Dublin, April 21, 2023 (GLOBE NEWSWIRE) -- The "Global Magnesium Market Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global Magnesium market is expected to witness a significant growth rate during the forecasted period. Factors like growing demand from the automotive industry, due to the increasing substitution of aluminum & steel to decrease the weight of vehicles to comply with the changing emission regulations, are predicted to drive the demand of the magnesium market in the forecasted period.
Further, the rise in demand for steel from various end-use industries and the use of lightweight materials in the aerospace industry are awaited to drive the magnesium market in the forecasted period.
Furthermore, the aluminum alloying segment has a remarkable share in the market and is anticipated to boost the magnesium market in the forecasted period. However, Wielding issues and Corrosion resistance with magnesium are expected to obstruct the magnesium market growth in the forecasted period.
Magnesium is used in products that have the advantage of being lightweight, like car seats, luggage, laptops, cameras, and power tools. Magnesium is a reductant in metals like titanium, hafnium, uranium, and zirconium.
The rising need for magnesium metal in the automotive industry for producing various automobile parts is a crucial aspect driving the growth of the global market. The added proportion of magnesium in aluminum increases strength through solid solution strengthening and improves their strain hardening ability. These alloys are the highest strength non-heat-treatable aluminum alloys and thus are, used extensively for structural applications. Significant applications of aluminum alloys include aerospace parts manufacturing, automotive components manufacturing, industrial components, tools, and machinery.
There is an increase in the application of lightweight metals in the industries, as they provide better quality and durability. Magnesium-based products offer excellent conductivity also, thus increasing their utilization in the automotive and telecommunication sector substantially. Magnesium is restoring iron, as magnesium has corrosion resistance, and these properties of magnesium raise its applications in a seat frame, gearbox, & steering wheels, among others.
The automotive parts made utilizing magnesium metal are steering wheels, gearbox, front end, & IP beans, steering column & drivers airbag housings, seat frames, & fuel tank covers. Many large automotive companies have earlier replaced steel & aluminum with magnesium in several parts of their products to decrease the vehicle's weight.
The rising environmental pollution emanating from the transportation sector and the development of greener technologies & cars that are all the more fuel-efficient have appeared as a top priority for the automotive sector.
The Asia Pacific region is anticipated to influence the market during the forecasted period. The automobile and aerospace industries are increasing in developing countries like India and prefer magnesium in production processes for weight minimization to make better performance products.
With the rising need for aluminum alloys and titanium in aerospace parts production, metal magnesium is propelling to witness a growing market over the forecast period. Magnesium and aluminum alloys are observing increasing adoption in the aerospace and automotive industries due to their high-strength-to-weight ratio, machinability, stiffness-to-weight ratio, and lightweight properties.
Magnesium is used in the aerospace sector to make lightweight components owing to the surging need for fuel-efficient aircraft and to reduce the overall weight of aircraft. Magnesium is one of the lightest metals and is considerably more stable, making it suitable for making lightweight & reliable aircraft components. The market is divided into aluminum alloying, desulfurization, metal reduction, die casting, & others. The segment's significance is attributed to magnesium's ability to increase the strength of the alloy when added to it & hardening it. These alloys are used in manufacturing beverage cans, pressure vessels, and building & chemical tankers.
Also, their ability to withstand extreme conditions is widely used in the construction of ballistic missiles and spacecraft as they need lightweight materials that can also resist short-wave electromagnetic radiation. Increasing environmental concerns and the implementation of strict pollution control norms worldwide are further propelling the product demand. Furthermore, magnesium is worn in the production process of metallic titanium. The use of titanium alloys ranges from aerospace to the medical sector.
Thus, the fast growth of these industries is predicted to drive market growth over the forecasted period. Magnesium alloys are also seen as different from fiber metal laminates or carbon fiber composites due to their comparative strength and relatively lower cost. Also, with the latest changes to the aircraft seat design standards, these can be utilized in the production of seats in helicopters, transport aircraft, and general aviation aircraft, further augmenting the product demand in the aerospace industry.
Due to growing applications from the pharmaceutical, aerospace, medical & healthcare sectors, developments in the titanium market are predicted to drive the development of the magnesium market.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
A selection of companies mentioned in this report includes
- Dead Sea Magnesium Ltd.
- US Magnesium LLC
- Gossan Resources
- Wenxi YinGuang Magnesium Industry (Group) Co. Ltd
- Latrobe Magnesium
- POSCO
- RI.MA Group srl
- Solikamsk Magnesium Works OAO
- Shanxi Wenxi Hongfu Magnesium Co., Ltd.
- Taiyuan Tongxiang Magnesium Co., Ltd.
- Albemarle Corporation
- Aremco Products, Inc.
- Belmont Metals, Inc.
- ICL Group Ltd.
- Lehmann - Voss - Company KG
For more information about this report visit https://www.researchandmarkets.com/r/rvh81z
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