Magnesium Metal The Future of Lightweight Metals in Automotive and Aerospace Industries
Category: Chemicals & Materials Published Date : Feb-23 ID: CVC-69265 Format: PDF Pages: 300
Report Highlights
According to a research survey conducted by ChemView Consulting, in 2023, Magnesium Metal Market was worth US $ 4.85 Bn . The market is expected to grow at a CAGR of 5.30% between 2023 and 2033 to hit US $ 8.14 Bn by 2033 end.
Key Market Trends
The Lightweight Alternative to Heavy Metals
With its lightweight properties, magnesium metal is becoming a popular alternative to heavy metals in various applications, creating a wide range of opportunities in the market.
The Future of Sustainable Energy Storage
With its role in energy storage, magnesium metal is becoming a popular choice for sustainable energy solutions, making it a future-proof investment in the market.
The Essential Element in Aerospace and Defence
With its role in reducing the weight of aerospace and defence components, magnesium metal is an essential element in these industries, creating a wide range of opportunities in the market.
Market Drivers
Growing demand from the automotive and aerospace industries
Magnesium metal is widely used in the automotive and aerospace industries due to its lightweight and high strength-to-weight ratio properties, which help reduce fuel consumption and emissions. The increasing demand for fuel-efficient vehicles and the growing aerospace industry are expected to drive the growth of the magnesium metal market.
As a sustainable and recyclable material, magnesium metal is becoming a popular choice for manufacturers looking for eco-friendly solutions. This is expected to create lucrative opportunities for players operating in the magnesium metal market.
The increasing use of magnesium alloys in various applications, such as power tools, sporting goods, and medical implants, is expected to further boost the growth of the magnesium metal market.
Segmentation Insights
After conducting a thorough analysis of the Magnesium Metal Market, we have identified the top three trending segments in the industry. These segments are experiencing significant growth, high demand, and widespread adoption.
Most Popular (Fastest Growth Rate)
Aluminium Alloys
Magnesium Metal is the most popular choice in the Aluminium Alloys Application, due to its lightweight and high-strength properties. It is widely used in the production of aluminium-magnesium alloys, which are extensively used in the aerospace and automotive industries. Magnesium Metal’s ability to improve the strength-to-weight ratio of aluminium alloys, make them the preferred choice for these industries.
Most Selling (Largest Market Share)
Die-casting (Application)
Magnesium Metal is the most selling product in the Die-casting Application due to its superior casting properties. It is widely used in the production of die-cast parts for various industries, including automotive, electronics, and aerospace. Magnesium Metal’s excellent fluidity, low density, and high thermal conductivity make it the go-to choice for die-casting applications.
Trending (Gaining Traction)
Metal Reduction
Magnesium Metal is gaining significant traction in the Metal Reduction Application due to its ability to reduce other metals. It is widely used in the production of titanium and zirconium, as well as in the refining of certain metals. Magnesium Metal’s ability to reduce other metals in a cost-effective and efficient manner, make it a trending choice in the metal reduction application.
Regional Insights
North America: A Strong Market with Advanced Applications
The North American magnesium metal market is experiencing substantial growth due to its expanding automotive and aerospace industries. With an emphasis on lightweight and fuel-efficient vehicles, the demand for magnesium metal has surged, as it offers an excellent strength-to-weight ratio and corrosion resistance. Additionally, the increased adoption of magnesium metal in electronics, medical devices, and military applications has further cemented North America’s position as a leading market in the magnesium metal industry.
Southeast Asia: Emerging Market with High Potential
The Southeast Asian market, including countries like Indonesia, Malaysia, and Thailand, is becoming a hotbed for the magnesium metal industry, driven by their growing industrialization and manufacturing capabilities. The region’s booming automotive and electronics sectors are fuelling the demand for magnesium metal, leading to increased investments in local production facilities. Southeast Asia’s strategic location, abundant resources, and favourable government policies make it an attractive market for global magnesium metal manufacturers and investors.
