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According to the latest market study released by Technavio, the global magnesium market was 946 thousand metric tons in 2015 and will reach 1,250 thousand metric tons by 2020, growing at a CAGR of 5.73%, in terms of volume.
This research report titled ‘Global Magnesium Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. In order to calculate the market size, we considered the revenue generated through sales of magnesium for applications such as aluminum alloys, die casting, titanium refining, steel desulfurization, and nodular cast iron.
A steady shift from traditional metal casting to non-ferrous casting favors the growth of the market. Currently, many organizations across telecommunications,automotive, and industrial machinery have started developing lightweight products to improve quality and reduce the overall weight. For instance, several auto components that are usually manufactured using ferrous casting materials (iron) are being replaced by non-ferrous casting materials, such as magnesium. These materials are lightweight, resistant to corrosion, and have high conductivity.
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio’s chemicals and materials analysts categorize the global magnesium market into six major segments by application. They are:
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Aluminium alloys
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Die casting
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Steel desulfurization
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Titanium refining
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Nodular cast iron
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Others
The top three segments for the global magnesium market are:
Global magnesium market for aluminum alloys
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By volume, the global magnesium market for aluminum alloys was 315 thousand metric tons in 2015 and will reach 419 thousand metric tons by 2020, growing at a CAGR of 5.87%.
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The packaging industry is the largest user of aluminum-magnesium alloys followed bytransportation, and construction. Magnesium is widely used as an alloying element in commercial alloys including aluminum. The magnesium content in the alloys ranges from 0.5% to 13%. The low magnesium alloys have excellent formability while high magnesium alloys possess high strength and good castability. These alloys are generally prepared with higher aluminum grades (≥99.7%) in order to obtain better reflectivity and corrosion resistance.
According to Ajay Adikhari, a lead metals and minerals analyst from Technavio, “According to International Alloy Designation System, 5000 and 6000 series wrought alloys are alloyed with magnesium as the primary alloying element. Aluminum-magnesium alloys are good in ductility, enhanced cryogenic properties, and improved saltwater corrosion resistance. These alloys are lighter in weight as compared with aluminum alloys and are less flammable as compared with magnesium alloys.”
Global magnesium market for die casting
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By volume, the global magnesium market for die casting was 314 thousand metric tons in 2015 and will reach 416 thousand metric tons by 2020, growing at a CAGR of 5.79%.
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Magnesium cast finds application in various industries such as automotive, aerospace, electronics, and ships. The automotive and transportation industries is one of the largest end-users for magnesium die-cast components such as assemblies, housings, and brackets. Average use of magnesium per vehicle is about two to three kilograms which could also go as high as 26 kilograms for some vehicles.
“The increase in demand from the automotive industry is one of the major drivers for the global magnesium casting market. Magnesium alloyed with other metals is often used to manufacture automobile wheels, which helps enhance their strength and durability, and makes them lightweight. The evolution of the use of magnesium in the automobile industry in engine blocks also led to the growth of the magnesium die casting market,” says Ajay.
Global magnesium market for steel desulfurization
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By volume, the global magnesium market for steel desulfurization was 107 thousand metric tons in 2015 and will reach 140 thousand metric tons by 2020, growing at a CAGR of 5.52%.
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Magnesium, with or without other ingredients, is injected into crude iron melts fordesulfurization. Magnesium is preferred over calcium carbide as a desulfurization reagent in the steel desulfurization process. This preference is because the latter produces acetylene in the presence of water, and thus, is less preferred. About 500 grams of magnesium is consumed per metric ton of steel for desulfurization of low-iron steel. Companies such as Almamet have developed an advanced desulfurization method in collaboration with injection equipment designers and suppliers. Thus, the demand for steel is transferred into the demand for magnesium for steel desulfurization.
-The
18th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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