Magnesium Metal Market is Expected to Grow at a CAGR of 7.20% to Reach USD 8.78 billion by 2032
Research Reports
Aug 22, 2023
The global magnesium metal market is expected to grow at a higher rate. As per a report by industry experts, the market is set to register a higher compound annual growth rate (CAGR) of 7.20% in the coming years. The Magnesium Metal industry is projected to grow from USD 5.03 Billion in 2023 to USD 8.78 billion by 2032. The market research study considers the actual state of the magnesium metal market and its business dynamics for the projected period. It gives a detailed study of multiple market growth opportunities, shortcomings, and metrics. The report presents the market with both quantitative and qualitative data. It profiles and analyses pioneering and other influential organizations working in the industry. It profiles and analyses the industry’s innovative and other prominent organisations.
Market Segmentation
A detailed market segmentation based on several parameters including manufacturing process, end-use industry, and products is included in the global magnesium metal market research report. The market for magnesium metal is spread across end-user industries with strong demand, more consumer force, participation of main players worldwide, low weight and high compressive strength, rising production, widespread use in medical applications. In the small country-level economies of North America, Europe, APAC and the rest of the world, consumers are gradually selecting goods and services focused on the magnesium metal demand. Magnesium metal market share is projected to hold a greater proportion of the global metal industry due to strong demand from new ventures across fastest growing and developing country-level industries.
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The global magnesium metal market has been segmented based on manufacturing process, end-use industry, and products. On the basis of end use industries, the market for magnesium metal is segmented based on automotive, aerospace & defense, electronics, medical & healthcare, and others. Additionally, the market on the basis of products is segmented into magnesium compounds, pure magnesium, and magnesium alloys. The global market for magnesium metal is also covered based on manufacturing process segment which is further split into electrolytic process, thermal reduction process, and recycling.
Regional Overview
The Asia-Pacific regional market is projected to lead the magnesium metal market in terms of sales over the forecast period due to the growing demand for applications such as reinforcements in the building industry, market development and technological advancements by various organisations in the magnesium metal market. Major enterprises and SMEs in the field have realised the importance of regional demand and are open to the introduction of dedicated strategies to address core problems facing enterprises in terms for financial gains. The demand for magnesium metals has been inclined to survive the financial crisis of the past few years better than several of the other industries as a supplier of critical goods. The low exchange rate has driven up the price of imported products and finished goods.
The global magnesium metal industry has been divided on the basis of major regions that are further segmented into country-level markets to carry out analysis and present relevant regional business information to leading companies distributed across the magnesium metal sector. North America, Asia Pacific, Europe, and the rest of the globe are the main regions covered in the study. Country-level magnesium metal markets in the United States, Mexico and Canada are experiencing strong expansion. Furthermore, the magnesium metal industry in Europe is distributed across Germany, France, Italy, Spain and the rest of Europe. The Middle East, Latin America, and Africa are other main country-level magnesium metal markets that have also been studied in order to perform magnesium metal market analysis.
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Competitive Landscape
Dead Sea Magnesium Ltd., Esan Eczacibasi, Luxfer Magtech, U.S. Magnesium LLC, Ust-Kamenogorsk Titanium and Magnesium Plant JSC, Alliance Magnesium, YinGuang Magnesium Industry Co. Ltd., Shanxi Bada Magnesium Co. Ltd., Fugu Xintian Magnesium, Solikamsk Desulphurizer Works Ltd.
Industry News
In July 2023, the European Union announced plans to reduce its reliance on Russian magnesium imports. This is expected to boost demand for magnesium from other producers, such as China and the United States.
In August 2023, the International Magnesium Association (IMA) released a report forecasting that the global magnesium market will grow by 5% per year from 2023 to 2030. The report cited the growing demand for magnesium in electric vehicles and other lightweight applications as the main drivers of growth.
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