Is Magnesium unfolding its growth story?
Team Veye | 24-Aug-2022
Magnesium is the eighth most prolific element in the Earth's crust. More commonly referred to as the “Green Metal”, it is the lightest of all structural materials and 100% recyclable.
Known to have the best strength-to-weight ratio of all common structural metals, it is being used in super-strong, lightweight materials and alloys. It is non-toxic, non-magnetic, has high-impact strength and is resistant to denting. Its use in the manufacture of car parts, aviation industry, laptop computers, mobile phones, and power tools is consistently growing.
The metal, though, can be produced artificially but is highly reactive. When exposed to the atmosphere it is coated in a thin layer of oxide that partly restricts reactivity.
By 2027 the market for magnesium has the potential to double from 1Mtpa to 2Mtpa on vehicle production alone.
The latest Chinese 13-year plan, stipulates that the volume of magnesium in a car will rise from an average of 8.6kg/car in 2017 to 45kg by 2030, with a compound annual growth rate in the market of 5%.
Magnesium’s light weighting is vital for electric cars, which can be weighed down by the heavy load of their battery packs, up to 25% of the weight of a car, reducing their efficiency. By virtue of its attractive cost-to-material ratio, Magnesium is making a growth in-demand option for use in bulk machining or mass production.
Magnesium-ion batteries have the potential to provide a more suitable alternative to Lithium-ion batteries, being safer, longer-lasting, faster to charge, recyclable and due to the relative abundance of magnesium compared to lithium, a third of the cost.
Magnesium is important for many processes in the body as well. It is a nutrient that is must for healthy muscles, nerves, bones and blood sugar levels. Deficiency of magnesium in the diet over a long time, can lead to developing many health problems such as heart attack, stroke, diabetes or osteoporosis.
China dominates the magnesium market. China accounts for more than 85% of the global magnesium supply. However, Australian magnesium production companies hope to position Australia as an alternative magnesium supplier, especially to US and Japanese markets.
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