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MAGNESIUM METAL MARKET ANALYSIS

Magnesium Metal Market, By Application (Die-casting, Aluminium Alloys, Metal Reduction, Desulphurization, Others), and By Region (North America, Latin America, Europe, Asia-pacific, Middle-east & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

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MAGNESIUM METAL MARKET ANALYSIS

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker   MAGNESIUM METAL MARKET ANALYSIS  Magnesium Metal Market, By Application (Die-casting, Aluminium Alloys, Metal  Reduction, Desulphurization, Others), and By Region (North America, Latin America,  Europe, Asia-pacific, Middle-east & Africa) - Size, Share, Outlook, and Opportunity  Analysis, 2019 - 2027     

  2.   Magnesium Metal Market 2017–2027  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).                                Drivers  Growing aircraft application of magnesium metal is expected to propel the         market growth over the forecast period. In the aerospace industry it is used to           make lightweight components due to the rising need for fuel-efficient aircraft and           reduce the overall weight of aircraft. Magnesium is one of the lightest metal and             is relevantly more stable which makes it ideal for making lightweight and durable               aircraft a component such as a cabin and other interior parts. Hence, rising               demand from the aerospace industry is projected to augment the market growth             of magnesium metal.                                                                                                    Increasing production of titanium around the globe is expected to accelerate the         market growth of magnesium metal. Growth of titanium market due to rising           application from aerospace, chemicals, medical & healthcare industries is       projected to accelerate the market growth of magnesium metal. Hence, the           growing production of titanium to cater to rising need from the aforementioned                                                                              

  3. application will favor the market growth.  Regionally, Asia-Pacific dominated the global magnesium metal market in 2018,         reporting 46% market share in terms of revenue, followed by North America and               Europe, respectively.                          Figure 1. Global Magnesium Metal Market, Revenue Share (%), By Region,  2018    Market Restraints  Magnesium metal is highly suitable for welding and is chemically reactive which             is expected to restrict the adoption of magnesium metal. Moreover, it is not               suitable for heat applications and it gets shrinks at extremely cold temperatures.             All these disadvantages are expected to restrict the adoption of magnesium           metal which in turn expected to hinder the market growth over the forecast             period.                                                                Use of magnesium metal and its alloys for certain applications such as             automotive and aerospace are required to follow some regulatory bodies this is           expected to hinder the market growth of magnesium metal. Due to strict rules             and regulations major players are restricting the adoption of magnesium metal           which is expected to hinder the market growth.                                                     

  4. Market Opportunities  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.                                                                   Figure 2. Global Magnesium Metal Market – Opportunity Analysis    Market Trends  Increasing focus of manufacturers to introduce innovative magnesium metal           products is a major trend that has been observed in the market. For instance, in                 October 2018, Allite launched super magnesium, is a first material to         go-to-market from Ohio-based company Allite Inc. Lighter and stiffer than       aluminum, less expensive than carbon fiber and with the lowest carbon footprint           of any structural material throughout the value chain. This metal can be used                                                                                          

  5. across spanning medical, sporting goods, aerospace, automotive and beyond.  Many manufacturers are adopting smart strategies such as partnership and         agreement in order to expand their market presence will favor the growth of the             magnesium metal market. For instance, in January 2017, Meridian Lightweight         Technologies, Plymouth, Mich., announces that Birmingham City University,       England, has signed an exclusive partnership with Meridian, the world's largest           producer of magnesium components, to showcase magnesium as a viable         alternative for luxury car makers and the aerospace industry.                                                                            Figure 3. Global Magnesium Metal Market, Revenue Share (%), By  Application, in 2018    On the basis of application, in 2018, aluminum alloys accounted the largest               market share of 32% in terms of revenue, followed by die-casting and metal               reduction, respectively.                        Figure 4. Global Magnesium Metal Market – Opportunity Analysis 

  6.   Competitive Section  Key players operating in the global magnesium metal market are 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.                                                         

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