February 10, 2022 15:30 ET | Source: FACT.MR FACT.MR
ROCKVILLE, Md., Feb. 10, 2022 (GLOBE NEWSWIRE) -- The metal magnesium market revenues were estimated at US$ 4.35 Bn in 2021 and is anticipated to grow at a CAGR of 5.2% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 7.6 Bn.
The metal magnesium market is expected to grow during the forecast period, reaching a global market size of US$ 4.58 Bn by the end of 2022. It is anticipated that market growth will be driven by the rising demand for die casting and aluminum alloy products across numerous end-use industries. These applications are ideally suited to magnesium, which has superior electromagnetic screening properties and excellent heat conductivity.
In addition, it enhances the strength of aluminum, which is a common material for these kinds of applications. Over the forecast period, the market growth is also anticipated to be boosted by the growing demand for lightweight components, mainly in the aerospace and automotive sectors.
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The COVID-19 pandemic had a substantial impact on the metal magnesium market. This imposed complete stoppage to the various raw material mining, supply chains and production facilities. As a result of this, several industries like the automotive, aircraft, building and metal processing faced difficulties to sustain their operations. The manufacturing outputs also reduced due to the sudden closure of the production units. This greatly affected the GDP. As of 2020, all the top automotive producing countries, including the United States China, India, Germany, Mexico, and Japan saw a drop in production of 19%, 2%, 24%, 21%, and 17%, respectively, from the previous year, 2019.
Aluminum alloys and titanium are growing in demand in aerospace parts production, which will increase metal magnesium's demand over the forecast period. In the near future, the aerospace, chemical, medical, and healthcare industries are expected to drive the growth of the magnesium metal market. Packaging is projected to experience rapid growth globally in the near term. In turn, this will increase the demand for metal magnesium. From 2022 to 2032, the industry is likely to surge 1.6x.
The U.S. is one of the dominant aerospace manufacturers with established players, such as Boeing, Lockheed Martin, and United Technologies. As per the Bureau of Transportation Statistics, the U.S. recorded 1,551 aircraft deliveries in 2020 compared to 1,771 deliveries in 2019.
With the rising demand for aluminium alloys and titanium in aerospace parts production, metal magnesium is likely to witness growing demand over the forecast period. A growing number of aerospace and automotive industries are adopting magnesium and aluminium alloys as a result of their high strength-to-weight ratio, stiffness-to-weight ratio, machinability, and lightweight properties.
The packaging industry to provide great opportunities for this market to propel
Over the forecast period, the packaging industry is expected to witness rapid growth around the globe. This in turn will increase the demand in the metal magnesium market too.
The global packaging market accounted for $841 billion in 2017, representing a 2.7% increase from 2016 at constant prices, according to ALL4PACK Emballage Paris. Based on a CAGR of 2.95%, the global packaging market value reached US$ 866 billion in 2018, and there may be a possibility for the market to reach US$ 981 billion in 2022 and US$ 1,344 billion in 2032.
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Key Segments Covered in the Metal Magnesium Industry Survey By Application
Competitive Landscape There are several regional and global players operating in this market. In order to sell their products through various industries, these companies compete based on product innovation, quality, brand reputation, and market presence. In order to stay competitive, companies are pursuing various acquisition and expansion strategies.
Key Manufacturers of Metal Magnesium
Key Takeaways from the Market Study
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