in the automotive, telecommunication industries iron-based products were employed. However, presently, there is an increase in the application of lightweight metals in these industries, as they offer better quality and durability. Magnesium-based products offer greater conductibility also, thus increasing their utilization in the automotive, telecommunication sector considerably.
Magnesium is replacing iron, as magnesium has resistance to corrosion. These features of magnesium raise its application in gearbox, seat frame, and steering wheels among others. These advantages of magnesium over heavy metals is driving the expansion of the magnesium market eventually. Moreover, rising population coupled with increasing disposable income leads to increase in vehicle population in economically developed nations such as the U.S., Germany, the U.K., and emerging economies such as China, India, and South Korea. Furthermore, increased internet penetration in these countries boosts the expansion of the telecommunication industry. Therefore, expanding automotive and telecommunication industries are estimated to expand the global magnesium market during the forecast period.
Major disadvantages of magnesium is that it is chemically reactive and highly unsuitable for wielding. This metal is unsuitable for heat treatment, and it shrinks at extreme cold temperature. These disadvantages limit the application of magnesium, thus restraining the market prospect during the forecast period.
Demand for magnesium stainless steel alloy witness considerable growth rate during the growth rate as this alloy has high applications in the manufacturing industry. This alloy is lightweight and offers high strength, and these features increase its application in the automotive sector extensively. Latest models of Jaguar, Ferrari, among others employ this alloy, thus increasing its application in the automotive industry in the near future. Electronics devices such as cameras utilize this alloy in its body and lens shell. .Demand for magnesium-based alloy is estimated to rise due to the expanding electronics goods industry. These factors act as an opportunity for the global magnesium market during the forecast period.
In terms of application, the global magnesium market is segmented into steel desulfurization, die castings, aluminum alloys, nodular cast iron, and titanium refining. Aluminum alloy held significant share of the market, and this segment is projected to expand at a CAGR during the forecast period. Aluminum alloy finds wide application in the transportation, packaging, and construction industries. Demand for aluminum alloy is estimated to rise due to light weight, high inductility and expansion of the construction and real estate market. This alloy has better resistance to saltwater corrosion. These features are likely to fuel the expansion of the global magnesium market at a considerable growth rate during the forecast period.
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In terms of region, the global magnesium market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Asia Pacific is expanding rapidly for this market. China is the major production and consumption hub of this metal. Large amount of aluminum magnesium alloy have been used in the region.
Key market players include POSCO, US magnesium LLC, Ningxia Hui-Ye Magnesium Marketing, and Shaanxi Fugu Tianyu Mineral Industry.