April 24, 2024
Magnesium Rod

Magnesium Rod Market Is Estimated To Witness High Growth Owing To Rising Demand From Automotive Industry

Magnesium rod is a raw material used to manufacture structural components in automobiles due to its high specific strength and lightweight properties. Magnesium rods find wide application in die-casting automobile parts such as steering wheels, seat frames, and gear knobs. The global push towards developing lightweight vehicles to improve fuel economy and reduce vehicular emissions has significantly boosted the demand for magnesium rods in the automotive industry.

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 To 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, Taiyuan Twin Tower Aluminum Oxide Co., Ltd., And Shaanxi Yanchang Petroleum Group.

The rapidly growing automotive production volumes across developing economies like India and China due to increasing disposable income levels offer lucrative opportunities for magnesium rod suppliers to expand their regional presence. Moreover, the stringent emission norms enforced by regulatory authorities globally are compelling automakers to focus on vehicle lightweighting, thus driving magnesium rod demand.

The key players in the magnesium rod market are focusing on global expansion strategies by investing in production facilities across Asia Pacific and North America to cater to the increasing demand from the automotive sector in these regions.

Market Drivers

The primary driver aiding the high growth of the magnesium rod market is the substantial demand from the automotive industry. Magnesium rods aid in reducing the overall weight of vehicles without compromising on structural strength. The growing focus of automakers on reducing vehicular curb weight to comply with stringent fuel efficiency and emission standards formulated by environmental agencies is a major factor boosting magnesium rod consumption in the automotive industry.

Pest Analysis

Political: Changes in regulatory policies related to mining, sourcing, manufacturing and transportation of magnesium materials can impact the market.
Economic: Economic growth increases demand for magnesium across industries like automotive, aerospace, construction, thereby positively impacting the market. Fluctuations in global GDP impacts overall demand.
Social: Increasing applications of lightweight magnesium alloys in automotive and aerospace industries due to focus on reducing carbon emissions augments market growth.
Technological: Advancements in magnesium production techniques improves resource efficiency and environmental sustainability. Emerging technologies widen application scope for magnesium.

Geographical Regions Of Concentrated Value

Around 60% of the global magnesium rod market value is concentrated in Asia Pacific region. Abundant resources, large manufacturing bases and growing applications across automotive and electronics industries drive the regional market. China is the largest producer and consumer of magnesium globally. North America and Europe follow Asia Pacific in terms of market share owing to well-established automotive industries.

Fastest Growing Geographical Region

South America is expected to emerge as the fastest growing regional market during the forecast period. Government initiatives to boost manufacturing sector coupled with increasing foreign investments are augmenting magnesium demand from industries like automotive, aerospace and infrastructure development. Brazil is projected to be the major contributor to 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 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:

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