Global Metal Magnesium Market 2022 to 2031 - Featuring Alliance Magnesium, Wenxi YinGuang Magnesium Industry and Nippon Kinzoku Among Others

Dublin, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The "Metal Magnesium Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides the strategists, marketers and senior management with the critical information they need to assess the global metal magnesium market.

The global metal magnesium market is expected to grow from $3.88 billion in 2021 to $4.11 billion in 2022 at a compound annual growth rate (CAGR) of 5.95%. The metal magnesium market is expected to grow to $5.33 billion in 2026 at a compound annual growth rate (CAGR) of 6.72%.

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Major players in the metal magnesium market are Alliance Magnesium, Wenxi YinGuang Magnesium Industry (Group) Co Ltd, Nippon Kinzoku Co Ltd, POSCO, Taiyuan Tongxiang Magnesium Co Ltd, RIMA Group, Magontec Ltd, Shanxi Wenxi Hongfu Magnesium Co Ltd, US Magnesium LLC, Latrobe Magnesium, Sunglow Magnesium Group, Western Magnesium Corp, Nevada Clean Magnesium Inc, Dead Sea Magnesium Ltd and Esan Eczacibasi.

The metal magnesium market consists of sales of metal magnesium by entities (organizations, sole traders, partnerships) that refer to light structural metals used to produce lightweight products including car covers, car seats, cameras, laptops, fuel tank covers, steering wheels, and others. Magnesium is also used to melt iron and steel to remove the sulfur particles and is also used in fireworks, sparklers, flares, and others.

The main product type of metal magnesium is pure magnesium, a magnesium compound and magnesium alloys. Magnesium alloys are alloys made up of magnesium (the lightest structural metal) with other metals, such as aluminum, zinc, manganese, silicon, copper, rare earth and zirconium. The manufacturing process for metal magnesium include the thermal reduction process, electrolyte process and recycling and are used for applications such as die casting, aluminum alloys, titanium reduction, iron and steel making and other applications. The end users of metal magnesium are automotive, aerospace, electronics, sports, medical and other end-user.

Asia Pacific was the largest region in the metal magnesium market in 2021. The regions covered in the metal magnesium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increased focus on automotive light-weighting is driving the growth of the metal magnesium market. The focus on lightweight automotive vehicles is increasing due to various reasons such as enhancing significant fuel efficiency, offering a smart look and appearance, and emission standards.

The increased focus on automotive light-weighting will create a significant demand for metal magnesium due to its lightweight property. Magnesium helps to produce lightweight products and is increasingly used in automotive applications. Magnesium is employed in door frames, steering wheel armatures, panel cross-car beams, seat frames, fuel tank covers, and other components making them lighter to include in automotive vehicles.

For instance, according to the Department of Energy of the USA, a 10% reduction in vehicle weight can result in a 6% to 8% improvement in fuel economy. Replacing cast iron and traditional steel components in vehicles with lightweight materials such as magnesium (Mg) alloys, high-strength steel, aluminum (Al) alloys, carbon fiber, and polymer composites can reduce the weight of a vehicle's body and chassis by up to 50%, lowering fuel consumption.

By 2030, the use of lightweight components and high-efficiency engines enabled by advanced materials in 25% of the US fleet could save over 5 billion gallons of fuel. Therefore, the increasing automotive light-weighting will drive the growth of the market for metal magnesium.

The strategic partnership is a key trend gaining popularity in the metal magnesium market. Many companies operating in the metal magnesium market and researchers/academies are undergoing partnerships for the research and development of metal magnesium.

These partnerships bring synergies between the partners and result in new metal magnesium with multiple benefits. These partnerships enable metal magnesium players to innovate, and strengthen their market position.

The countries covered in the metal magnesium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

Key Topics Covered:

1. Executive Summary

2. Metal Magnesium Market Characteristics

3. Metal Magnesium Market Trends And Strategies

4. Impact Of COVID-19 On Metal Magnesium

5. Metal Magnesium Market Size And Growth
5.1. Global Metal Magnesium Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Metal Magnesium Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Metal Magnesium Market Segmentation
6.1. Global Metal Magnesium Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Pure Magnesium
• Magnesium Compounds
• Magnesium Alloys

6.2. Global Metal Magnesium Market, Segmentation By Manufacturing Process, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Thermal Reduction Process
• Electrolyte Process
• Recycling

6.3. Global Metal Magnesium Market, Segmentation By Application , Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Die Casting
• Aluminum Alloys
• Titanium Reduction
• Iron And Steel Making
• Other Applications

6.4. Global Metal Magnesium Market, Segmentation By End-User Industry , Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Automotive
• Aerospace
• Electronics
• Sports
• Medical
• Other End User

7. Metal Magnesium Market Regional And Country Analysis
7.1. Global Metal Magnesium Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Metal Magnesium Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/7xnmlo

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• Global Metal Magnesium Market