Magnesium alloys have applications in the medical device industry ranging from orthopedic implants to veterinary medicine. The alloys have lately moved to application in cardiovascular stents, also known as scaffolds. Bioresorbable implants are becoming more popular in the industry, competing with standard titanium implants. Magnesium alloys are a recent breakthrough in the bioresorbable implant sector, offering fresh, revolutionary solutions that demonstrate both biocompatibility and biosafety. Bioresorbable materials are beneficial for use in medical devices because they have a consistent resorption rate and can aid in achieving optimal healing within the body. For a few years, polymer materials have been employed as a bioresorbable choice; however, magnesium alloys now provide a better alternative. Magnesium has a tensile strength that is substantially closer to that of natural bone when compared to the relatively low strength of plastics. As a result, these alloys are more suited to load-bearing mechanical medical devices. Magnesium Metal Market size is forecasted to reach US$7.5 billion by 2027, after growing at a CAGR of 6.7% during the forecast period 2022-2027.

In the upcoming years, the rising growth of the medical equipment industry is expected to propel market growth. For instance, according to India Brand Equity Foundation, the Indian medical equipment industry is expected to grow from US$11 billion to US$50 billion by 2025. In 2021, the Indian medical device industry is expected to be valued at US$10 billion. Also, diagnostic imaging is expected to grow at a CAGR of 13.5% between 2020 and 2025. Additionally, the German medical equipment market is predicted to grow at a CAGR of 5.1% in euro terms and 6.8% in dollar terms between 2020 and 2025 as per the International Trade Administration. Furthermore, in Canada, the medical device market was valued at approximately US$8.6 billion in 2020. Thus, the inclining demand for magnesium alloys in medical equipment is anticipated to act as an opportunity for the growth of the magnesium metal market over the forecast period.

Fuel economy, vehicle efficiency, and meeting emission regulations are all driving the demand for lightweight structures in the automotive manufacturing industry. Traditionally, weight reduction in automobiles has been achieved by reducing the thickness of body panel steel sheets while increasing their strength. In recent years, several research studies concluded that the applications of magnesium in the automotive industry can significantly contribute to greater fuel economy and environmental conservation in the upcoming years. In May 2020, Researchers at the Indian Institute of Technology (IIT) Madras, the University of North Texas, and the US Army Research Laboratory have developed an engineered magnesium alloy that can replace steel and aluminum alloys in the automobile industry making vehicles more fuel efficient. According to the IIT, the new engineered alloy is strong and highly ductile, and its superplasticity is achieved at higher strain rates which reduces overall manufacturing time, effort, and costs. Furthermore, in 2018 Nanjing Yunhai Special Metals opened a new plant with the capacity to produce one million magnesium wheels per year. Magnesium alloy, aluminum alloy, intermediate alloy, and die-cast items are the company's major products. Thus, the increasing application of magnesium metal in the automotive industry has uplifted the demand for magnesium which has further inclined the growth of the industry.

The rise in COVID-19 cases harmed the magnesium metal market. The COVID-19 implications for several end-use industries (primarily the automotive, aerospace, packaging, electronics, and other industries) resulted in a significant decrease in demand for the magnesium metal market in 2020 and 2021. Globally, prices and demand for magnesium fluctuated during much of the year in response to the COVID-19 pandemic. Many commodities saw major price swings at the start of the COVID-19 pandemic, due to a variety of circumstances including labor shortages, manufacturing closures, and supply chain disruptions. Commodity disruptions were also influenced by several other factors, including expectations about existing capacity and projected demand for certain items. In both the United States and Europe in 2020, the minor price fluctuations were short-lived, with prices stabilizing in both markets. However, in the fall of 2021, global magnesium prices began to rise significantly, far exceeding any increase in 2020. The spot price of magnesium in the United States between July 1 and October 1, 2021, in the Chinese market (the world's largest consumer and producer of magnesium), increased by 90% from 19,850 yuan/ton ($3,097/T) to 71,250 yuan/ton ($6,439/T) at its peak. Furthermore, ongoing Russia's invasion of Ukraine has widely affected the industry growth. Although Russia is one of the major suppliers of magnesium, sanctions imposed as a result of its invasion of Ukraine have rendered Moscow an improbable alternative supply source for the European region. Since Russia is among the top five magnesium producers, the Russia-Ukraine conflict has triggered the magnesium metal market growth. Due to multiple shortages and high commodity and raw material prices of magnesium and other metals, the crisis is affecting the automotive, aerospace, electronics, construction, and packaging sector.

