Magnesium Metal Market Growth | Industry Size, Share, Trends, 10 Company Profile
Posted by Rishab Gupta on February 5th, 2020
Magnesium Metal Market
The lightness of the magnesium metal among all the metals has given it an extra edge in its application especially in structural alloys. Market reports linked to the chemicals and materials sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The market is set to develop with an incremental CAGR rate and earn impressive revenues in the duration of the forecast period.
The key players of Global Magnesium Metal Market are Wenxi YinGuang Magnesium Industry (Group) Co, Dead Sea Magnesium Ltd, RIMA Group, Magontec Ltd, POSCO, Solikamsk Magnesium Works OAO, Taiyuan Tongxiang Magnesium Co. Ltd, Nippon Kinzoku, US Magnesium LLC, Latrobe Magnesium Ltd and others.
Magnesium Metal Market Growth to Accrue Impressively By 2022 with a Whooping CAGR; Asserts MRFR
Industry/ Innovation/ Related News:
June 7, 2017 – Latrobe Magnesium Ltd (Australia), a leading magnesium development company, announced that the company has decided to start a magnesium production plant in Victoria’s Latrobe Valley by adopting a combined hydromet/thermal reduction process. In this extraction process, magnesium metal is produced from industrial fly ash which is termed as a waste stream from brown coal power generation.
The preliminary studies about the technology, and developments about the production is started in December 2015 and planned to be completed in March 2018. The ordering of plant is expected to start in July 2018, with the product set to be out in the market after twelve months. Additionally, the plant is planned to locate at the centre of Victoria’s coal power generation precinct to provide a continuous access to feedstock.
The Japanese and American distributors have already signed an agreement with the company to buy the opening 3000 tpa production, along with the majority portion of its 40000 expanded plant’s production. Moreover, the plant life is expected to be around 20 years and it is the world’s first magnesium extraction from fly ash.
October 14, 2016 – US Magnesium LLC (U.S.) a magnesium producing company, declared that the brownfield expansion of its magnesium production facility from 63500 to76500 has been delayed. The greater number of equipment for metallurgical and chemical portions of this production process have already been installed. However, spending on the plant is estimated to be more than initially planned but the commencement of project is not expected to start before 2018.
Detailed Regional Analysis:
The regions included in the regional analysis of the Magnesium Metal Market are North America, Europe, APAC and Rest of the World. According to the regional analysis of the magnesium metal market, the APAC region is dominating the market both in terms of volume and value and is projected to develop considerably at an encouraging CAGR by 2022.
The nation of China is a key revenue generating nation owing to rapid industrialization, mounting use of magnesium in manufacturing industry is estimated to boost the demand in particularly in Japan, China and South Korea. The North American region is anticipated to add a considerable share to the market owing to the quick growth of the electronics and aerospace industry. Due to the swift growth of the automotive sector, the European countries like Germany and Italy are also growing their use of magnesium metal to motivate the market’s growth.
The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The market is very well defined in terms of segments relating to the products as well as the end users that are a part of the market. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players.
The market attractiveness and competitors’ dynamics are greatly enhanced by the strategies that are being employed by market players. The market shows a great deal of potential for developing at an expedited pace. The enhanced financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market.
The segmentation of the Magnesium Metal Market globally is carried out on the basis of application and region. The application based segment of the market consists of desulphurization, die casting, aluminum alloy, metal reduction and others. The regions included in the market are APAC, North America, Europe and Rest of the World
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About the AuthorRishab Gupta
Joined: November 25th, 2019
Articles Posted: 303
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