Magnesium Market Expected to be Driven by the Growth in the Automotive Industry

What is magnesium?

Magnesium is a chemical element used in structural alloys due to its light weight, strength, and resistance to corrosion. It can be substituted in most applications of aluminum. Magnesium is one-third less dense than aluminum. It improves the mechanical, fabrication, and welding characteristics of aluminum when used as an alloying agent. These magnesium alloys are useful in the manufacture of aeroplanes and cars. Additionally, magnesium is extensively employed on the manufacture of laptops, power tools, car seats, cameras, etc.

What are the drivers of the magnesium market?

  • Increasing focus on the usage of durable but lightweight materials to improve the fuel economy of vehicles is expected to drive the demand for magnesium in the automotive market.
  • The global electronic market comprises various products such as computers, flat-screen television sets, data processing machines, telephone components, cellular phones, adaptors, semi-conductors, microwave receivers, transmission equipment, data processing units, video game consoles, and modular circuits. Rising demand for electronic equipment across the globe and the need to produce safe, lightweight, and efficient electronic components for high technological applications are anticipated to drive the demand for the magnesium metal in the global electronics market.
  • Superior properties of magnesium at elevated temperatures make them appropriate for usage in the aerospace industry. Growth in the aerospace industry is likely to propel the demand for magnesium in the near future.

What is the major restraint of the magnesium market?

There exists threat from other cheaper substitutes such as aluminum and titanium that are employed in various applications such as electric cables

What is the regional market scenario?

In terms of the global demand, the magnesium market in Asia Pacific is expected to exhibit the fastest growth by the end of 2024. China is projected to be the market leader in the region, followed by India.

Who are the key players in the market?

Shanxi Yinguang Magnesium Industry Group Co., Ltd., Dead Sea Magnesium, US Magnesium, Premier Magnesia LLC, Solikamsk Magnesium Works, Ust-Kamenogorsk Titanium and Magnesium, Rima Industrial, and CVM Minerals are the major players in the magnesium market.

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