|06-18-2018 08:38 AM CET - Advertising, Media Consulting, Marketing Research||
World Magnesium Metal Market to Surge at CAGR of 7.1% During 2016-2026
Press release from: Future Market Insights
Global demand for magnesium metal will reach 1,085 KT in 2016, representing market value worth US$ 3.13 Bn. Steady automotive sales in the US and Western Europe, combined with a rapidly growing Asia Pacific automotive market will continue to drive demand for magnesium, as manufacturers increase their emphasis on fuel efficiency and emission control. Magnesium’s applications in making automotive wheels, transmission cases, and engine blocks will continue to fuel demand in 2016 and beyond.
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While magnesium’s excellent properties will continue to boost its adoption in end-use industries, slower economic growth and stringent import regulations can impede demand in 2016. Leading players in the magnesium metal landscape are expected to focus on capacity expansions and capacity additions to address these challenges.Asia Pacific excluding Japan (APEJ) will remain the largest market for magnesium metals, accounting for 518 KT of magnesium in 2016, up from 482 KT in 2015. The region accounts for a major share in overall global automotive and steel production, and magnesium is widely used in these industries.
China will continue to be the most lucrative market for magnesium — of the overall global magnesium production capacity, around 85% is concentrated in China, while the remainder is distributed in pockets across the globe. Key China based players include Taiyuan Tongxiang Magnesium Co., Ltd, Shanxi Wenxi Hongfu Magnesium Co., Ltd.,Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., and Shanxi Wenxi Zhenxin Magnesium Co., Ltd. among others. Some of the key players based outside of China include US Magnesium LLC.; Dead Sea Magnesium Ltd.; POSCO; RIMA Group; Solikamsk Magnesium Works OAO.
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Players based outside China are channelising efforts towards ramping up production capacities to better cater to growing magnesium demand across the globe. Over the next two to three years several new magnesium production facilities are slated to become operational across the globe.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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This release was published on openPR.
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