Published by Coherent Market Insights
Posted on September 21, 2021
Magnesium metal is one of the lightest metal which can be used for structural applications. It is a silvery-white metal and can be extracted from seawater or brines. One of the major application areas of magnesium metal is the production of aluminum where it is used to improved physical properties and processability of metal. They are mostly used to make lighter components and also used in iron and steel desulphurization applications. Furthermore, it is also used as a reductant in the manufacturing of metals such as hafnium, titanium, uranium, and zirconium. Some of the end-user of magnesium metal are automotive, electronics, aerospace, packaging and printing. Additionally, they are also used in the petroleum industry in the production of crude oil production.
The global magnesium metal market is estimated to surpass US$ 6.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 7.2% during the forecast period (2019 to 2027).
Top Key Players in Magnesium Metal market: US Magnesium LLC., Dead Sea Magnesium Ltd., POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Shanxi Wenxi Hongfu Magnesium Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd., and Taiyuan Tongxiang Magnesium Co., Ltd.
Regional Analysis For Magnesium Metal Market:
Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Magnesium Metal market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.
Growing aircraft application of magnesium metal is predicted to propel the market growth over the forecast period. within the aerospace industry it’s wont to make lightweight components thanks to the rising need for fuel-efficient aircraft and reduce the general weight of aircraft. Magnesium is one among the lightest metal and is relevantly more stable which makes it ideal for creating lightweight and sturdy aircraft a component like a cabin and other interior parts. Hence, rising demand from the aerospace industry is projected to reinforce the market growth of magnesium metal.s
The rapid growth of the packaging industry around the globe is expected to offer enormous growth opportunity over the forecast period. According to the all4pack Paris, the world packaging market amounted to US$ 851 billion in 2017, an increase of 2.8% compared to 2016 at constant prices. It is projected to reach US$ 876 billion in 2018, based on the annual growth of 2.9%, could reach US$ 980 billion in 2022 and US$ 1,000 billion in 2023.
Growing production of aluminum around the globe due to rising demand from the various end-use application is expected to augment the market growth. Aluminum has a wide range of application due to its lightweight and inductility properties which makes it ideal for the packaging, automotive, and aerospace industry. Therefore, the growing demand for aluminum around the globe will positively impact the market growth.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Magnesium Metal market by Forecast to 2027 with Included Analysis of New Trends and Updates appeared first on Gatorledger.
Magnesium metal is one of the lightest metal which can be used for structural applications. It is a silvery-white metal and can be extracted from seawater or brines. One of the major application areas of magnesium metal is the production of aluminum where it is used to improved physical properties and processability of metal. They are mostly used to make lighter components and also used in iron and steel desulphurization applications. Furthermore, it is also used as a reductant in the manufacturing of metals such as hafnium, titanium, uranium, and zirconium. Some of the end-user of magnesium metal are automotive, electronics, aerospace, packaging and printing. Additionally, they are also used in the petroleum industry in the production of crude oil production.
The global magnesium metal market is estimated to surpass US$ 6.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 7.2% during the forecast period (2019 to 2027).
Top Key Players in Magnesium Metal market: US Magnesium LLC., Dead Sea Magnesium Ltd., POSCO, RIMA Group, Solikamsk Magnesium Works OAO, Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Shanxi Wenxi Hongfu Magnesium Co., Ltd., Shanxi Wenxi Zhenxin Magnesium Co., Ltd., and Taiyuan Tongxiang Magnesium Co., Ltd.
Regional Analysis For Magnesium Metal Market:
Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Magnesium Metal market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.
Growing aircraft application of magnesium metal is predicted to propel the market growth over the forecast period. within the aerospace industry it’s wont to make lightweight components thanks to the rising need for fuel-efficient aircraft and reduce the general weight of aircraft. Magnesium is one among the lightest metal and is relevantly more stable which makes it ideal for creating lightweight and sturdy aircraft a component like a cabin and other interior parts. Hence, rising demand from the aerospace industry is projected to reinforce the market growth of magnesium metal.s
The rapid growth of the packaging industry around the globe is expected to offer enormous growth opportunity over the forecast period. According to the all4pack Paris, the world packaging market amounted to US$ 851 billion in 2017, an increase of 2.8% compared to 2016 at constant prices. It is projected to reach US$ 876 billion in 2018, based on the annual growth of 2.9%, could reach US$ 980 billion in 2022 and US$ 1,000 billion in 2023.
Growing production of aluminum around the globe due to rising demand from the various end-use application is expected to augment the market growth. Aluminum has a wide range of application due to its lightweight and inductility properties which makes it ideal for the packaging, automotive, and aerospace industry. Therefore, the growing demand for aluminum around the globe will positively impact the market growth.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Magnesium Metal market by Forecast to 2027 with Included Analysis of New Trends and Updates appeared first on Gatorledger.
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