Magnesium Metal Market Growth, Trends and Forecasts (2019 - 2027)

Magnesium Metal Market
Magnesium Metal Market

 One of the global metal magnesium market trends is the increasing demand for magnesium in the production of various automotive parts. Similarly, the increasing use of magnesium in the aerospace and electronics industries has driven the market at a rapid pace. Because of their lightweight, high specific strength, and excellent cast ability, magnesium alloys are a promising technical material for the automotive and aerospace industries. They are an important component of aluminium alloys, which are used in everything from transmissions to steering columns, seat frames, and fuel tank lids. The global magnesium shortage, on the other hand, is causing a global supply constraint of aluminium alloys, which is having a greater impact on the auto industry.

The global Magnesium Metal Market is estimated to surpass US$ 6.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 7.2% during the forecast period (2019 to 2027).

Manufacturing operations in India are expected to expand due to increased activity in the defence and civil aviation sectors. Because of their ability to withstand harsh environments, they are commonly used in the manufacture of ballistic missiles and spaceships. Furthermore, this metal is used in the manufacture of metallic titanium, which has applications in the medical and aerospace industries.

They are implementing business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilizations, technological advancements, and so on in order to dominate the global magnesium metal market.

The market for metal magnesium is divided into five regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa (MEA). The Asia-Pacific region had the highest market share of any region in 2020. The growing use of steel and aluminium in industries such as construction and electric vehicles is the primary driver of regional growth. The massive automobile and aerospace industries in China also contribute to the country's global market dominance. Furthermore, because China is the world's largest producer of magnesium and titanium, the APAC region has the largest market share.

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