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Global Magnesium Metal Market Status and Prospect, Forecast 2018 to 2026

Global Magnesium Metal Market Status and Prospect, Forecast 2018 to 2026

Magnesium is a silvery white metal, and one of the lightest metals available for various structural applications. Magnesium is the ninth most abundant element in the universe and can be easily obtained from various mineral resources such as sea-water or brines. It is found in large deposits of magnesite, dolomite, other minerals, and in mineral waters, where magnesium ion is soluble. It is primarily used in structural alloys due to its light weight, strength, and resistance to corrosion. Various metals can be produced by thermic reduction of its salts and oxidized forms with magnesium.

Rising demand for magnesium metal in automotive industry for production of various automobile parts is a key factor driving growth of the global magnesium metal market. In addition, increasing adoption of magnesium metal in making of aluminum alloys, and increasing usage of magnesium for die-casting are other factors expected to fuel growth of the global magnesium market over the forecast period. Also, rising adoption of magnesium is various industries such as aerospace, electronics, and packaging industries are other factors expected to boost growth of the global magnesium metal market.

However, stringent government regulations regarding use of magnesium metal is a key factor restraining growth of the global magnesium metal market. Furthermore, flammable property of the magnesium, especially when powdered or shaved into thin strips, is another factor expected to hamper growth of the global magnesium metal market over the forecast period.

The global magnesium metal market report has been segmented on the basis of application, and region. On the basis of region, the global magnesium metal market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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The market in Asia Pacific is expected to account for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to increasing adoption of magnesium metal in end use industries such as automotive and electronics industries in the region. The market in North America accounts for the second-highest revenue share contribution to the global magnesium metal market followed by markets in Europe, Latin America, and Middle East & Africa respectively owing to factors such as rising demand for magnesium metal in making of automotive wheels, transmission cases, and engine blocks.

Prominent players in the global magnesium metal market includes VSMPO-AVISMA Corporation, Solikamsk Magnesium Plant OJSC, US Magnesium LLC, Dead Sea Magnesium Ltd., Taiyuan Tongxiang Magnesium Co., Ltd., Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Qinghai Sunglow Magnesium Co., Ltd., Pohang Iron and Steel Company, GOSSAN RESOURCES LTD., and Fugu TONGYUAN Magnesium Co. Ltd.

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Global Magnesium Metal Market Revenues to Surpass US$ 3 Billion in 2016

APEJ will continue to be the largest market for magnesium metal with total volumes reaching 518 KT. By 2026, magnesium metal market revenues will surpass US$ 6 Bn.

Global Magnesium Metal Market Revenues to Surpass US$ 3 Billion in 2016

Magnesium Metal Market

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.

Environmental and legislative influences will continue to promote the use of magnesium vis-à-vis steel and aluminium. As lightweight and fuel-efficient vehicles gain centre stage in the automotive landscape, magnesium is gaining traction as a preferred manufacturing material.

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Application-wise, magnesium alloys and die-casting will continue to remain the largest segments, accounting for 349 KT and 302 KT respectively in 2016. Demand will also be supported by magnesium“s growing applications in iron and steel desulphurisation. Magnesium will continue to witness stable demand from the aerospace sector, owing to its excellent properties as a reductant in manufacturing titanium.

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.

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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. 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.

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Long-term Outlook: The global magnesium metal market is anticipated to increase at a CAGR of 7.1% during 2016-2026, reaching 6.2 Bn in revenues by 2026. APEJ will remain the largest market throughout the forecast period, increasing at a CAGR of 7.3% through 2026.

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