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).
Top 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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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.
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.
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.
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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Reasons to buy:
- This report includes in-depth study analysis of Magnesium Metal market
- It covers market segmentation by type, by application and by end user.
- It helps in identifying region-wise major suppliers and understand consumption patterns.
- The report will provide useful and premium insights that will support in investments of Magnesium Metal and allied companies providing details on the fast-growing segments and regions.
- In addition, it will provide key findings that will help the companies to improve profitability by using supply chain strategies, cost effectiveness of various products mentioned in the report.
- The data used in the report is primarily based on primary interviews with the major producing companies and industry experts and supported by authentic industry data from secondary sources.
Magnesium Metal Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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