COVID-19 to Have Influence on Magnesium Metal Market Growth
Magnesium Metal is projected to be worth USD 401 million by 2030, registering a CAGR of 7.20% during the forecast period (2022–2030). Market Research Future (MRFR) revealed that the market could benefit from the beneficial features of magnesium like low weight and high compressive strength. These make the metal an ideal choice in the manufacturing of various parts of a car. The market would witness a steep rise in demand due to the increasing percolation of it in the automotive and aerospace industries. It is also needed in the desulphurization of steel, which makes it an essential component of the construction industry. Its inclusion in the healthcare industry is also significant.
The global market report on the Magnesium Metal industry includes a proper segmentation on the basis of types and end-use industries. Data gathered from these segments are expected to provide support during the development of strategic moves.
By manufacturing process, the market report on the global magnesium metal market includes electrolytic process, thermal reduction process, and recycling.
By products, the report on the global magnesium metal market includes magnesium compounds, pure magnesium, and magnesium alloys.
By end-use industry, the study on the global market includes segments like aerospace & defense, automotive, medical & healthcare, electronics, and others. The aerospace and defense sector would boost the growth significantly as the budget for these sectors is increasing in several countries. The electronics segment is witnessing growth due to the integration of several new technologies in the sector. A hike in investment in the healthcare sector would also boost the medical & healthcare segment.
The Asia Pacific has the maximum market share and the burgeoning automotive and construction industries can ensure a strong rise for the market. Its demand for steel production is also making it a product experiencing high regional demands. China would take the market lead.
Mag Specialties Inc. (US), Wenxi YinGuang Magnesium Industry (Group) Co., Ltd (China), Taiyuan Tongxiang Magnesium Co., Ltd (China), U.S. Magnesium LLC (US), Latrobe Magnesium (Australia), Magontec Ltd (Australia), Dead Sea Magnesium Ltd (China), RIMA GROUP (Brazil), Solikamsk Magnesium Plant (Russia), Amacor (US), NIPPON KINZOKU Co. Ltd (Japan), and Yulin Wanyuan Magnesium Industry (Group) Co., Ltd (China) are some of the prominent names taking the global magnesium metal market forward. These companies are launching several moves with the intent to change the global outcome and boost their own market status.
In July 2020, researchers revealed that the magnesium is fast emerging as a good alternative for lithium for the production of metal-ion battery. This new technology would create a path to revolutionize the concept of energy storage using multivalent metals. The demand for grid-scale energy storage in various electronic components is rising, which can be satisfied using such technologies. This can also reduce the cost in notable ways.
In July 2020, Leica, the eminent German brand known for its cameras and lenses, launched their new camera, Leica M10-R, which is an upgrade of their previous M10 model. The camera is believed to be ideal for architectural and landscape photography. The camera has been designed with an all-metal diecast magnesium body.
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