Global Magnesium Metal Market – Overview
The lightness of the Magnesium Metal among all the metals has given it an extra edge in its application especially in structural alloys. Market reports linked to the chemicals and materials sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The market is set to develop with an incremental CAGR rate and earn impressive revenues in the duration of the forecast period.
The abundance of magnesium has prompted the production of a variety of products which is thereby increasing its demand in the global market. The diverse range of application of magnesium metal in electronics, automotive, construction and packaging is anticipated to boost the market in forecasted period. The growth of the transportation industry is expected to provide new avenues for expansion of the market significantly. Its application in the automotive sector to make cars lighter and in car batteries is observed to be among the key driving factor for market growth in the upcoming years. Moreover, its use as a substitute for aluminum is also leading to an uptick in the demand for the metal. Increase in R&D activities observed in the Magnesium Market for applications like wind turbines, robots, and lighter alloys are anticipated to offer a lucrative opportunity for growth to the manufacturers in the market.
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The segmentation of the Magnesium Metal Market globally is carried out on the basis of application and region. The application based segment of the market consists of desulphurization, die casting, aluminum alloy, metal reduction and others. The regions included in the market are APAC, North America, Europe and Rest of the World.
Detailed Regional Analysis
The regions included in the regional analysis of the Magnesium Metal Market are North America, Europe, APAC and Rest of the World. According to the regional analysis of the Magnesium Metal Market, the APAC region is dominating the market both in terms of volume and value and is projected to develop considerably at an encouraging CAGR by 2022. The nation of China is a key revenue generating nation owing to rapid industrialization, mounting use of magnesium in manufacturing industry is estimated to boost the demand in particularly in Japan, China and South Korea. The North American region is anticipated to add a considerable share to the market owing to the quick growth of the electronics and aerospace industry. Due to the swift growth of the automotive sector, the European countries like Germany and Italy are also growing their use of Magnesium Metal to motivate the market’s growth.
The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The market is very well defined in terms of segments relating to the products as well as the end users that are a part of the market. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players. The market attractiveness and competitors’ dynamics are greatly enhanced by the strategies that are being employed by market players. The market shows a great deal of potential for developing at an expedited pace. The enhanced financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market.
The noteworthy competitors in the market for Magnesium Metal globally are Dead Sea Magnesium Ltd, RIMA Group, Magontec Ltd, POSCO, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co, Nippon Kinzoku, US Magnesium LLC, Taiyuan Tongxiang Magnesium Co. Ltd, Latrobe Magnesium Ltd and others.
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