The global magnesiummarket is set to gain tractionfrom the increasing demand for a safer alternative to lithium-ion batteries. FortuneBusiness Insights™presented this information in a new report, titled, “MagnesiumMarket Size, Share &COVID-19 Impact Analysis, By Application (AluminumAlloying, Die Casting, Desulfurization, Metal Reduction, and Others) andRegional Forecast, 2020-2027.” The report further states that the market sizewas USD 4,115.0 million in 2019 and is projected to reach USD 5,928.1 millionby 2027, exhibiting a CAGR of 5.4% during the forecast period.
COVID-19 Pandemic: High Demand from Beverage Can Manufacturers to BoostGrowth
The COVID-19 pandemic has caused anabrupt halt in supply chains, production facilities, and raw material miningacross the globe. Hence, a wide range of industries are struggling to keep upwith regular revenues to sustain in the market. But, the demand for magnesiumis set to surge owing to itsincreasing application in the beverage canmanufacturing industry. Our detailed research reports will provide the bestinsights into the market for battling the pandemic.
How Did We Create This Report For You?
We follow an innovative researchmethodology that includesdata triangulation on the basis of bottom-up and top-downapproaches. We conduct extensive primary research to validate the projectedmarket numbers. The data used to estimate the forecast for various segments atthe country, regional, and global levels is collected through interviews withvarious leading stakeholders. We also derive information from paid databases,industry journals, SEC filings, and other authentic resources. The reportincludes several details, such as drivers, opportunities, challenges, anddynamics of the market.
Drivers & Restraints-
Increasing Usage in Automotive Components to Accelerate Growth
Being one of the lightest metalswith excellent strength, magnesium is capable ofresisting high temperatures. It is used to manufacture automotive components byalloying with aluminium. The U.S. Automotive Material Partnershipdeclared that90lbs of Mg can replace 150 lbs of aluminum, while 250 lbsof the same can replace500 lbs of steel. It can reduce around 15% of the weight of vehicles. Thesefactors are expected to propel the magnesium market growth in the near future.However, the metal has low corrosion resistance, which, in turn, may hampergrowth.
Segment-
DesulfurizationSegment to Grow Steadily Fueled by Rising GovernmentInvestments
Based on the application, thedesulfurization segment earned 13.2% in terms of the magnesium market share in2019. This growth is attributable to the increasing investments by governmentagencies, especially in developing nations to enhance their pre-existing infrastructures.
Regional Insights-
Asia Pacific to Dominate Stoked by Surging Production of Vehicles inChina
Geographically, Asia Pacific held USD1,394.3 million in 2019 in terms of revenue. It is set to remain at theforefront because of the presence of major consuming and producing countries inthe region. Besides, the rising production of automotive in China and Indiawould aid growth.
North America, on the other hand, isexpected to grow significantly on account of the rising usage of the metal inplace of aluminium and steel in automobile bodies. In Europe, countries, suchas the U.K., France, and Germany would contribute to growth backed by theurgent need to lower carbon emissions and lower vehicle weight.
Competitive Landscape-
Key Players Focus on Collaboration &New Plant Development toIntensify Competition
The global market for Mgis highly fragmented.Several reputed companies are investing huge sums in research and developmentactivities to introduce novel products. Some of the others are aiming to co-developnew products by collaborating with local firms. Below are the two latestindustry developments:
· September2020:Alliance Magnesium Inc. (AMI) collaborated with theCarrefour d’innovation sur les matériaux de la MRC des Sources (CIMMS). It willaid AMI to benefit from the latter’s 50% technical staff, equipment, andfacilities. At the same time, it will be able to gain access to its laboratory.
· August 2020:LatrobeMagnesium Limited (LMG) will soon build its new magnesium plant in Victoria’sLatrobe Valley. It is currently investigating the usage of a hydromet processblended with the thermal reduction process.
A list of all the renowned magnesium manufacturers operating in the globalmarket:
· 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
Information Source:
https://www.fortunebusinessinsights.com/magnesium-market-104713
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