Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 4.3 Billion | USD 6.45 Billion | 5.45% | 2021 |
FrequentlyAsked Questions
The global metal magnesium market is anticipated to grow because of the rising demand for lightweight elements across heavy industries like vehicle manufacturing, aerospace, and infrastructure development. Since these sectors require elements that can help further developments and advancements and metal magnesium exhibits exceptional and versatile properties like high strength, and low weight, along with good heat conductivity and electromagnetic screening properties, it has found multiple applications which are expected to grow even further during to the ongoing research activities in understanding the properties of the element when combined with other units.
According to Zion Market Research, the global metal magnesium market size was worth around USD 4.3 billion in 2021 and is predicted to grow to around USD 6.45 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5.45% between 2022 and 2028.
The global metal magnesium market is projected to grow at the highest and fastest CAGR in Asia-Pacific because of the growing demand for the product, especially in the automotive and aerospace industry. The region held around 44.9% of the global market share in 2021.
The global metal magnesium market is dominated by players like Esan Eczacibasi, Alliance Magnesium, Shanghai Sunglow Investment (Group) Co., Ltd., Nippon Kinzoku Co. Ltd, Solikamsk Desulphurizer Works (SZD), Regal Metal, U.S. Magnesium LLC, Latrobe Magnesium, Western Magnesium Corp, and VSMPO-Avisma Corp.
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