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Metal Magnesium Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033
Metal Magnesium Market
As per the report, the metal magnesium market size has grown strongly in recent years. It will grow from $4.43 billion in 2023 to $4.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The metal magnesium market size is expected to see strong growth in the next few years. It will grow to $6.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
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Automotive Lightweighting Drives Growth In The Metal Magnesium Market
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.
Strategic Partnerships Drive Innovation In The Metal Magnesium Market
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. For instance, in January 2023, Alliance Magnesium Inc., a Canada-based manufacturer of magnesium products and critical minerals, partnered with Triple M Metal, a Canada-based metal recycling company, to support magnesium metal recycling at Alliance's Danville foundry. The strategic partnership will make use of Triple M's global networks and capabilities to increase sourcing for Alliance's existing recycling operations while also extending Triple M's product offering and services to its clients. The Strategic Partnership advances the Alliance's objective of being a major local supplier of vital minerals to the North American market while also fostering the circular economy.
The metal magnesium market covered in this report is segmented -
1) By Product: Pure Magnesium, Magnesium Compounds, Magnesium Alloys
2) By Manufacturing Process: Thermal Reduction Process, Electrolyte Process, Recycling
3) By Application: Die Casting, Aluminum Alloys, Titanium Reduction, Iron And Steel Making, Other Applications
4) By End-User Industry: Automotive, Aerospace, Electronics, Sports, Medical, Other End User
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Major companies operating in the metal magnesium market report are Alliance Magnesium Inc., Wenxi YinGuang Magnesium Industry Co. Ltd., Nippon Kinzoku Co. Ltd., POSCO India Pvt. Ltd., Taiyuan Tongxiang Magnesium Co. Ltd., US Magnesium LLC, Dead Sea Magnesium Ltd., Nanjing Yunhai Special Metals Co. Ltd., Solikamsk Magnesium Works OAO, IMA Industrial S/A, Regal Metal Products Co., Shanxi Bada Magnesium Co. Ltd., Southern Magnesium & Chemicals Limited, Western Magnesium Corporation, Fu Gu Yi De Magnesium Alloy Co. Ltd., American Magnesium LLC, Magnesium Alloy Products Co. Inc., Shanxi Shuifa Zhenxin Magnesium Industry Co. Ltd., Metallic Corporation of India, Jayesh Industries Ltd., Magontec Ltd., Titanium Corp., Esan Eczacibasi Holding A. S., Shanghai Sunglow Investment (Group) Co. Ltd., VSMPO-Avisma Corp., Latrobe Magnesium Ltd., Baoji Yuhang Nonferrous Metal Co. Ltd., Nantong Changhai Magnesium Alloy Co. Ltd., Qinghai West Magnesium Mining Co. Ltd., China Magnesium Corporation
Contents of the report:
1. Executive Summary
2. Metal Magnesium Market Report Structure
3. Metal Magnesium Market Trends And Strategies
4. Metal Magnesium Market - Macro Economic Scenario
5. Metal Magnesium Market Size And Growth
…..
27. Metal Magnesium Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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