Aug 13, 2020 SOURCE: BusinessWire

Worldwide Metal Magnesium Industry to 2025 - Increasing Demand for Alloys in Manufacturing Industries - ResearchAndMarkets.com

The "Metal Magnesium Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The market for metal magnesium is expected to grow at a CAGR of more than 4% globally during the forecast period.

Rising number of automobile and aerospace applications along with the growing demand for magnesium alloys are driving the market growth of metal magnesium.

Chemically reactive, less ductility and competition from other metals are expected to hinder the market growth.

Companies Mentioned

Dead Sea Magnesium
Gossan Resources Ltd
Latrobe Magnesium Ltd
Nanjing Yunhai Special Metals Co., Ltd.
Nevada Clean Magnesium Inc
POSCO
RIMA
Shanxi Yinguang Magnesium Industry (Group) Co., Ltd
Solikamsk Magnesium Works
Taiyuan Tongxiang
US Magnesium LLC

Key Market Trends

Increasing Demand for Alloys in Manufacturing Industries

Magnesium Metal has been increasingly used by manufacturers for engineering applications such as automobiles and aerospace body parts. Magnesium Metal also finds its application in firework sparklers, medical, sports and alloying with other metals.
The aerospace industry has a long history of using magnesium and magnesium alloys in many applications such as military aircraft components, structural bodies in airplanes and in missiles.
In furnace linings, magnesium compounds are used as refractory material for producing metals such as iron and steel, nonferrous metals, cement and glass.
Mostly, magnesium alloys with aluminum increase the strength and improve their strain hardening ability. Europe is among the major consumers of magnesium metal, owing to the presence of large-scale manufacturing facilities truck and train bodies, armored vehicles, shipbuilding, pressure vessels and cryogenic tanks.

Asia-Pacific to Dominate the Market

China possesses 27 proven magnesite deposits and this makes it one of the largest producers of magnesium in the world. In China, Shanxi Yinguang Magnesium Industry produces a large amount of magnesium and accounts for a huge chunk of domestic and export demand.
In recent times, automobile, and aerospace manufacturers in Asia-Pacific preferring magnesium in production processes, for weight reduction in order to make better performance products.
The electronic industry, which has seen rapid growth in recent years, has also been using magnesium compounds in the casting process to make outer and interior parts.
Most of the chemical companies in Asia-Pacific use magnesium in the desulphurization of steel and for other modern production processes.
Increasing magnesium alloy usages and growing demand for magnesium from the manufacturing sector are expected to drive the market for metal magnesium through the years to come.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Increasing Applications from Automobile and Aerospace Sectors

4.1.2 Growing Demand for Alloying with other Metals

4.2 Restraints

4.2.1 Chemically Reactive and Low Ductility

4.2.2 Other Restraints

4.3 Industry Value Chain Analysis