Magnesium Market Analysis and Forecast by 2027, Fortune Business Insights
The global magnesium
market is set to gain traction
from the increasing demand for a safer alternative to lithium-ion batteries. Fortune
Business Insights™presented this information in a new report, titled, “Magnesium
Market Size, Share &COVID-19 Impact Analysis, By Application (Aluminum
Alloying, Die Casting, Desulfurization, Metal Reduction, and Others) and
Regional Forecast, 2020-2027.” The report further states that the market size
was USD 4,115.0 million in 2019 and is projected to reach USD 5,928.1 million
by 2027, exhibiting a CAGR of 5.4% during the forecast period.
COVID-19 Pandemic: High Demand from Beverage Can Manufacturers to Boost
Growth
The COVID-19 pandemic has caused an
abrupt halt in supply chains, production facilities, and raw material mining
across the globe. Hence, a wide range of industries are struggling to keep up
with regular revenues to sustain in the market. But, the demand for magnesium
is set to surge owing to itsincreasing application in the beverage can
manufacturing industry. Our detailed research reports will provide the best
insights into the market for battling the pandemic.
How Did We Create This Report For You?
We follow an innovative research
methodology that includesdata triangulation on the basis of bottom-up and top-down
approaches. We conduct extensive primary research to validate the projected
market numbers. The data used to estimate the forecast for various segments at
the country, regional, and global levels is collected through interviews with
various leading stakeholders. We also derive information from paid databases,
industry journals, SEC filings, and other authentic resources. The report
includes several details, such as drivers, opportunities, challenges, and
dynamics of the market.
Drivers & Restraints-
Increasing Usage in Automotive Components to Accelerate Growth
Being one of the lightest metals
with excellent strength, magnesium is capable of
resisting high temperatures. It is used to manufacture automotive components by
alloying with aluminium. The U.S. Automotive Material Partnershipdeclared that90
lbs of Mg can replace 150 lbs of aluminum, while 250 lbsof the same can replace
500 lbs of steel. It can reduce around 15% of the weight of vehicles. These
factors are expected to propel the magnesium market growth in the near future.
However, the metal has low corrosion resistance, which, in turn, may hamper
growth.
Segment-
DesulfurizationSegment to Grow Steadily Fueled by Rising Government
Investments
Based on the application, the
desulfurization segment earned 13.2% in terms of the magnesium market share in
2019. This growth is attributable to the increasing investments by government
agencies, especially in developing nations to enhance their pre-existing infrastructures.
Regional Insights-
Asia Pacific to Dominate Stoked by Surging Production of Vehicles in
China
Geographically, Asia Pacific held USD
1,394.3 million in 2019 in terms of revenue. It is set to remain at the
forefront because of the presence of major consuming and producing countries in
the region. Besides, the rising production of automotive in China and India
would aid growth.
North America, on the other hand, is
expected to grow significantly on account of the rising usage of the metal in
place of aluminium and steel in automobile bodies. In Europe, countries, such
as the U.K., France, and Germany would contribute to growth backed by the
urgent need to lower carbon emissions and lower vehicle weight.
Competitive Landscape-
Key Players Focus on Collaboration &New Plant Development to
Intensify Competition
The global market for Mgis highly fragmented.
Several reputed companies are investing huge sums in research and development
activities to introduce novel products. Some of the others are aiming to co-develop
new products by collaborating with local firms. Below are the two latest
industry developments:
·
September
2020:Alliance Magnesium Inc. (AMI) collaborated with the
Carrefour d’innovation sur les matériaux de la MRC des Sources (CIMMS). It will
aid AMI to benefit from the latter’s 50% technical staff, equipment, and
facilities. At the same time, it will be able to gain access to its laboratory.
·
August 2020:Latrobe
Magnesium Limited (LMG) will soon build its new magnesium plant in Victoria’s
Latrobe Valley. It is currently investigating the usage of a hydromet process
blended with the thermal reduction process.
A list of all the renowned magnesium manufacturers operating in the global
market:
·
NIPPON KINZOKU CO., LTD. (Japan)
·
Latrobe Magnesium (Australia)
·
Alliance Magnesium Inc. (Canada)
·
US Magnesium LLC (U.S.)
·
Regal Magnesium Co. Ltd. (China)
·
Dead Sea Magnesium Ltd. (UK)
·
RIMA Group (Italy)
·
WenxiYinGuang Magnesium Industry (Group) Co., Ltd.
(China)
·
Magontec Ltd (Australia)
·
MagOne Products (Canada)
·
WHY Resources (Canada)
·
Other Players
https://www.fortunebusinessinsights.com/magnesium-market-104713
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