Magnesium Metal Market To Reach 6.2 Bn By 2026
Environmental and legislative influences will continue to promote the use of magnesium vis-à-vis steel and aluminium. As lightweight and fuel-efficient vehicles gain centre stage in the automotive landscape, magnesium is gaining traction as a preferred manufacturing material.Magnesium’s applications in making automotive wheels, transmission cases, and engine blocks will continue to fuel demand in 2016 and beyond.
Environmental and legislative influences will continue to promote the use of magnesium vis-à-vis steel and aluminium. As lightweight and fuel-efficient vehicles gain centre stage in the automotive landscape, magnesium is gaining traction as a preferred manufacturing material.Magnesium’s applications in making automotive wheels, transmission cases, and engine blocks will continue to fuel demand in 2016 and beyond.
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<strong>Magnesium</strong> <strong>Metal</strong> will Witness Steady Demand in 2016, Global Consumption to <strong>Reach</strong> 1,085<br />
KT<br />
Global demand for magnesium metal will reach 1,085 KT in 2016, representing market value worth<br />
US$ 3.13 <strong>Bn</strong>. Steady automotive sales in the US and Western Europe, combined with a rapidly<br />
growing Asia Pacific automotive market will continue to drive demand for magnesium, as<br />
manufacturers increase their emphasis on fuel efficiency and emission control. <strong>Magnesium</strong>’s<br />
applications in making automotive wheels, transmission cases, and engine blocks will continue to<br />
fuel demand in 2016 and beyond.<br />
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Environmental and legislative influences will continue to promote the use of magnesium vis-à-vis<br />
steel and aluminium. As lightweight and fuel-efficient vehicles gain centre stage in the automotive<br />
landscape, magnesium is gaining traction as a preferred manufacturing material.<br />
Application-wise, magnesium alloys and die-casting will continue to remain the largest segments,<br />
accounting for 349 KT and 302 KT respectively in 2016. Demand will also be supported by<br />
magnesium’s growing applications in iron and steel desulphurisation. <strong>Magnesium</strong> will continue to<br />
witness stable demand from the aerospace sector, owing to its excellent properties as a reductant in<br />
manufacturing titanium.<br />
While magnesium’s excellent properties will continue to boost its adoption in end-use industries,<br />
slower economic growth and stringent import regulations can impede demand in 2016. Leading<br />
players in the magnesium metal landscape are expected to focus on capacity expansions and<br />
capacity additions to address these challenges.<br />
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Asia Pacific excluding Japan (APEJ) will remain the largest market for magnesium metals,<br />
accounting for 518 KT of magnesium in 2016, up from 482 KT in 2015. The region accounts for a<br />
major share in overall global automotive and steel production, and magnesium is widely used in<br />
these industries. China will continue to be the most lucrative market for magnesium -- of the overall<br />
global magnesium production capacity, around 85% is concentrated in China, while the remainder<br />
is distributed in pockets across the globe. Key China based players include Taiyuan <strong>To</strong>ngxiang<br />
<strong>Magnesium</strong> Co., Ltd, Shanxi Wenxi Hongfu <strong>Magnesium</strong> Co., Ltd.,Wenxi YinGuang <strong>Magnesium</strong><br />
Industry (Group) Co., Ltd., and Shanxi Wenxi Zhenxin <strong>Magnesium</strong> Co., Ltd. among others. Some<br />
of the key players based outside of China include US <strong>Magnesium</strong> LLC.; Dead Sea <strong>Magnesium</strong> Ltd.;<br />
POSCO; RIMA Group; Solikamsk <strong>Magnesium</strong> Works OAO. Players based outside China are<br />
channelising efforts towards ramping up production capacities to better cater to growing magnesium<br />
demand across the globe. Over the next two to three years several new magnesium production<br />
facilities are slated to become operational across the globe.<br />
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Long-term Outlook: The global magnesium metal market is anticipated to increase at a CAGR of<br />
7.1% during 2016-<strong>2026</strong>, reaching <strong>6.2</strong> <strong>Bn</strong> in revenues by <strong>2026</strong>. APEJ will remain the largest market<br />
throughout the forecast period, increasing at a CAGR of 7.3% through <strong>2026</strong>.<br />
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