June 16, 2024
Magnesium Rod Market

The Rapidly Growing Magnesium Rod Market is Trending Due to Rising Automotive Production

Magnesium rods find widespread applications in industries such as automotive, aerospace, medical devices and electronics owing to their light weight and strong structural properties. Magnesium is the lightest structural metal and approximately 33% lighter than aluminum and 78% lighter than steel. Magnesium rods are increasingly being used as a substitute for aluminum and steel components in automobiles to reduce vehicle weight and enhance fuel efficiency. The growing demand for lighter vehicles from automakers and stringent vehicular emission norms globally are propelling the consumption of magnesium rods.

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 2024-2031.

Magnesium rods have superior castability and machinability which makes them suitable for complex component manufacturing. They provide strength to weight ratio, vibration damping, electromagnetic shielding and heat dissipation which expands their usage in medical implants, laptops, cell phones and other electronic devices. The light weight and durability features of magnesium rods are fueling their adoption across industries.

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 and Among Others. These companies are focusing on new product launches, acquisitions and partnerships to gain competitive advantage and meet the rising demand from automotive and electronics sectors.

The rapidly increasing automobile production around the world especially for electric vehicles is driving the magnesium rod consumption. As per industry estimates, global vehicle production is expected to grow at 4-5% annually till 2030. This rising automotive output will significantly boost the magnesium rod demand over the forecast period.

The aerospace and defense industry is also expanding at a healthy pace which will propel the magnesium rod market growth globally. Many countries are heavily investing in defense modernization programs involving aircraft, warships, missiles and other military hardware where light weight magnesium components have widespread applications. This growing expenditure on defense modernization will fuel the global magnesium rod expansion.

Market Key Trends

The key trend witnessed in the magnesium rod market is the shift towards sustainable production technologies. Major players are investing in green magnesium production utilizing renewable energy and advanced extraction methods to reduce their carbon footprint. They are developing magnesium alloys with enhanced properties through aluminum and zinc alloying for diverse industrial applications. Ongoing R&D is expanding the usages of magnesium rods in new areas including 3D printing, battery components and magnesium-basedbricks & tiles. These innovations are expected to boost the market demand and growth over the forecast period.

Porter’s Analysis

Threat Of New Entrants: Moderate barriers like capital requirement, manufacturing technology, distribution networks for new players to enter the market.

Bargaining Power Of Buyers: Buyers have moderate bargaining power as they can look for substitutes but magnesium rods have certain performance advantage.

Bargaining Power Of Suppliers: Suppliers have moderate bargaining power as they depend on few major producers for raw materials supply.

Threat Of New Substitutes: Substitutes like aluminum and steel rods pose low to moderate threat as magnesium rods have advantages of high strength to weight ratio and corrosion resistance.

Competitive Rivalry: Intense competition among established players to gain higher market share through expansions, new product developments and cost leadership.

Geographical Regions

North America currently holds the major share of the global magnesium rods market in terms value due to growing aerospace and automotive industries in the US and Canada. These industries are major consumers of magnesium owing to its lightweight properties.

Asia Pacific is expected to be the fastest growing region during the forecast period driven by growing automotive and electronics industries and favorable government policies for magnesium production in China. China accounts for over 80% of global magnesium production and increasing domestic demand is propelling the regional market growth.

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 behaviour

:- 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 vendor

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?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it