Press release
Magnesium Metal Market Growth Poised to Reach USD 6.63 Billion by 2030
Magnesium Metal Market
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Rising need for sustainability and fuel efficiency trend has bolstered magnesium alloys demand for manufacturing electric vehicles (EVs) and aircraft. Due to its excellent strength-to-weight ratio along with corrosion resistance, magnesium is gaining traction in automotive and medical industries and is expected to provide significant business opportunities for industry players.
Current Developments and Investments in the U.S. Market
From the US, we are seeing a trend of recycled magnesium and sustainable production which is entering the magnesium metal market. Allite Inc. recently launched a new grade of Super Magnesium-a new super light and low-cost material traditionally available in limited volume on January 2024. The market growth is further fueled by the growing investment in the production of light-weight automotive and aerospace components, with magnesium die casting technology advancements. Increasing attention on vehicle emissions and fuel economy is sparking the creation of magnesium alloys for car frames and powertrain components, automakers said.
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By Market Segmentation (Largest Market Share)
2023 Market Share for Aluminum Alloying Segment Aluminum alloys - key materials in automotive frames, beverage cans and aerospace components - are commonly strengthened with magnesium. Rapid growth in demand for lightweight automotive parts and structural components in aircraft is expected to drive the die casting segment as well.
Competitive Analysis
Here are the top five companies share held in magnesium metal industries that are competitive to the world including:
Norsk Hydro ASA - Investment in low-emission magnesium production and increased capacity for automotive-grade magnesium alloys.
US Magnesium LLC - Which announced more manufacturing capacity domestically and to continue to land government awards to open an aerospace supply chain.
China Magnesium Corporation: Capital programs to cut production costs and standardize products
Magontec - Next generation Magnesium alloys for automotive and electronics
POSCO --Markdown production capacity in Asia and also working on magnesium structural parts for EVs
With strong demand especially from the automotive and aerospace sectors, companies are placing immediate focus on advanced magnesium alloys with further capacity expansion.
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Regional Analysis
USA Increase in requirement from the automotive and aerospace sector backed by growing investment in light weight materials.
UK - Magnesium-Based Structural Elements for Electric Vehicles and Aircraft
Germany - Robust automotive market demand for magnesium alloys, buttressed by government support for lightweight, low-emission cars.
France - Rising adoption of magnesium in defense & aerospace sector.
Japan - Advancement in magnesium alloys for medical and electronics applications
China - Largest market share because of abundant magnesium mining, robust manufacturing base, and supportive government policies fueling EV production
Conclusion
The magnesium metal market is expected to grow at a significant rate, owing to the rising application of light-weight, high-strength materials in the automotive, aerospace, and medical industries. Some of the major driving factors for growth in this sector include increasing manufacturing of electric vehicles (EVs), growing utilization of magnesium in shallow aircraft components, and advancements in magnesium alloys technology. Government incentives and technological innovations will only help push the market growth further making magnesium metal a primary industrial material in the future.
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