Global Magnesium Market to Surpass USD 7.45 billion by 2031 Driven by Increasing Demand for Aluminum and Steel Alloy [Yahoo! Finance]
NORSK HYDRO A S ADS (NHYDY)
NASDAQ:AMEX Investor Relations:
hydro.com/en/investor-relations
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Source: Yahoo! Finance
period (2024-2031). Increasing demand for materials for various applications such as die-casting, and aluminum alloys for industrial purposes drives the growth of global magnesium market. Magnesium's electromagnetic properties, heat capacity, and reinforcing nature are suitable for such industrial applications. Magnesium is an increasingly useful metallurgical element in the automotive industry, as well as in the aerospace industry, in the upcoming research and development projects for electric vehicles. Magnesium production has reached around 950,000 metric tons by 2021 due to and for growing demand. Westford,USA, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Magnesium metal can store energy and is thought to be more stable compared to lithium ions. In addition, magnesium plays an important role in televisions and portable electronic devices such as laptops. In addition, programs are enabling the use of aluminum and magnesium alloys for beverage bottles, further accelerating global magnesium m
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