Research Scope/Taxonomy
Market Analysis by Application:
Market analysis by region:
Key Companies Profiled
1.1. Global Market Snapshot
1.2. Key Success Factors
1.3. Strategic Analysis and Recommendations
2.1. Market Taxonomy
2.2. Market Definitions
3.1. Preliminary Investigation & Research Design
3.2. Secondary Research & Primary Research
3.3. Data Analysis & Econometric Modelling
3.4. Expert Data Validation
4.1. Supply-Side Trends
4.2. Demand-Side Trends
5.1. Global Market Value (US$ Mn) Analysis, 2017 – 2032
5.2. Incremental $ Opportunity Index, 2022-2032
5.3. Global Market Volume (Tons) Analysis, 2017 – 2032
6.1. Regional Level Pricing Analysis and Forecast
6.1.1. Manufacturers Level Pricing
6.1.2. Distributor Level Pricing
6.2. Global Pricing Analysis Benchmark
6.3. Cost Breakdown Analysis
7.1. Cross-Analysis of Application
8.1. Regional Supply Vs. Demand Gap Assessment
8.2. Top Producing Countries Analysis
9.1. Macroeconomic Factors
9.2. Forecast Factors
9.3. Market Dynamics
9.3.1. Driver
9.3.2. Restraint
9.3.3. Opportunity
9.4. Supply Chain Analysis
9.4.1. List Raw Material Suppliers
9.4.2. List of Manufacturers
9.4.3. List of Distributors
9.4.4. List of End-Users
9.4.5. End-Users Consumption Analysis
9.4.6. Average Profitability Margin Analysis
9.5. Covid-19 Impact Assessment
9.5.1. Economy/Cluster Projections
9.5.2. Covid-19 Economic Assessment
9.5.3. Impact on Target Market
9.5.4. Recovery Scenario
9.6. Regulatory Framework
9.6.1. Regulations of Key Countries
9.6.2. Potential Impact of Regulations
9.7. Porter’s Five Forces Analysis
9.8. Technology Landscape
10.1. Introduction
10.2. Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Application [Value (US$ Mn) and Volume (Tons) Analysis]
10.3. Die-casting
10.4. Aluminium Alloys
10.5. Metal Reduction
10.6. Desulphurization
10.7. Others
12.3.Market Attractiveness Analysis by Application
11.1. Introduction
11.2. Key Market Trends
11.3. Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Region [Value (US$ Mn) and Volume (Tons) Analysis]
11.3.1. North America
11.3.2. Latin America
11.3.3. Europe
11.3.4. Asia-Pacific
11.3.5. Middle East
11.3.6. Africa
11.4. Market Attractiveness Analysis by Region
12.1. Introduction
12.2. Key Market Trends
12.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
12.3.1. By Country
12.3.1.1. U.S.
12.3.1.2. Canada
12.3.2. By Application
12.4. Market Attractiveness Analysis
12.4.1. By Country
12.4.2. By Application
13.1. Introduction
13.2. Key Market Trends
13.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
13.3.1. By Country
13.3.1.1. Brazil
13.3.1.2. Mexico
13.3.1.3. Rest of Latin America
13.3.2. By Application
13.4. Market Attractiveness Analysis
13.4.1. By Country
13.4.2. By Application
14.1. Introduction
14.2. Key Market Trends
14.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
14.3.1. By Country
14.3.1.1. Germany
14.3.1.2. Italy
14.3.1.3. France
14.3.1.4. UK
14.3.1.5. Spain
14.3.1.6. Netherlands
14.3.1.7. Norway
14.3.1.8. Russia
14.3.1.9. Rest of Europe
14.3.2. By Application
14.4. Market Attractiveness Analysis
14.4.1. By Country
14.4.2. By Application
15.1. Introduction
15.2. Key Market Trends
15.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
15.3.1. By Country
15.3.1.1. China
15.3.1.2. Japan
15.3.1.3. South Korea
15.3.1.4. India
15.3.1.5. Indonesia
15.3.1.6. Thailand
15.3.1.7. Vietnam
15.3.1.8. Australia & New Zealand
15.3.1.9. Rest of Asia-Pacific
15.3.2. By Application
15.4. Market Attractiveness Analysis
15.4.1. By Country
15.4.2. By Application
16.1. Introduction
16.2. Key Market Trends
16.3. Pricing Analysis
16.4. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
16.4.1. By Country
16.4.1.1. Saudi Arabia
16.4.1.2. Turkey
16.4.1.3. U.A.E.
16.4.1.4. Rest of the Middle East
16.4.2. By Application
16.5. Market Attractiveness Analysis
16.5.1. By Country
16.5.2. By Application
17.1. Introduction
17.2. Key Market Trends
17.3. Pricing Analysis
17.4. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
17.4.1. By Country
17.4.1.1. South Africa
17.4.1.2. Nigeria
17.4.1.3. Egypt
17.4.1.4. Rest of Africa
17.4.2. By Application
17.5. Market Attractiveness Analysis
17.5.1. By Country
17.5.2. By Application
18.1. Tier Structure Breakdown
18.2. Market Share Analysis
18.3. Production Capacity Analysis
18.4. Company Footprint Analysis
18.4.1. Product Footprint of Players
18.4.2. Regional Footprint of Players
18.4.3. Channel Footprint of Players
18.5. Brand Preference Analysis
18.6. Competition Dashboard
19.1. US Magnesium LLC.
19.1.1. Company Overview
19.1.2. Product & Financial Portfolio
19.1.3. Manufacturing Facilities
19.1.4. Recent Developments
19.1.5. SWOT Analysis
19.1.6. Strategy Overview
19.2. Dead Sea Magnesium Ltd
19.3. POSCO
19.4. RIMA Group
19.5. Solikamsk Magnesium Works OAO
19.6. Wenxi YinGuang
19.7. Magnesium Industry (Group) Co., Ltd.
19.8. Shanxi Wenxi Hongfu Magnesium Co., Ltd.
19.9. Shanxi Wenxi Zhenxin
19.10. Magnesium Co., Ltd.
19.11. Taiyuan Tongxiang Magnesium Co., Ltd..