With Increasing Demand For Lightweight And High-Strength Materials In The Automotive And Aerospace Industries, Is Booming The Metal Magnesium Market

PRESS RELEASE
Published April 20, 2023

The demand for lightweight and high-strength materials in the automotive and aerospace industries has been increasing rapidly in recent years, and magnesium has emerged as a popular choice for manufacturers. Magnesium is a lightweight metal that has a high strength-to-weight ratio, making it an ideal material for use in applications where weight reduction is critical. In the automotive industry, magnesium is commonly used in the production of engine blocks, transmissions, and other components to reduce the weight of vehicles and improve fuel efficiency. The aerospace industry also uses magnesium in the manufacture of aircraft components such as seat frames, floor beams, and engine parts, where weight reduction is crucial for increasing payload capacity and fuel efficiency.

The increasing demand for magnesium in these industries has led to a boom in the magnesium market. The global magnesium market size is expected to reach $6.2 billion by 2026, growing at a CAGR of 8.8% from 2021 to 2026. This growth is driven by the increasing demand for lightweight materials in automotive and aerospace applications.

However, it’s worth noting that the use of magnesium in these industries also presents some challenges. Magnesium is highly reactive and can ignite under certain conditions, making it a potential fire hazard. To address this issue, manufacturers must take extra precautions when handling and processing magnesium, such as using specialized equipment and implementing strict safety protocols.

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Key findings of the Metal Magnesium market study:

  • The report provides a present market outlook on Metal Magnesium. Additionally, the Metal Magnesium market share is anticipated to grow with a CAGR of 5.2% in the forecast period.
  • Regional breakdown of the Metal Magnesium market based on predefined taxonomy.
  • Innovative manufacturing processes implemented by Metal Magnesium vendors in detail.
  • Region-wise and country-wise fragmentation of the Metal Magnesium market to grasp the revenue, and growth outlook in these areas.
  • Changing preferences among consumers across various regions and countries.
  • Factors (Positive and Negative) impacting the growth of the global Metal Magnesium market.
  • Metal Magnesium price, market share, and Trends forecast for assessment period 2022-2032

Die Casting Applications to Accumulate the Highest Revenue Share

Die casting is a popular method for producing magnesium parts, and it is widely used in the automotive and aerospace industries. Die casting involves injecting molten metal into a mold, where it cools and solidifies to form a part of the desired shape. The use of die casting enables manufacturers to produce complex parts with high precision and efficiency, making it a cost-effective solution for mass production. In the magnesium market, die casting applications are expected to accumulate the highest revenue share. This is because die casting is a widely adopted production method for manufacturing magnesium parts used in automotive and aerospace applications. The high demand for lightweight and high-strength materials in these industries has driven the growth of the magnesium die casting market.

The magnesium die casting market is expected to grow at a CAGR of 12.7% from 2021 to 2026, driven by the increasing demand for lightweight materials in the automotive and aerospace industries. The report also notes that the Asia Pacific region is the largest market for magnesium die casting, due to the presence of major automotive and aerospace manufacturers in the region.

Overall, the use of magnesium in die casting applications is expected to continue to drive the growth of the magnesium market, as manufacturers seek to meet the demand for lightweight and high-strength materials in various industries.

Competitive landscape analysis

This market is populated by a number of regional and worldwide firms. These firms compete on product innovation, quality, brand recognition, and market presence in order to sell their products across numerous industries. Companies are exploring various acquisition and growth strategies in order to remain competitive.

  • Nanjing Yunhai Special Metals Co., Ltd. finalised the acquisition of Tianjin Liuhe Magnesium, a car and bicycle magnesium components maker with an annual capacity of 8,000 tonnes, in January 2021, to expand its footprint from North China to South China.
  • Super magnesium, a metal from the Ohio-based business Allite Inc. that may be utilised in a variety of applications such as medical, sports goods, aerospace, automotive, and others, was introduced in 2018.

Some of the leading companies operating in the market are :

  • Nippon Kinzoku Co. Ltd.
  • VSMPO-Avisma Corporation
  • Latrobe Magnesium
  • Alliance Magnesium
  • Shanghai Sunglow Investment (Group) Co. Ltd.
  • Western Magnesium Corporation
  • Regal Metal
  • U.S Magnesium LLC
  • Esan Eczacibasi
  • Solikamsk Desulphurizer Works (SZD)

 What insights does the Metal Magnesium report provide to the readers?

  • Metal Magnesium fragmentation on the basis of product type, end use, and region.
  • Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape.
  • Collaborations, R&D projects, acquisitions, and product launches of each Metal Magnesium
  • Various regulations imposed by the governments on the consumption of Metal Magnesium in detail.

Key Segments Covered in the Industry Survey

  • By Application
    • Iron & Steel Making
    • Titanium Reduction
    • Aluminum Alloys
    • Die Casting
  • By Region
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

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This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on mediarelations@xherald.com.

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