by The global magnesium rod market is highly versatile in nature with wide ranging applications in automotive, aerospace and construction industries. Magnesium rods provide advantages like lightweight, fireproof, shock absorption and corrosion resistance properties making products cost effective and eco-friendly. The growing manufacturing sector has fueled the need for magnesium rods to build lightweight components for machineries, vehicles and infrastructure development projects.
The Global Magnesium Rod Market Size Is Estimated To Be Valued At US$ 4.27 Billion In 2024 And Is Expected To Exhibit A CAGR Of 6.6% Over The Forecast Period 2024 To 2031.
Magnesium rods are high strength structural materials widely used in manufacturing industries for producing parts, components and structures. They are extremely lightweight which helps reducing weight and thus fuel consumption in automobile as well as aircraft components. Their fire retardant properties make magnesium rods safe materials for transportation and construction purposes. The growing environmental awareness and stringent regulations regarding vehicle emissions are driving magnesium rods demand for electric vehicles, hybrid cars and aircrafts.
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 rapidly growing automotive industry especially electric vehicles demand is a major factor fuelling the magnesium rod market growth. Automakers are extensively utilizing magnesium rods to manufacture lightweight vehicle frames and components for better mileage and handling. The availability of magnesium scrap has further increased magnesium rods supply and availability. Asian countries like China, Japan and South Korea dominate the global magnesium rod production owing to abundant magnesium reserves and prominent automotive and electronics manufacturing bases. Leading automakers and aerospace companies are expanding their magnesium parts sourcing from Asian magnesium rods suppliers to cater growing international demand.
Market Key Trends
One of the key trends witnessed in the magnesium rod market is the shift towards recycling of magnesium alloys and scraps. Major players are investing in recycling plants to recover magnesium from scraps and waste of aluminium die-casting industries. Recycling helps reduce primary magnesium production which is energy intensive. It addresses issues of magnesium supply shortage and volatility in prices. The usage of recycled magnesium in rods has been increasing due to sustainability efforts of automotive industries worldwide.
Porter’s Analysis
Threat Of New Entrants: Low capital requirement for magnesium production poses threat of new entrants in the market. However, established players have economies of scale which make it difficult for new players to compete.
Bargaining Power Of Buyers: Buyers have moderate bargaining power due to availability of substitutes. However, unique properties of magnesium make it difficult for buyers to shift to other alternatives.
Bargaining Power Of Suppliers: Major suppliers have significant control over price and supply of raw materials like magnesium chloride. However, emergence of regional players has reduced suppliers bargaining power to some extent.
Threat Of New Substitutes: Aluminum is the major substitute for magnesium in various applications. However, its density makes it unsuitable for many applications where light weight property of magnesium is required.
Competitive Rivalry: Market is moderately competitive with presence of few large players. Players compete on parameters of product quality, product differentiation, pricing and supply network.
Geographical Regions North America accounts for largest share of the global magnesium rod market, both in terms of value and volume. Factors such as huge automobile production and presence of major end-use industries drive the market growth. Asia Pacific exhibits fastest growth and is expected to surge over the forecast period. Increasing automobile manufacturing in China and India along with rising industrial activity in emerging economies contributes to the regional market expansion.
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?
*Note:
- Source: CoherentMI, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
