June 22, 2024
Magnesium Rod Market

Magnesium Rod Market to Hit Record High on the Back of Rising Demand from Aerospace Industry

Magnesium is the lightest structural metal and has high specific strength properties which makes it an ideal material for manufacturing lightweight components in automotive and aerospace applications. Magnesium rods are semi-finished products in solid round or square cross-section made from magnesium or its alloy through processes such as extrusion or casting. They find widespread usage in automotive components such as gear boxes, steering wheels, clutch parts etc to reduce vehicle weight and improve fuel efficiency. In the aerospace sector, magnesium rods are utilized to manufacture aircraft components such as landing gear brackets, seat frames and engine components to decrease aircraft weight.

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.

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.

Rising aircraft deliveries driven by increasing air passenger traffic globally is opening new growth avenues for magnesium rods manufacturers. Stringent emissions regulations are also spurring automakers to reduce vehicle curb weight through wider adoption of magnesium.

Asia Pacific dominated the global magnesium rod market in 2019 led by China which accounted for over 50% of the global production. However, North America and Europe are also exhibiting substantial demand growth for magnesium rods with the growing aerospace industry in these regions.

Market Drivers

One of the key drivers for magnesium rod market growth is the increasing demand from the aerospace sector. The aerospace industry has emerged as a major end-use industry for magnesium and its alloys owing to their high strength-to-weight ratio and corrosion resistance properties. This allows aircraft manufacturers to reduce the overall weight of an aircraft and improve its fuel efficiency. For instance, Boeing’s 787 Dreamliner uses magnesium alloys for almost 2-3% of its airframe which helps reduce the overall weight by around 20 tons.

PEST Analysis:

Political: Magnesium rod market is regulated for environmental purposes as magnesium production requires heavy usage of energy and resources like nickel production. Certain policies help indigenous producers while preventing dumping of cheaper imports.

Economic: Strong global automotive production and construction activity boosts demand for lightweight and affordable magnesium rods. Their cost competitiveness compared to aluminum and titanium alloys give original equipment manufacturers an incentive to use more magnesium components.

Social: Usage of magnesium alloys in vehicles and consumer durables addresses concerns around sustainability and energy efficiency. Their light weight helps reduce emissions from transport and improves performance of mobile devices. Occupational health standards are in place for magnesium production facilities.

Technological: Advances in melt treatment processes allow mass production of high-quality magnesium alloys for structural applications. Developing die casting techniques expands the scope for complex, net-shape components from recycled magnesium scrap.

Geographical regions where market in terms of value is concentrated: Asia Pacific accounts for the major share of the global magnesium rod market, led by China, Japan and India. Abundant bauxite reserves and indigenous magnesium producers make these countries dominant suppliers. North America and Europe have established end-use industries but rely heavily on Asian imports.

The Fastest Growing Region For The Magnesium Rod Market: The Middle East and Africa region is projected to see the highest CAGR during the forecast period due to ongoing industrialization and infrastructure development projects across GCC countries, South Africa, Nigeria and Kenya. Setting up regional magnesium alloy manufacturing capacity aims to reduce dependence on other markets.

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