BURLINGAME, Calif., March 13, 2024 /7Newswire — CoherentMI published a report, titled, Magnesium Rod Market is estimated to value at US$ 4.27 Billion in the year 2024, and is anticipated to reach a US$ 6.37 Billion by 2031, with growing at a CAGR of 6.65% during forecast period 2024-2031.
Market Dynamics:
The Magnesium Rod Market is being primarily driven by the increasing demand from the automotive sector, where magnesium rods are widely used in various applications such as engine components, transmission cases, and structural parts. Additionally, the excellent strength-to-weight ratio and corrosion resistance properties of magnesium rods are further boosting their adoption in the automotive industry. Moreover, the growing focus on lightweight materials for enhancing fuel efficiency and reducing carbon emissions is also driving the demand for magnesium rods in the automotive sector.
Magnesium Rod Market Snapshot:
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Report Coverage
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Details
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Study Period
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2024 – 2031
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Base Year of Estimation
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2023
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CAGR
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6.65 %
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Largest Market
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North America
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Market Concentration
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High
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Major Players
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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.
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Segments Covered
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By Product Type, By Application, By Geography
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Growth Drivers
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• Lightweight properties
• Corrosion resistance
• Biocompatibility in medical applications
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Restraints & Challenges
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• Corrosion susceptibility
• Cost of production
• Limited market penetration
• Flammability concerns
• Limited alloy development
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Key Market Takeaways:
The Magnesium Rod Market Size is anticipated to witness a CAGR of 6.65% during the forecast period 2024 to 2031, owing to the increasing demand for high purity magnesium rods and their growing usage in water tanks. On the basis of type, the purity 99% segment is dominating the market and is expected to hold a dominant position, owing to its wide range of applications in various industries. In terms of applications, the heater segment is dominating the market, due to the extensive use of magnesium rods in heating systems. North America is expected to hold a dominant position in the market over the forecast period, due to the presence of key players and high demand for magnesium rods in the region. Key players operating in the Magnesium Rod Market include 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, among others. These key players are focusing on product innovation and strategic partnerships to gain a competitive edge in the market.
Market Trends:
One of the key trends observed in the Magnesium Rod Market is the increasing adoption of magnesium rods in the aerospace industry. Magnesium rods are being increasingly used in aircraft components, such as landing gears, wing assemblies, and fuselage structures, due to their lightweight properties and high strength. Furthermore, the growing emphasis on sustainability and environmental conservation is leading to the use of magnesium rods in eco-friendly applications, such as wind turbines and electric vehicles, thus fueling the market growth.
Recent Development:
- In June 2020, Gadot Biochemicals concentrated on novel uses of magnesium rods for sleep, with the goal of producing neurotransmitters for industrial fusion.
- In May 2020, MGX chosen Capstone Headwater as its merger advisory form, with a focus on lithium magnesium and energy technology.
Read complete market research report, “Magnesium Rod Market, By Product Type, By Application, By Geography, and other Segment Forecast 2024-2031“, Published by CoherentMI.
Market Opportunities:
Increasing Demand for High Purity Magnesium Rods
The market for magnesium rods is witnessing a significant growth in demand for high purity magnesium rods, particularly those with a purity of 99.99%. These high purity magnesium rods are preferred in industries such as electronics, aerospace, and automotive, due to their superior performance and corrosion resistance properties. The purity 99.99% segment is expected to witness a substantial growth during the forecast period, driven by the increasing applications in advanced technology industries.
Growing Usage of Magnesium Rods in Water Tanks
Another market opportunity in the magnesium rod market is the increasing usage of magnesium rods in water tanks. Magnesium rods are used in water tanks to prevent corrosion and prolong the life of the tank. With the growing awareness about the importance of water conservation and the need for efficient water storage solutions, the demand for magnesium rods in water tanks is expected to increase. This segment is projected to witness significant growth in the coming years, as more industries and households opt for magnesium rods for their water tanks.
In conclusion, the Magnesium Rod Market presents lucrative opportunities for companies operating in the magnesium rod industry. The increasing demand for high purity magnesium rods and their growing applications in various industries, along with the rising usage of magnesium rods in water tanks, are driving the market growth. With the dominant position of the purity 99% segment and the heater segment, as well as the strong presence of key players in North America, the market is set for significant expansion in the coming years. Companies can capitalize on these market opportunities by focusing on product development, expanding their distribution networks, and forming strategic alliances to enhance their market presence and gain a competitive advantage.
Magnesium Rod Market Segmentation:
- By Type
- Purity 99%
- Purity 99.9%
- Purity 99.99%
- By Application
- Heater
- Gas Pipeline
- Water Tank
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Get your copy of this exclusive research report now @ https://www.coherentmi.com/industry-reports/magnesium-rod-market/buyNow
Top Questions Answered in this Report:
- What factors are impeding the growth of the market for Magnesium Rod?
- What are the primary drivers fostering growth in the market for Magnesium Rod?
- Which segment stands out as the leading component in the Magnesium Rod Market?
- Who are the key players actively involved in the Magnesium Rod Market?
- Which region is poised to take the lead in the Magnesium Rod Market?
- What is the projected CAGR for the Magnesium Rod Market?
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