Global Magnesium Market 2018-2022
Magnesium is present in over 60 minerals but only dolomite, magnesite, brucite, carnallite, and olivine are used commercially.
Technavio’s analysts forecast the Global magnesium market to grow at a CAGR of 5.92% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the magnesium market. To calculate the market size, the report considers the growth generated by applications such as aluminium alloys, die castings, steel desulfurization, titanium refining, and other segments.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report –Global Magnesium Market 2018-2022
Technavio recognizes the following companies as the key players in the magnesium market: ICL (Dead Sea Magnesium), NINGXIA HUI-YE MAGNESIUM MARKETING GROUP, POSCO, Shaanxi Fugu Tianyu Mineral Industrial Group, US Magnesium (The Renco Group), Wenxi YinGuang Magnesium Industry
Commenting on the report, an analyst from Technavio’s team said: “The setting up of new production facilities in Canada will be a key trend for the market growth. China is the primary producer of magnesium and consequently, anti-dumping duties were imposed to curb the imports from China and increase domestic participation. To reduce the dependence on China, magnesium production will increase in Canada.
According to the report, the high demand for steel from various end-users will drive the market growth. The demand for steel products is increasing steadily in various end-user industries due to their properties such as innovative use, recyclability, and sustainability. Magnesium is widely used in the steel desulfurization.
Further, the report states that the availability of substitutes will impact the market growth. As magnesium is as very light metal, Aluminium and zinc can be used as substitutes in castings and wrought metal products. Also, the high cost of magnesium impels the manufacturers to utilize aluminium and zinc.
ICL (Dead Sea Magnesium)
NINGXIA HUI-YE MAGNESIUM MARKETING GROUP
Shaanxi Fugu Tianyu Mineral Industrial Group
US Magnesium (The Renco Group)
Wenxi YinGuang Magnesium Industry
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