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Report Overview: Metal Magnesium MarketThe global metal magnesium market size was valued at USD 3.4 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 8.7% from 2021 to 2027. Increasing die casting requirements in automotive and various structural applications is projected to assist in the growth of the market for metal magnesium. Magnesium is one of the lightest materials and has an excellent strength to weight ratio. It has high thermal and electrical conductivity and the ability to withstand high operating temperatures. Magnesium alloyed with aluminum is used in various applications including vehicle parts, RFI and EMI shielding, electrical housings, and electrical connectors. The U.S. accounted for 82.5% of the revenue share in the market for metal magnesium in 2019. The market in the country is mainly driven by the use of magnesium for casting applications in the automotive industry. As per the International Trade Administration (ITA), sales of lightweight vehicles in the country reached more than 17.0 million units for the fourth consecutive year in 2019. Also, total foreign direct investment for the automotive sector reached over USD 110.0 billion in 2018. Investment in automotive R&D is one of the key factors which are projected to assist in the demand for magnesium related products. As per the ITA, USD 18.0 billion was spent in automotive R&D, almost one-fifth of global spending. Additionally, the country exported 1.8 million light vehicles to other countries in the world. Other applications such as wind turbines, aerospace and defense components, and compressed gas storage are projected to provide lucrative opportunities to market vendors over the coming years. The U.S. added nearly 9,132 MW of new wind capacity in 2019 and reached a cumulative wind capacity of 105, 591 MW in 2019.
Application Insights: Metal Magnesium MarketIn terms of volume, the aluminum alloys segment was the largest application in 2019 and accounted for a market share of over 36.0% in 2019. The addition of magnesium metal in alloys increases strength and strain hardening ability. These alloys are non-heat-treatable alloys and are used for structural applications. Some of the applications include buildings, pressure vessels, train and truck bodies, chemical tankers, and armored vehicles. In terms of revenue, die casting application is projected to witness a CAGR of 9.0% in the metal magnesium market from 2020 to 2027. Demand from aerospace and defense applications are projected to provide lucrative opportunities for market vendors. Some of the key applications include cast gearboxes for helicopters, auxiliary casing, and transmission components. Applications of magnesium metal in the automotive include instrument panel, seat pan, steering column parts, door inner panel, door handle, chassis parts, transmission case, and engine block. Other key applications include titanium reduction, iron and steel making, and power tools.
Regional Insights: Metal Magnesium MarketAsia Pacific accounted for a revenue share of 51.0% in 2019 in the market for metal magnesium. Increasing automotive production in China and India are the long term drivers for the growth of the market for metal magnesium. China is also the largest producer of magnesium metal and produced nearly 900 kilotons of magnesium in 2019. The demand for magnesium metal is mainly projected to increase owing to the rising demand for light-weighting vehicles to reduce harmful emissions. In terms of volume, North America is projected to grow at a rate of 7.6% in the market for metal magnesium over the forecast period 2021-2027. The substitute of steel with aluminum is projected to increase over the coming years. This is likely to provide a boost to the consumption of magnesium metal in aluminum alloys. Magnesium casting is also used in the automotive industry instead of steel, iron, and aluminum. Stringent regulations regarding carbon dioxide emissions are projected to play a key role in rising demand magnesium-based products. Due to growing environmental awareness, automakers in North America, Europe, and Asia Pacific are likely to focus on lightweight vehicles to improve fuel efficiency. This is projected to boost the demand for magnesium metal die-cast parts and aluminum alloys.
Key Companies & Market Share Insights: Metal Magnesium MarketResearch and development activities for magnesium alloys and aluminum alloys are projected to affect the market dynamics positively. Various institutes and research organizations are projected to focus on new magnesium alloys. For instance, the University of North Texas and Indian Institute of Technology have collaborated to develop new magnesium alloy which can replace aluminum and steel. This alloy is likely to be used in the automobile industry. Some of the prominent players in the metal magnesium market include:
Key companies Profiled: Metal Magnesium Market Report
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Die casting
- Aluminum alloys
- Titanium reduction
- Iron and steel making
Table of Contents Chapter 1. Methodology and scope 1.1. Market segmentation & scope 1.2. Market definition 1.3. Information procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF internal database 1.3.3. Secondary sources & third-party perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data analysis models 1.5. Market | read more...