Magnesium Metal market size is forecasted to reach US$7.5 billion by 2027

HYDERABAD, TELANGANA, INDIA, September 5, 2022 /EINPresswire.com/ -- Magnesium Metal market size is forecasted to reach US$7.5 billion by 2027, after growing at a CAGR of 6.7% during the forecast period 2022-2027. Magnesium (Mg) or magnesium metal with atomic number 12 is a chemical element that is classified as an alkaline earth metal, which is silvery-white and relatively durable. Magnesium metal is usually found in pure magnesium, ingots, bars, and other forms. Due to the superior electrical & mechanical properties such as longevity coupled with enhanced heat transfer and excellent corrosion resistance, magnesium metal and alloys are commonly used in various electronic, automotive, and aerospace applications. The rising demand for aluminium alloys and magnesium alloys in these industries has sparked a massive increase in the magnesium metal market size growth. In the year 2020, COVID-19 has impacted all industries. The demand for magnesium metal in the automotive and aerospace industries declined as the pandemic imposed an abrupt stoppage to the production facilities, raw material mining, and supply chains.

Key takeaways:

This IndustryARC report on the Magnesium Metal Market highlights the following areas -

1. Asia-Pacific dominates the magnesium metal market, owing to the increasing automotive and aerospace industry in the region. The growing per capita income and urbanization coupled with the increasing population are the major factors expanding the automotive and aerospace industry in APAC.

2. The rising production of magnesium metal is also estimated to uplift the market in the upcoming years. For instance, in June 2021, Western Magnesium acquired 122-acre land to set up its first commercial magnesium metal production plant in Ohio.

3. Currently, one of the major factors driving the growth of the magnesium metal industry is the increasing consumption of aluminum alloy in the beverage can manufacturing industries.

4. Magnesium is one of the rapidly emerging markets. The industry has changed dramatically over time, mainly due to continued growth and integration in aerospace and defense products. During the forecast period, extensive growth of fuel-efficient and lightweight vehicles is expected to drive the global magnesium metal market demand.

Interested in knowing more relevant information? Click here:
https://www.industryarc.com/pdfdownload.php?id=16106

Competitive Landscape:

The top 5 players in the Magnesium Metal industry are -

1. Dead Sea Magnesium Ltd.

2. Esan Eczacibasi

3. Luxfer Magtech

4. U.S. Magnesium LLC

5. Ust-Kamenogorsk Titanium and Magnesium Plant JSC

Click on the following link to buy the Magnesium Metal Market Report:
https://www.industryarc.com/reports/request-quote?id=16106

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Related Reports:

A. Magnesium Alloys Market - Forecast 2021 – 2026
https://www.industryarc.com/Research/Magnesium-Alloys-Market-Research-500295

B. Metal & Metal Ores Market - Forecast 2019 To 2024
https://www.industryarc.com/Research/Metal-Metal-Ores-Market-Research-501558

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