Saudi Arabia Magnesium Alloys Market Size & Outlook
Saudi Arabia magnesium alloys market, 2016-2027 (US$M)
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Saudi Arabia magnesium alloys market highlights
- The Saudi Arabia magnesium alloys market generated a revenue of USD 16.2 million in 2019 and is expected to reach USD 21.2 million by 2027.
- The Saudi Arabia market is expected to grow at a CAGR of 3.5% from 2020 to 2027.
- In terms of segment, automotive & transportation was the largest revenue generating application in 2019.
- Automotive & Transportation is the most lucrative application segment registering the fastest growth during the forecast period.
Magnesium alloys market data book summary
| Market revenue in 2019 | USD 16.2 million |
| Market revenue in 2027 | USD 21.2 million |
| Growth rate | 3.5% (CAGR from 2019 to 2027) |
| Largest segment | Automotive & transportation |
| Fastest growing segment | Automotive & Transportation |
| Historical data | 2016 - 2018 |
| Base year | 2019 |
| Forecast period | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Automotive & Transportation, Aerospace & Defense, Electronics, Other Applications |
| Key market players worldwide | Nanjing Yunhai Special Metals, Ferroglobe PLC |
Other key industry trends
- In terms of revenue, Saudi Arabia accounted for 0.5% of the global magnesium alloys market in 2019.
- Country-wise, China is expected to lead the global market in terms of revenue in 2027.
- In Middle East & Africa, South Africa magnesium alloys market is projected to lead the regional market in terms of revenue in 2027.
- South Africa is the fastest growing regional market in Middle East & Africa and is projected to reach USD 42.1 million by 2027.
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Magnesium Alloys Market Scope
Magnesium Alloys Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia magnesium alloys market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to magnesium alloys market will help companies and investors design strategic landscapes.
Automotive & transportation was the largest segment with a revenue share of 62.35% in 2019. Horizon Databook has segmented the Saudi Arabia magnesium alloys market based on automotive & transportation, aerospace & defense, electronics, other applications covering the revenue growth of each sub-segment from 2016 to 2027.
In October 2017, Mohammed bin Salman Al Saud, the Crown Prince of the Kingdom of Saudi Arabia, announced ‘The Kingdom Vision 2030’ plan to promote industrial manufacturing and reduce the country’s economic dependence on crude oil revenues.
The country is actively working on developing magnesium and aluminum production and downstream processing capacities to support industrial manufacturing within the country. Thus, future growth of industrial manufacturing activities is expected to support the demand for magnesium alloys over the forecast period.
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Target buyers of Saudi Arabia magnesium alloys market databook
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Our clientele includes a mix of magnesium alloys market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia magnesium alloys market, including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia magnesium alloys market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
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Saudi Arabia magnesium alloys market size, by application, 2016-2027 (US$M)
Saudi Arabia Magnesium Alloys Market Share, 2019 & 2027 (US$M)
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