By 2027, the magnesium market will reach US$5.9281 billion; Fortune Business Insights™ indicates that there is a high demand for alternatives to lithium-ion batteries
Pune, India, February 4, 2021 (Global News)-The size of the global magnesium market will be attracted by the growing demand for safe alternatives to lithium-ion batteries. Fortune Business Insights™ is provided in a new report titled "Magnesium market size, share and COVID-19 impact analysis, by application (aluminum alloy, die casting, desulfurization, metal reduction and others) and regional forecasts, 2020-year" This information. In 2027. "The report further pointed out that the market size in 2019 was US$4.115 billion and is expected to reach US$5.928.1 billion by 2027, with a compound annual growth rate of 5.4% during the forecast period.
The COVID-19 pandemic has caused a sudden halt in global supply chains, production facilities and raw material mining. Therefore, various industries are struggling to keep up with regular income to maintain the market. However, due to the increasing application of magnesium in the beverage can manufacturing industry, the demand for magnesium will surge. Our detailed research report will provide you with the best insights to fight the market.
We follow an innovative research method, which includes data triangulation based on bottom-up and top-down methods. We conducted extensive basic research to verify the expected market volume. Through interviews with various major stakeholders, data for estimating forecasts for various market segments in the country, region and the world have been collected. We also obtain information from paid databases, industry journals, SEC documents and other real sources. The report includes some details such as driving factors, opportunities, challenges and market dynamics.
The global market for magnesium is highly fragmented. Several well-known companies have invested heavily in research and development activities to launch novel products. Others work with local companies to jointly develop new products.
Magnesium is one of the lightest metals with excellent strength and can withstand high temperatures. It manufactures auto parts through aluminum alloying. The American Automobile Materials Cooperation Organization announced that 90 pounds of Mg can replace 150 pounds of aluminum, and 250 pounds of Mg can replace 500 pounds of steel. It can reduce the weight of the vehicle by about 15%. These factors are expected to drive the growth of the magnesium market in the near future. However, metal has low corrosion resistance, which in turn may hinder its growth.
According to the application, the desulfurization department accounted for 13.2% of the magnesium market share in 2019. This increase is attributable to increased investment by government agencies (especially in developing countries) to enhance their existing infrastructure.
Geographically, the revenue of the Asia-Pacific region in 2019 was US$1.3943 billion. Due to the existence of major consumer and producer countries in the region, it will remain at the forefront. In addition, increased auto production in China and India will contribute to growth.
On the other hand, due to the increasing use of metals to replace aluminum and steel in car bodies, North America is expected to grow significantly. In Europe, countries such as the United Kingdom, France and Germany will contribute to growth due to the urgent need to reduce carbon emissions and reduce vehicle weight.
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