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Market model simulation: The impact of increased automotive interest in magnesium

  • Economics
  • Magnesium
  • Published:
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Abstract

Due to increasing energy and environmental concerns automakers have recently become more interested in lightweight alternatives to traditional component designs. Magnesium, the lightest standard engineering metal, has often been cited as showing potential in the automotive world, but has been resisted by automakers due to high prices and limited availability. Small production resources of magnesium limit the potential of magnesium in the automotive arena if growth in interest leads to material shortages and price volatility. To investigate the dynamics of the magnesium market, a system dynamics simulation model of the market was created. The model, which simulates supply, demand, and price interactions, was used to investigate market stability strategies that will benefit all market players

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References

  1. Dwain Magers and Jo Willekens, “Global Outlook on the Use of Magnesium Diecastings in Automotive Applications” (Paper presented at the Int. Magnesium Conf., Wolfsburg, Germany, April 1998).

  2. Brian Corbett,Tom Murphy, and Bill Visnic, “Materials Use Expected to Change Slowly in New Millennium,”Ward’s Automotive Yearbook 2000 (Southfield, MI: Ward’s Communications, 2000).

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  3. Deborah A. Kramer,Magnesium Yearbook: 1999 (Yearly review published by the U.S. Geological Survey. <minerals.usgs.gov/minerals/pubs/commodity/magnesium/>

  4. Graeme Newing,Solomon Smith Barney Report on Australian Magnesium (October 1999).

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Authors and Affiliations

  1. Material SystemsLaboratory, MassachusettsInstitute of Technology, 77 Massachusetts Avenue, USA

    Randall J. Urbance, Frank Field, Randy Kirchain, Richard Roth & Joel P. Clark

  2. Department of Materials Science Engineering, Room 8-401, 02139-4301, Cambridge, Massachusetts

    Joel P. Clark

Authors
  1. Randall J. Urbance
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  2. Frank Field
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  3. Randy Kirchain
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  4. Richard Roth
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  5. Joel P. Clark
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Urbance, R.J., Field, F., Kirchain, R. et al. Market model simulation: The impact of increased automotive interest in magnesium. JOM 54, 25–33 (2002). https://doi.org/10.1007/BF02711863

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  • DOI: https://doi.org/10.1007/BF02711863

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