Global Metal Magnesium Market by Application (Titanium Reduction, Iron & Steel Making, Aluminum Alloys, Die Casting) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global metal magnesium market was valued at USD 3,5 billion in 2019. It is projected to grow at an 8.8% compound annual growth rate (CAGR), between 2020 and 2027. The market for metal magnesium is expected to grow due to the increasing die casting requirements for automotive and other structural applications. Magnesium, which is the lightest material, has a high strength-to-weight ratio. Magnesium is highly thermal and electrically conductive and can withstand extreme operating temperatures. Magnesium alloyed to aluminum is used for a variety of purposes, including vehicle parts, RFI shielding, EMI shielding and electrical connectors.

In 2019, the U.S. made up 82.5% revenue share in the metal magnesium market. The country's market is driven primarily by magnesium used in casting applications within the automotive industry. According to the International Trade Administration (ITA), the country's sales of lightweight vehicles reached 17.0 million units in 2019, for the fourth consecutive year. In 2018, the total amount of foreign direct investment in the automotive sector was more than USD 110.0 billion.

Research and development in automobiles is one of the key factors that will help to increase the demand for magnesium-related products. According to the ITA, nearly one-fifth global spending was spent on automotive R&D. The country also exported 1.8million light vehicles to other countries around the globe.

Market vendors will be able to reap lucrative opportunities in the future with other applications, such as aerospace and defense components, wind turbines, compressed gas storage, and aero- and defense components. The United States added almost 9,132 MW to its wind capacity in 2019, and had a cumulative wind capacity total of 105.591 MW by 2019.

Application Insights

The aluminum alloys segment was the biggest application in terms of volume in 2019, and held a market share exceeding 36.0%. Addition of magnesium metal to alloys can increase strength and strain-hardening capability. These alloys can be used for structural purposes and are not heat-treatable. These alloys are used in buildings, pressure vessels and train and truck bodies as well as chemical tanks and armored cars.

From 2020 to 2027, the market for metal magnesium is expected to see a 9.0% CAGR in die casting applications revenue. Market vendors will be able to reap the benefits of growing demand from aerospace and defense applications. Cast gearboxes are used in helicopters as well as auxiliary casing and transmission components.

The automotive uses magnesium metal include the instrument panel, seat panel, steering column parts and door inner panels, as well as chassis parts and engine block. Other important applications include titanium reduction and iron and steel manufacturing, as well as tools.

Regional Insights

In 2019, 51.0% of the market for magnesium was dominated by Asia Pacific. The long-term drivers of metal magnesium market growth are China's growing automotive production and India's increasing automobile production. China is the biggest producer of magnesium metal, producing nearly 900 kilotons in 2019. Due to rising demand for lighter-weight vehicles that reduce harmful emissions, the demand for magnesium metal will mainly increase.

North America's market for metal magnesium is expected to grow at 7.6% volume over the forecast period. In the next few years, there will be an increase in aluminum substituting Steel. This will likely increase the use of magnesium metal in aluminum alloys. Magnesium casting can also be used in automobile manufacturing instead of iron, steel, or aluminum.

The rising demand for magnesium-based products will be aided by strict regulations on carbon dioxide emissions. Automakers across North America, Europe, Asia Pacific, and Europe are expected to concentrate on lighter vehicles in order to increase fuel efficiency. This will increase demand for aluminum alloys and magnesium metal die-cast pieces.

Market Share Insights & Key Companies

The market dynamics are expected to be positively influenced by research and development activities in aluminum alloys and magnesium alloys . Research organizations and institutes are expected to concentrate on new magnesium alloys. The University of North Texas and Indian Institute of Technology collaborated in the development of a new magnesium alloy that can replace aluminum or steel. This alloy will likely be used in automobile manufacturing. The market for metal magnesium is dominated by the following:

• Nippon Kinzoku

• VSMPO-Avisma

• Solikamsk Magnesium Works

• Latrobe Magnesium

• Alliance Magnesium

• Esan

• Dead Sea Magnesium

Up Market Research published a new report titled “Metal Magnesium Market research report which is segmented by Application (Titanium Reduction, Iron & Steel Making, Aluminum Alloys, Die Casting), By Players/Companies Alliance Magnesium, VSMPO-Avisma, Dead Sea Magnesium, Esan, Nippon Kinzoku, Latrobe Magnesium, Solikamsk Magnesium Works”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Metal Magnesium Market Report Segments:

The market is segmented by Application (Titanium Reduction, Iron & Steel Making, Aluminum Alloys, Die Casting).

Metal Magnesium Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Metal Magnesium Market

Overview of the regional outlook of the Metal Magnesium Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Metal Magnesium Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Metal Magnesium Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Titanium Reduction

                2. Iron & Steel Making

                3. Aluminum Alloys

                4. Die Casting

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Metal Magnesium Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
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Reasons to Purchase the Metal Magnesium Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.