[FURL=https://www.industryarc.com/Report/16106/magnesium-metal-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Magnesium Metal Market [/FURL] size is forecast to reach $5.4 billion by 2025, after growing at a CAGR of 7.5 % during 2020-2025. Owing to their lightweight properties, magnesium metal and alloys are commonly used in the automotive and aerospace industries. In addition, it finds applications in medical and health care on the basis of its good biocompatibility and nontoxicity. Furthermore, due to its superior electrical and mechanical properties such as longevity and enhanced heat transfer, it is also commonly used in various electronic applications. The increasing application of magnesium metal in these industries is driving its magnesium metal market growth.Key Takeaways
Magnesium metal is used for the desulphurization of steel, which is used as reinforcement in the building industry. As a result, the rise in steel and iron production is expected to drive demand during the forecast period.
Magnesium is one of the lightest materials and has an outstanding strength-to-weight ratio. It has high thermal and electrical conductivity and is capable of withstanding high operating temperatures. Aluminum alloy magnesium is used in a range of applications including automotive parts, RFI and EMI insulation, electrical housings and electrical connectors.
The widespread use in medical applications such as surgical implants and protective coatings, due to high fracture strength and biodegradability, offers lucrative opportunities for key players in the global market for magnesium metals. In addition, the growing use of magnesium in robotics and wind turbines is creating huge opportunities for magnesium producers.
However, operations in various industries such as oil & gas, automotive, and aerospace is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. This is limiting Magnesium Metal market growth.
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Magnesium Metal Market Drivers
Increasing demand from aerospace and automotive sector.
The key factors expected to drive the growth of the market are the growing demand for magnesium due to its low weight and high compressive strength in the aerospace and automotive sectors. In the coming years, the growing production of magnesium alloys for die-casting for automotive components such as steering wheel cores, dashboards, and gearbox casings is expected to strengthen market growth.
Magnesium Metal market top 10 companies areWenxi YinGuang Magnesium Industry Co., Ltd (China), Mag Specialties Inc., U.S. Magnesium LLC, Latrobe Magnesium, Taiyuan Tongxiang Magnesium Co., Ltd, Dead Sea Magnesium Ltd, RIMA GROUP, Magontec Ltd, NIPPON KINZOKU Co. Ltd
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