gunjan123

1
Magnesium Market Sales Revenue, Key Players
Analysis, Development Status, Opportunity
Assessment and Industry Expansion Strategies
2027 The global magnesium market is set to gain
traction from the increasing demand for a safer
alternative to lithium-ion batteries. Fortune
Business Insightspresented this information in a
new report. The report further states that the
market size was USD 4,115.0 million in 2019 and
is projected to reach USD 5,928.1 million by
2027, exhibiting a CAGR of 5.4 during the
forecast period. COVID-19 Pandemic High Demand
from Beverage Can Manufacturers to Boost
Growth The COVID-19 pandemic has caused an
abrupt halt in supply chains, production
facilities, and raw material mining across the
globe. Hence, a wide range of industries are
struggling to keep up with regular revenues to
sustain in the market. But, the demand for
magnesium is set to surge owing to itsincreasing
application in the beverage can manufacturing
industry. Our detailed research reports will
provide the best insights into the market for
battling the pandemic. Drivers
Restraints- Increasing Usage in Automotive
Components to Accelerate Growth Being one of the
lightest metals with excellent strength,
magnesium is capable of resisting high
temperatures. It is used to manufacture
automotive components by alloying with aluminium.
The U.S. Automotive Material Partnershipdeclared
that90 lbs of Mg can replace 150 lbs of aluminum,
while 250 lbsof the same can replace 500 lbs of
steel. It can reduce around 15 of the weight of
vehicles. These factors are expected to propel
the magnesium market growth in the near future.
However, the metal has low corrosion resistance,
which, in turn, may hamper growth. Segment- Desu
lfurizationSegment to Grow Steadily Fueled by
Rising Government Investments Based on the
application, the desulfurization segment earned
13.2 in terms of the magnesium market share in
2019. This growth is attributable to the
increasing investments by government agencies,
especially in developing nations to enhance their
pre-existing infrastructures. Regional
Insights- Asia Pacific to Dominate Stoked by
Surging Production of Vehicles in
China Geographically, Asia Pacific held USD
1,394.3 million in 2019 in terms of revenue. It
is set to remain at the forefront because of the
presence of major consuming and producing
countries in the region. Besides, the rising
production of automotive in China and India would
aid growth. North America, on the other hand, is
expected to grow significantly on account of the
rising usage of the metal in place of aluminium
and steel in automobile bodies. In Europe,
countries, such as the U.K., France, and Germany
would contribute to growth backed by the urgent
need to lower carbon emissions and lower vehicle
weight. Competitive Landscape- Key Players
Focus on Collaboration New Plant Development to
Intensify Competition The global market for Mgis
highly fragmented. Several reputed companies are
investing huge sums in research and development
activities to introduce novel products. Some of
the others are aiming to co- develop new products
by collaborating with local firms. Below are the
two latest industry developments
2

• September 2020Alliance Magnesium Inc. (AMI)
  collaborated with the Carrefour dinnovation sur
  les matériaux de la MRC des Sources (CIMMS). It
  will aid AMI to benefit from the latters 50
  technical staff, equipment, and facilities. At
  the same time, it will be able to gain access to
  its laboratory.
• August 2020 Latrobe Magnesium Limited (LMG) will
  soon build its new magnesium plant in Victorias
  Latrobe Valley. It is currently investigating the
  usage of a hydromet process blended with the
  thermal reduction process.
• Sourcehttps//www.fortunebusinessinsights.com/mag
  nesium-market-104713