The magnesium rod market comprises rods made of magnesium and its alloys that are primarily used in the automotive and die casting industries. Magnesium rods provide advantages like lightweight, high specific strength, damping capacity and electromagnetic interference shielding over aluminum and plastics. There is a increased focus on weight reduction of vehicles for improved fuel efficiency and reduced carbon emissions, which is driving demand for lightweight materials like magnesium in the automotive sector.
The Global Magnesium Rod Market Size Is Estimated To Be Valued At US$ 4.27 Bn In 2024 And Is Expected To Exhibit A CAGR Of 6.6% Over The Forecast Period 2024 To 2031.
Key Takeaways
Key players operating in the magnesium rod market are US Magnesium LLC, Ningxia Hui-Ye Magnesium Marketing Group, Dead Sea Magnesium (Israel Chemicals Ltd.), POSCO (Pohang Iron And Steel Company), Solikamsk Magnesium Works, Taiyuan Twin Tower Aluminum Oxide Co., Ltd., And Shaanxi Yanchang Petroleum Group. The automotive industry is a major end user and growing demand from the industry is expected to drive the magnesium rod market during the forecast period. Technological advancements in production of magnesium alloys with improved corrosion resistance and strength properties is further expected to support the market growth.
Market Trends
The key trends in the magnesium rod market include development of new magnesium alloys and increasing RD initiatives for application development. Magnesium alloying with elements such as aluminum, zinc and manganese results in improved properties like corrosion resistance and strength. Lightweight yet high strength magnesium alloys are being developed to replace aluminum and steel in weight critical applications. Another trend is formation of strategic partnerships between automakers and magnesium rod producers to develop new automotive components with magnesium.
Market Opportunities
The major opportunities in the magnesium rod market include increasing use of magnesium alloys in electric vehicles due to inherent advantages in energy storage applications. Magnesium alloys are well suited for production of batteries owing to high energy density. Growing demand for EVs will provide window for magnesium alloy manufacturers. Secondly, aerospace is another market that can boost magnesium rod consumption as aircraft manufacturers focus on reducing aircraft weight.
Impact Of Covid-19 On Magnesium Rod Market Growth
The COVID-19 pandemic adversely impacted the magnesium rod market growth globally. Government imposed lockdowns and social distancing measures disrupted supply chains and halted industrial operations. This led to a decline in demand from key end use industries like automotive, construction and machinery manufacturing. Production facilities faced closure and workforce unavailability issues which further aggravated the supply shortage and affected market growth during the pandemic. In the post-pandemic scenario, recovering automotive and construction industries are expected to drive demand. However, volatile raw material prices and disrupted logistics continue pose challenges. The market is expected to regain growth momentum as industrial activity normalizes supported by vaccination drives worldwide. Long term demand outlook seems positive backed by rising applications in green technologies like electric vehicles. But short term growth prospects remain uncertain given the prevailing global economic uncertainties arising due to the virus spread.
Geographical Regions With Major Market Concentration
North America accounted for the largest share of the global magnesium rod market in terms of value. The region is home to major automotive OEMs and aluminum alloy producers who are the key consumers of magnesium alloys. Growth is driven by increasing usage of magnesium die casting components in electric vehicles and rising aircraft component manufacturing. Asia Pacific is another major market concentrated region owing to large production capacities in China which accounts for over 80% of global refined magnesium output. Steady growth of automotive and electronics industries in China, India, Japan and South Korea supports regional market growth.
Fastest Growing Regional Market
The Middle East and Africa region is projected to be the fastest growing regional market for magnesium rod during the forecast period backed by large investment plans for infrastructure development and industrialization. Major projects in transportation, construction, oil gas and renewable energy sectors are driving the demand for magnesium alloys in the region. Countries like Saudi Arabia, UAE and Kuwait offer abundant raw material reserves and are attracting global alloy producers to set up production facilities to cater growing local fabrication needs. Development initiatives like 'Vision 2030' in Saudi Arabia aimed at economic diversification bode well for sustained magnesium demand gains in the medium to long term.
What are the key data covered in this Magnesium Rod Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Magnesium Rod Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Magnesium Rod Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Magnesium Rod Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Magnesium Rod Market vendors
FAQ’s
Q.1 What are the main factors influencing the Magnesium Rod market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Magnesium Rod Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Magnesium Rod market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
Get more insights on this topic:https://www.pressreleasebulletin.com/magnesium-rod-market-size-growth-and-demand/
