Magnesium Metal Market is Likely to Secure a CAGR of 7% through 2031 Amid Recent Advancements in Automobile Manufacturing and Increasing Adoption in Aviation Capacity | Future Market Insights, Inc. – QNT Press Release


Increasing Emphasis on Automotive Light-weighting to Boost Demand for Magnesium Metal in Market. The increasing adoption of electric vehicles is likely to create opportunities for the market in the coming years.

NEWARK, Del., Nov. 21, 2022 /PRNewswire/ — The global Magnesium metal market is predicted to grow at a strong CAGR of 7% from 2021 to 2031. The target market is set to present significant growth during the forecast period. Progress in the automobile manufacturing, growing adoption in aviation capacity, and a surge in crude steel production are Expected to drive the growth in the magnesium metal market during this period of observation.

Magnesium metal is a silvery white metal. As one of the lightest metals available for structural applications, magnesium metal is rapidly gaining traction in the global marketplace. Magnesium metal is around 33% lighter than aluminum and nearly 67% lighter than steel and this aids in augmenting the demand for the product during the projected period.

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One of the most abundant metal, magnesium metal can be obtained form several mineral sources. Magnesium metal is increasingly finding a wide range of applications across multiple industry verticals including the automobile and aviation sectors. Magnesium metal is used in the production of agnesium lumines alloy of a metal enhances physical properties and processability of these alloys. Other important applications of magnesium metal include die-casting, desulphurization, and others.

Moreover, growing concerns for the environment due to increasing pollution from the transport sector also encourages the increasing use of magnesium metals. As one of the most versatile metals, the use of magnesium metal for automotive parts makes them more stable and lighter in weight. addition, magnesium metal and magnesium metal alloys are gaining increasing usage in aircraft and aerospace sector. Manufacturers in the aircraft industry are focusing on developing lighter and more fuel-efficient aircraft so as to comply with to strict emission reduction standards and guula and associations.

As one of the lightest metal, magnesium metal is comparatively more dimensionally stable, immune to high temperatures, and relatively easy to process. In order to effect weight saving without compromising structural …

Full story available on Benzinga.com



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