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.

Comments

Post a Comment

Popular posts from this blog

Agricultural Micronutrients Market Growth Accelerated By Increasing Need For Improved Soil Fertility

Image
Agricultural Micronutrients Market Agricultural micronutrients are essential plant nutrients required in small quantities for healthy plant growth and development. Micronutrients such as iron, zinc, manganese, molybdenum, and boron play vital roles in various metabolic functions of crops such as photosynthesis, nitrogen fixation, and enzyme activity. The increasing need to boost crop yields and improve soil fertility has raised the demand for micronutrient fertilizers globally. The growing population and reducing arable land have fueled the need for sustainable agricultural practices, propelling the micronutrients market. The global Agricultural Micronutrients Market is estimated to be valued at US$ 5.19 Bn in 2024 and is expected to exhibit a CAGR of 27.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The increasing adoption of precision farming and digital technologies in the agriculture sector is...
Read more

Dairy Alternative Market Expected To Reach USD 26.01 Billion By 2023

Image
Dairy Alternative Market Market Overview: Dairy alternative products are gaining significant popularity due to their numerous advantages. These products are plant-based, making them suitable for individuals with lactose intolerance or those following a vegan diet. They offer similar nutritional benefits as traditional dairy products such as milk, cheese, and yogurt, while also addressing concerns related to animal welfare and environmental sustainability. The growing demand for dairy alternative products among health-conscious consumers is driving market growth. Market Key Trends: One key trend observed in the dairy alternative market is the increasing preference for plant-based milk substitutes. Plant-based milk alternatives such as almond milk, soy milk, and oat milk, among others, are gaining traction among consumers as a healthier and more sustainable option compared to traditional dairy milk. These plant-based milk alternatives offer various benefits such as being lactose-free, c...
Read more

Antimicrobial Additives Market Growth Accelerated By Rising Demand From End-Use Industries

Image
Antimicrobial Additives Market Antimicrobial additives are extensively used in a wide range of end-use industries such as healthcare, packaging, food and beverage, construction, and automotive. These additives help protect various materials from microorganisms such as bacteria, viruses, etc. Some key applications of antimicrobial additives include packaging of food, medical devices, fabrics, flooring, coatings, etc. The ongoing COVID-19 pandemic has further increased the importance of hygiene and sanitation, driving demand for antimicrobial materials from various sectors. The global Antimicrobial Additives Market is estimated to be valued at US$ 3.47 Bn in 2024 and is expected to exhibit a CAGR of 25.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key drivers of the market's growth is the rising demand for antimicrobial additives from the packaging industry. Packaging manufacturers ...
Read more