Future Market Insights has announced the addition of the “Magnesium Metal Market: Global Industry Analysis and Opportunity Assessment, 2016-2026” report to their offering.
Magnesium, a silvery white metal, is one of the lightest metals available for structural applications. It is around 33% lighter than aluminium and nearly 75% lighter than steel. Moreover, magnesium is one of the most abundant elements in the world and can be obtained from various mineral sources so also from sea-water or brines. Magnesium metal finds a variety of applications across a diverse set of industries. Some of the prominent application areas for magnesium metal include production of aluminium alloys where it effects improved physical properties and process-ability of these alloys. Another prominent application area for magnesium is die-casting. Comparable physical attributes coupled with relatively lower density of magnesium help manufacture of components that are lighter yet adhering to exacting standards. Relatively higher affinity of magnesium towards sulphur renders it ideal for use in iron and steel desulphurization application. Moreover, magnesium is also used as a reductant in production of metals such as titanium, uranium, hafnium, zirconium among others.
Global magnesium market is estimated to be valued at US$ 3,138.3 Mn in 2016, and is expected to register a CAGR of 7.1% in terms of value during the forecast period, 2016-2026. In volume terms, global consumption of magnesium is expected to stand at 1,085 KT by the end of 2016.
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Magnesium metal market growth is expected to be driven primarily by increasing demand for magnesium especially from automotive industry. According to EPA, the transportation sector accounted for nearly 26% of overall greenhouse gas emissions in U.S in 2014. Thus, in order to adhere to the regulations directed towards tackling growing menace of increasing environmental pollutants and greenhouse gases emanating from transportation sector, development of vehicles that are lighter and more fuel efficient has emerged as a top priority for automotive industry think tanks. Magnesium, with comparable physical properties and significantly lower density, is expected to help materialize this objective of automotive light-weighting during forecast period. Moreover, increasing demand for metals such as titanium especially from aerospace applications is expected to in turn drive growth of magnesium market through forecast period. There exist a strong co-relation between historical magnesium production trend and that of crude steel production, thus, increasing crude steel production is expected to drive consumption of magnesium during forecast period. However, relatively slower economic growth in some of the key markets during initial phase of forecast period is anticipated to act as an impediment to growth of global magnesium market. Besides, the current distribution scenario with China accounting for a mammoth share in global magnesium supply and magnesium import related regulations in some of the key markets may result in supply security related issues among OEMs. Thus, prompting them to refrain from full-scale adoption of magnesium. Amidst increasing demand for magnesium over the recent years, capacity expansions and new capacity additions have emerged as a key trends in the market. Several magnesium production facilities are expected to emerge across the globe.
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Global Magnesium Market Taxonomy
Global magnesium market is segmented as follows:
By application, global magnesium market is segmented into aluminium alloys, die-casting, desulphurization, metal reduction and others segments. In terms of volume, die-casting and aluminium alloys segment are expected to continue to dominate global magnesium market during forecast period
On the basis of regions, the global magnesium market is segmented into seven key regions, namely, North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America and Middle East and Africa. In terms of market volume, Asia Pacific excluding Japan is estimated to dominate the magnesium market throughout the forecast period, registering a CAGR of 7.3% during 2016-2026.
Key players reported in this study on the global magnesium market are Wenxi YinGuang Magnesium Industry (Group) Co., Ltd.; Taiyuan Tongxiang Magnesium Co., Ltd.; US Magnesium LLC.; Dead Sea Magnesium Ltd.; POSCO; RIMA Group; Solikamsk Magnesium Works OAO; Shanxi Wenxi Zhenxin Magnesium Co., Ltd.; Shanxi Wenxi Hongfu Magnesium Co., Ltd. Some of the key players are focussing on increasing their production capacities in order to better address the increasing demand for magnesium across the globe.
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