September 15, 2022 05:41 ET | Source: ReportLinker ReportLinker

New York, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Magnesium Global Market Report 2022" - https://www.reportlinker.com/p06318533/?utm_source=GNW The global metal magnesium market is expected to grow from $3.88 billion in 2021 to $4.11 billion in 2022 at a compound annual growth rate (CAGR) of 5.95%. The metal magnesium market is expected to grow to $5.33 billion in 2026 at a compound annual growth rate (CAGR) of 6.72%. The metal magnesium market consists of sales of metal magnesium by entities (organizations, sole traders, partnerships) that refer to light structural metals used to produce lightweight products including car covers, car seats, cameras, laptops, fuel tank covers, steering wheels, and others. Magnesium is also used to melt iron and steel to remove the sulfur particles and is also used in fireworks, sparklers, flares, and others. The main product type of metal magnesium is pure magnesium, a magnesium compound and magnesium alloys.Magnesium alloys are alloys made up of magnesium (the lightest structural metal) with other metals, such as aluminum, zinc, manganese, silicon, copper, rare earth and zirconium. The manufacturing process for metal magnesium include the thermal reduction process, electrolyte process and recycling and are used for applications such as die casting, aluminum alloys, titanium reduction, iron and steel making and other applications. The end users of metal magnesium are automotive, aerospace, electronics, sports, medical and other end-user. Asia Pacific was the largest region in the metal magnesium market in 2021. The regions covered in the metal magnesium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The metal magnesium market research report is one of a series of new reports that provides metal magnesium market statistics, including metal magnesium industry global market size, regional shares, competitors with a metal magnesium market share, detailed metal magnesium market segments, market trends and opportunities, and any further data you may need to thrive in the metal magnesium industry. This metal magnesium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The increased focus on automotive light-weighting is driving the growth of the metal magnesium market.The focus on lightweight automotive vehicles is increasing due to various reasons such as enhancing significant fuel efficiency, offering a smart look and appearance, and emission standards. The increased focus on automotive light-weighting will create a significant demand for metal magnesium due to its lightweight property.Magnesium helps to produce lightweight products and is increasingly used in automotive applications. Magnesium is employed in door frames, steering wheel armatures, panel cross-car beams, seat frames, fuel tank covers, and other components making them lighter to include in automotive vehicles.For instance, according to the Department of Energy of the USA, a 10% reduction in vehicle weight can result in a 6% to 8% improvement in fuel economy. Replacing cast iron and traditional steel components in vehicles with lightweight materials such as magnesium (Mg) alloys, high-strength steel, aluminum (Al) alloys, carbon fiber, and polymer composites can reduce the weight of a vehicle’s body and chassis by up to 50%, lowering fuel consumption. By 2030, the use of lightweight components and high-efficiency engines enabled by advanced materials in 25% of the US fleet could save over 5 billion gallons of fuel. Therefore, the increasing automotive light-weighting will drive the growth of the market for metal magnesium. The strategic partnership is a key trend gaining popularity in the metal magnesium market.Many companies operating in the metal magnesium market and researchers/academies are undergoing partnerships for the research and development of metal magnesium. These partnerships bring synergies between the partners and result in new metal magnesium with multiple benefits.These partnerships enable metal magnesium players to innovate, and strengthen their market position. For instance, in January 2020, a US-based manufacturer of magnesium products ALLITE Inc. and a Chinese public research university Xi’an Jiaotong University formed a partnership to research the magnesium alloy. The collaboration focuses on the advancement of ALLITE’s proprietary Super Magnesium alloys by combining the company’s expertise and incredible facilities and team expertise of the university. It aims to unveil new light and numerous benefits to the work being carried out at the company. In December 2019, Marubeni, a Japanese integrated trading and investment business conglomerate acquired Alliance Magnesium (AMI) for an undisclosed amount.With this acquisition, Marubeni will focus on the creation of a circular economy, and contribute to the global society’s sustainability through the development and promotion of green materials. Alliance Magnesium is a Canadian firm engaged in the production of metallic magnesium and other valuable minerals from serpentine. The countries covered in the metal magnesium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. Read the full report: https://www.reportlinker.com/p06318533/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________