A
new research report by Transparency Market Research offers a
comprehensive evaluation of the global Magnesium
Market. The
study, titled “Magnesium
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2017 - 2025”,
is available for sale on the firm’s website.
Magnesium
is a silvery white metal, and it is lighter as compared to aluminum
and steel. Moreover, this metal is easily available and due to its
easy availability from different mineral sources, such as sea water,
its commercialization is increasing globally. Magnesium is witnessing
increasing application over many industries and this would broaden
its market demand as well.
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Report Preview:
The
global magnesium market is witnessing rapid expansion in recent
years, and it is expected to expand at a rapid growth rate during the
forecast period. Growing trend of employing non-ferrous casting
materials instead of metallic casting materials is fuelling the
expansion of the magnesium market worldwide. Earlier, in the
automotive, telecommunication industries iron-based products were
employed. However, presently, there is an increase in the application
of lightweight metals in these industries, as they offer better
quality and durability. Magnesium-based products offer greater
conductibility also, thus increasing their utilization in the
automotive, telecommunication sector considerably. Magnesium is
replacing iron, as magnesium has resistance to corrosion. These
features of magnesium raise its application in gearbox, seat frame,
and steering wheels among others. These advantages of magnesium over
heavy metals is driving the expansion of the magnesium market
eventually. Moreover, rising population coupled with increasing
disposable income leads to increase in vehicle population in
economically developed nations such as the U.S., Germany, the U.K.,
and emerging economies such as China, India, and South Korea.
Furthermore, increased internet penetration in these countries boosts
the expansion of the telecommunication industry. Therefore, expanding
automotive and telecommunication industries are estimated to expand
the global magnesium market during the forecast period.
Major
disadvantages of magnesium is that it is chemically reactive and
highly unsuitable for wielding. This metal is unsuitable for heat
treatment, and it shrinks at extreme cold temperature. These
disadvantages limit the application of magnesium, thus restraining
the market prospect during the forecast period.
Demand
for magnesium stainless steel alloy witness considerable growth rate
during the growth rate as this alloy has high applications in the
manufacturing industry. This alloy is lightweight and offers high
strength, and these features increase its application in the
automotive sector extensively. Latest models of Jaguar, Ferrari,
among others employ this alloy, thus increasing its application in
the automotive industry in the near future. Electronics devices such
as cameras utilize this alloy in its body and lens shell. .Demand for
magnesium-based alloy is estimated to rise due to the expanding
electronics goods industry. These factors act as an opportunity for
the global magnesium market during the forecast period.
In
terms of application, the global magnesium market is segmented into
steel desulfurization, die castings, aluminum alloys, nodular cast
iron, and titanium refining. Aluminum alloy held significant share of
the market, and this segment is projected to expand at a CAGR during
the forecast period. Aluminum alloy finds wide application in the
transportation, packaging, and construction industries. Demand for
aluminum alloy is estimated to rise due to light weight, high
inductility and expansion of the construction and real estate market.
This alloy has better resistance to saltwater corrosion. These
features are likely to fuel the expansion of the global magnesium
market at a considerable growth rate during the forecast period.
In
terms of region, the global magnesium market can be segmented into
North America, Europe, Asia Pacific, Middle East & Africa (MEA),
and Latin America. Asia Pacific is expanding rapidly for this market.
China is the major production and consumption hub of this metal.
Large amount of aluminum magnesium alloy have been used in the
region.
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to view Sample Report:
Key
market players include POSCO, US magnesium LLC, Ningxia Hui-Ye
Magnesium Marketing, and Shaanxi Fugu Tianyu Mineral Industry.
The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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