LONDON--(BUSINESS WIRE)--The manganese mining market is expected to grow by 5,385.13 thousand tons during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
The global manganese industry has witnessed significant technological advances over the years, which has made manganese vital for the production of batteries for use in electric vehicles and other renewable energy applications. For instance, Tesla’s Powerwall batteries use manganese. There are numerous advantages of manganese-based batteries over other battery chemistries, which makes manganese batteries the preferred choice. For instance, lithium manganese batteries deliver a higher voltage than other batteries of 3.8-4 volts but with lesser energy density. In addition, manganese is a safe and more environmentally benign cathode material when compared to other materials such as cobalt. These factors have led to growth of the manganese batteries market, which in turn will boost the growth of the manganese mining market over the forecast period.
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As per Technavio, the increasing adoption of stainless steel will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Manganese Mining Market: Increasing Adoption of Stainless Steel
Stainless steel is one of the commonly used metals in industrial applications due to its durability, yield strength, and resistance to corrosion. It is widely used in the mining and quarrying, chemicals, petrochemicals, electrical engineering, power generation, and food and beverage industries. Additives such as nickel, chromium, and manganese provide corrosion resistance and strength to stainless steel. They also provide resistance against mechanical damage. Thus, the increasing adoption of stainless steel will drive the growth of the manganese mining market during the forecast period.
“Factors such as the growing adoption of sustainable and non-combustible energy sources and the increasing demand for aluminum in the automotive industry will have a significant impact on the growth of the manganese mining market value during the forecast period,” says a senior analyst at Technavio.
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Manganese Mining Market: Segmentation Analysis
This market research report segments the manganese mining market by application (alloys and others), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The APAC region led the manganese mining market in 2019, followed by Europe, North America, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to increasing automotive production in the region.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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