Magnesium is a silvery white metal, and one of the lightest metals available for various structural applications. Magnesium is the ninth most abundant element in the universe and can be easily obtained from various mineral resources such as sea-water or brines. It is found in large deposits of magnesite, dolomite, other minerals, and in mineral waters, where magnesium ion is soluble. It is primarily used in structural alloys due to its light weight, strength, and resistance to corrosion. Various metals can be produced by thermic reduction of its salts and oxidized forms with magnesium.
Rising demand for magnesium metal in automotive industry for production of various automobile parts is a key factor driving growth of the global magnesium metal market. In addition, increasing adoption of magnesium metal in making of aluminum alloys, and increasing usage of magnesium for die-casting are other factors expected to fuel growth of the global magnesium market over the forecast period. Also, rising adoption of magnesium is various industries such as aerospace, electronics, and packaging industries are other factors expected to boost growth of the global magnesium metal market.
However, stringent government regulations regarding use of magnesium metal is a key factor restraining growth of the global magnesium metal market. Furthermore, flammable property of the magnesium, especially when powdered or shaved into thin strips, is another factor expected to hamper growth of the global magnesium metal market over the forecast period.
The global magnesium metal market report has been segmented on the basis of application, and region. On the basis of region, the global magnesium metal market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific is expected to account for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to increasing adoption of magnesium metal in end use industries such as automotive and electronics industries in the region. The market in North America accounts for the second-highest revenue share contribution to the global magnesium metal market followed by markets in Europe, Latin America, and Middle East & Africa respectively owing to factors such as rising demand for magnesium metal in making of automotive wheels, transmission cases, and engine blocks.
Prominent players in the global magnesium metal market includes VSMPO-AVISMA Corporation, Solikamsk Magnesium Plant OJSC, US Magnesium LLC, Dead Sea Magnesium Ltd., Taiyuan Tongxiang Magnesium Co., Ltd., Wenxi YinGuang Magnesium Industry (Group) Co., Ltd., Qinghai Sunglow Magnesium Co., Ltd., Pohang Iron and Steel Company, GOSSAN RESOURCES LTD., and Fugu TONGYUAN Magnesium Co. Ltd.