United States, Rockville MD, Sept. 07, 2022 (GLOBE NEWSWIRE) -- As per a new report by Fact.MR, a market research and competitive intelligence provider, the global magnesium photoengraving plate market is valued at US$ 182 million in 2022 and is expected to expand at a CAGR of 6.6% over the 2022-2032 study period. Market growth is mainly being aided by increasing demand for magnesium plates for photoengraving in packaging applications.
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Magnesium photoengraving plates are widely used in foil stamping, embossing, and debossing, which can be then used in packaging and design purposes in various industries. Magnesium plates are cost-effective and time-savers when compared to zinc plates and copper plates, and have an upper hand because of higher etching speed and printing durability as well.
Demand for photoengraving plates has been increasing for pharmaceutical packaging, as well as in the paper, leather, and textile industries for design & labelling purposes.
How is the U.S. Magnesium Photoengraving Plate Market Shaping Up?
The United States magnesium photoengraving plate market is projected to expand at a healthy CAGR of 7.2% over the forecast period. The United States market is valued at US$ 30.7 million and is estimated to reach US$ 61.8 million by the end of 2032.
Magnesium photoengraving plates are used in the food & beverage for packaging and printing logos. Increased demand for packaged food has been a key reason for the growth of the magnesium photoengraving plate market in the United States, as many consumers in the country prefer packaged food.
The United States has the world’s largest pharmaceutical industry. The country accounts for nearly 46% share of the global revenue generated worldwide. The magnesium photoengraving technique can also be used in pharmaceutical industries as well for packaging and printing purposes.
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Key Segments Covered in the Magnesium Photoengraving Plate Industry Survey
- By Thickness :
- 1-3 mm Magnesium Photoengraving Plates
- 3-5 mm Magnesium Photoengraving Plates
- 5-7 mm Magnesium Photoengraving Plates
- 1-3 mm Magnesium Photoengraving Plates
- By Application :
- Foil Stamping
- Hot Foils
- Cold Foils
- Embossing Debossing
- Letterpress Printing
- Thermal Dies
- Flexography
- Rubber Stamps
- Plaques & Awards
- Cash Printing
- Others
- Foil Stamping
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- North America
Market Development
Manufacturers of plates for photo engraving are looking to replace copper and zinc plates with magnesium plates owing to their several benefits such as lightweight, high density, fast heat transfer, good shock absorption, and environmental protection.
Market players are also looking to produce magnesium plates of various thicknesses that can be applied in several of end-use applications. In addition, prominent market players are focusing on enhancing their consumer base across end-use industries as well as regions.
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Key players in the Magnesium Photoengraving Plate Market
- Luxfer MEL Technologies
- SGZ Metals
- EASON New Materials
- CO.FO.Me.GRA. Srl
Key Takeaways from Magnesium Photoengraving Plate Market Study
- The global magnesium photoengraving plate market is projected to expand at an impressive CAGR of 6.6% and reach US$ 344.9 million by 2032.
- The market expanded at 4% CAGR from 2017 to 2021.
- Under thickness, 3-5 mm magnesium plates lead and are currently valued at US$ 88.8 million.
- Europe dominated the worldwide market with 30.6% share in 2021.
- Under application, foil stamping accounted for a market share of 24.1% in 2021.
- Sales of magnesium photoengraving plates are projected to surge at CAGRs of 7.4% and 7% in Europe and North America, respectively.
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