Asia-Pacific held the largest share in the magnesium metal market, owing to the increasing end-use industries, which are accelerating the demand for magnesium metal in the region. China's construction sector including residential and commercial buildings has played an increasingly important role in bolstering the economy and stabilizing employment. In the 13th Five-Year Plan period (2016-2021), the sector expanded 5.1% annually in added value, accounting for over 6.9% of GDP. The development in the residential and commercial building construction sector is one of the major factors driving the demand for the magnesium metal market. The Korean construction-related industry, including public & private infrastructure and civil engineering services, recorded double-digit growth of 16.9% and generated revenue of US$164 billion in 2020. Also, Korean builders clinched overseas orders worth US$35.1 billion in 2021, up from US$22.3 billion in 2020 and there were approximately 223 thousand residential, commercial and industrial building construction permits in 2020. The construction investments are positively impacting the growth of the magnesium metal market in South Korea during the forecast period. According to the Australian Bureau of Statistics, in seasonally adjusted terms, the total value of approved buildings rose to US$12,244.7 million in 2021 from US$9,741 million in 2020. The value of total residential buildings rose to US$8,396.6 million and the value of total nonresidential buildings rose to US$3,848.1 million. Also, according to the Government of New Zealand, in 2020, the Minister of Housing, announced the creation of a US$350 million Residential Development Response Fund to help the residential construction sector and reduce the economic effect of COVID-19. Thus, with such investments in the residential construction sector, the magnesium metal market is flourishing in Asia-Pacific.

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Magnesium Metal Market Growth Drivers:

Significant Market Traction from the Increasing Demand for Magnesium Metal Across Automotive Sector:

Magnesium is increasingly influencing the automotive industry, spurred by the need for improved fuel efficiency, performance, and long-term sustainability. In response to rising environmental and governmental influences, interest in magnesium use in automotive applications has increased in recent years. In 2020, The International Magnesium Association (IMA) recently unveiled its 3D Magnesium Automotive Applications Demonstrator, which demonstrates the value of magnesium in light weighting and utilization across the entire vehicle manufacturing process, from structural to body-in-white (BIW), transmission components, and interior applications. The demonstrator's new animated on-screen version is an interactive tool for visualizing magnesium parts in serial production. The tool emphasizes a range of components, offering information on their alloy, weight, manufacturing process, name of the manufacturer, OEM, and vehicle model in which they are used. It is divided into five vehicle component categories: drivetrain, structural, interior, BIW, and others. Models in production now weigh between 5 and 30 kg of magnesium. Because magnesium is 33% lighter than aluminum and 75% lighter than steel. Audi, Daimler (Mercedes-Benz), Ford, Jaguar, Fiat, and Kia Motors Corporation have already started using magnesium instead of steel and aluminum in various areas of their products. 

Magnesium is currently employed in steering wheels, seat frames, and fuel tank covers, as well as in the gearbox, front end, IP beams, steering column, and driver's airbag housings. Ford Motor Company debuted its product portfolio in India in 2021 with the performance-oriented Ranger Raptor pickup. The Ford Ranger Raptor's athletic appearance is enhanced by a newly styled steering wheel with new lightweight magnesium paddle shifters, perforated leather hand grip parts, blue stitching, and leather accents. Magnesium can also help automobiles save weight while also providing a variety of additional advantages. For instance, using magnesium on the front end of a vehicle reduces overall bulk while also shifting the vehicle's center of gravity to the back, enhancing handling and turning capabilities. Additionally, magnesium parts can also be engineered to reduce vibration and noise. Thus, the increasing application of magnesium metal in the automotive sector would drive the growth of the industry over the forecast period.

The Major Players in this Market Include 

The major companies in the magnesium metal market include Dead Sea Magnesium Ltd., Esan Eczacibasi, Luxfer Magtech, U.S. Magnesium LLC, Ust-Kamenogorsk Titanium and Magnesium Plant JSC, Alliance Magnesium, YinGuang Magnesium Industry Co. Ltd., Shanxi Bada Magnesium Co. Ltd., Fugu Xintian Magnesium, and Solikamsk Desulphurizer Works Ltd.

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