LONDON--(BUSINESS WIRE)--The global magnesium market is expected to grow at a CAGR of approximately 6% during the period 2018-2022, according to the latest market research report by Technavio.
A major factor driving the market’s growth is the high demand for steel from various end-use industries. The increase in steel production and consumption is the key factor for the development of any country’s economy. The demand for various steel products from end-use industries such has been increasing at a significant rate because of their characteristics such as innovative use, recyclability, and sustainability.
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Technavio’s latest market research report on the global magnesium market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. The report provides an in-depth understanding of the market segments along with a detailed analysis of the competitive vendor landscape.
In this report, Technavio highlights the use of magnesium-based materials in orthopedic implants as one of the key emerging trends driving the global magnesium market:
Use of magnesium-based materials in orthopedic implants
Magnesium is increasingly used in knee arthroplasty. Magnesium alloys have advantages over stainless steel, Co-Cr-Ni alloy, and titanium implants. Magnesium alloys are lightweight, low in density, and have a high damping capacity. They also allow high machinability and dimensional accuracy and are biocompatible. The density of magnesium is very close to the density range of cortical bone.
“Magnesium can absorb the energy of any metal and can be used for load-bearing applications. Magnesium can be easily machined into complex shapes, as intricate shapes are required for medical applications, and can also achieve final dimensions. Magnesium is also considered biocompatible and can help in increasing the rate of bone formation,” says a senior analyst at Technavio for research on metals and minerals.
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Global magnesium market segmentation
This market research report segments the global magnesium market into the following applications (aluminum alloys, die casting, titanium refining, and steel desulfurization) and key regions (the Americas, APAC, and EMEA).
The aluminum alloys segment held the largest market share in 2017, accounting for nearly 34% of the market. The market share for this segment is expected to grow steadily during the forecast period.
APAC was the highest shareholder for the global magnesium market in 2017, accounting for a market share of around 62%. The market share of this region is anticipated to increase by nearly 1% during the forecast period.
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