Magnesium improves metals' moderate and high strength characteristics, especially in aluminium alloys, without reducing their ductility. The 5000 series contains a list of commercially available aluminium alloy plates and sheets with additional magnesium. One of the main uses of aluminium alloys is the production of components for vehicles, tools, machinery, and the aerospace and automotive industries. Automobile production is changing as more people choose electric vehicles. Aircraft, both military and civilian, have long used metal. Projectiles, spaceships, and other objects should all have lighter weights to help with fuel efficiency and emissions reduction. Magnesium is the perfect material for use in these applications due to the limited ongoing improvements in aluminium weight reduction, the high cost of fibre metal laminates or carbon fibre composites, and the poor impact and damage properties of low-density plastics when exposed to extreme temperatures. Demand for magnesium is also anticipated to increase because to the growing need for lightweight, fuel-efficient aircraft for both military and commercial use.
According to Coherent Market Insights, In terms of revenue, the global Magnesium Metal Market was estimated to be worth US$ 4.71 billion in 2022. From 2023 to 2030, it is anticipated to grow at a CAGR of 9.77 percent, reaching US$ 9.93 billion.
Key Companies in the Magnesium Metal Industry:
1. US Magnesium LLC.
The company was founded in 1972 and is based in Utah, United States. Producing and managing primary magnesium is what US Magnesium LLC does. The company specialises in salt extraction and manufactures main pure and alloy magnesium metal in addition to chlorine, calcium chloride, iron chlorides, hydrochloric acid, and feedstock for a solar evaporation system that creates magnesium chloride.
2. Dead Sea Magnesium Ltd.
The business was started 1995 and is located in Be'er Sheva, HaDarom, Israel. The company Dead Sea Magnesium Ltd. produces magnesium. Aluminium and other nonferrous metals, excluding copper, can be rolled, drawn, and extruded by the company.
3. POSCO
The business was established in 1968 and is based in Pohang-si, South Korea. The business produces and sells steel-related goods. The company manufactures electrical steels, galvanised steels, steel plates, wire rods, stainless steels, hot-rolled steels, cold-rolled steels, and other related goods. In order to study the possibility of establishing an integrated steel mill in Mundra, Gujarat, the Adani Group and POSCO signed a MoU on January 13, 2022.
4. RIMA Group
The company was started in 1974 and is based in Bocaiuva, Brazil. In Brazil, the RIMA group dominates the industries of silicon- and magnesium-based alloy manufacturing and distribution. In the southern hemisphere, RIMA is the only manufacturer of primary magnesium. Metals, magnesium die casters, and silicon-magnesium-based alloys are produced and sold by RIMA Group.
5. Solikamsk Magnesium Works OAO
The firm was established in 1936 and has its main office in Pravda, Sakhalin, Russian Federation. The Solikamsk Magnesium Plant manufactures rare earth metals and chemical compounds in addition to magnesium and alloys based on magnesium. The business manufactures small metals, such as rare earths.
6. Shanxi Wenxi Hongfu Magnesium Co., Ltd.
The company was started in 1999 and is based in China. The rolling, drawing, and extrusion of nonferrous metals other than copper and aluminium are among the company's core competencies. The business is a provider of magnesium ingots, powder, and alloy ingots in China.
7. Taiyuan Tongxiang Magnesium Co., Ltd.
The business was started in 1989 and is located in China. The business has amassed enormous knowledge in the trade and supply of magnesium ingots, magnesium alloy ingots, and magnesium alloy anodes, among other products. One of the top retailers of the products on the list is the supplier firm.
*Definition: One of the lightest metals suitable for structural uses is magnesium metal. It can be extracted from brines or seawater and is a silvery-white metal. The manufacturing of aluminium is one of the main uses for magnesium metal, which is utilised to enhance the material's physical attributes and processing capabilities.
