Magnesium Metal Market Predicted To Value 6.2 Bn By 2026

Posted by Vinay on October 31st, 2017

Global demand for magnesium metal will reach 1,085 KT in 2016, representing market value worth US$ 3.13 Bn. Steady automotive sales in the US and Western Europe, combined with a rapidly growing Asia Pacific automotive market will continue to drive demand for magnesium, as manufacturers increase their emphasis on fuel efficiency and emission control. 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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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.

Application-wise, magnesium alloys and die-casting will continue to remain the largest segments, accounting for 349 KT and 302 KT respectively in 2016. Demand will also be supported by magnesium’s growing applications in iron and steel desulphurisation. Magnesium will continue to witness stable demand from the aerospace sector, owing to its excellent properties as a reductant in manufacturing titanium.

While magnesium’s excellent properties will continue to boost its adoption in end-use industries, slower economic growth and stringent import regulations can impede demand in 2016. Leading players in the magnesium metal landscape are expected to focus on capacity expansions and capacity additions to address these challenges.

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