Analysis on Impact of COVID19-Technavio Evaluates the Impact of High Demand for Steel from Various End-user Industries and the Use of Lightweight Materials in the Automotive Industry in its Magnesium Market Analysis for the Forecast Period 2020-2024

The magnesium market is likely to experience steady growth because of the high demand for steel from various end-user industries & the use of lightweight materials in the automotive industry. Rising at a CAGR of almost 6%, the market is estimated to have an incremental growth of 390.21 k MT by 2024. Download Free Sample Report

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Technavio has announced its latest market research report titled Global Magnesium Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Magnesium Market 2020-2024 (Graphic: Business Wire)

A Technavio analyst says, "The global magnesium market will have a negative impact due to the spread of COVID-19. The extension of containment efforts has been severely impacting businesses and economic activities worldwide. If the spread of the novel coronavirus is not controlled by June 2020, the market might witness a significant downsurge compared to our base estimate"

Technavio’s recent analysis of the magnesium market, includes a detailed examination of its revenue forecasts, including market drivers and challenges, key market participants, and growth opportunities. The study segments the markets in APAC, Europe, North America, MEA, and South America, geographically. The APAC region is expected to have a market share of 76% and will provide significant growth opportunities for market players during the forecast period.

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The availability of substitutes and the complexities in producing and refining titanium are expected to hinder the growth of the market. However, the growing demand for steel will have a positive impact on the magnesium market during the forecast period.

Technavio’s analysis of the magnesium market also includes:

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive magnesium market growth during the next five years
  • Precise estimation of the magnesium market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the magnesium market industry across APAC, Europe, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape
  • Comprehensive details of factors that will challenge the growth of magnesium market

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.