Magnesium Alloys Market: Trends, Growth Opportunities and Industry Statistics Till 2028
Increase in applications of magnesium alloys by OEMs in various frameworks like bracket, oil pumps, radiator support, crankshaft, cylinder crankcase, and in automotive sector in vehicles body parts and interior parts are key factors contributing to high CAGR of Magnesium Alloys during the forecast period.
According to the current analysis of Reports and Data, the global Magnesium Alloys Market was valued at USD 3,969.0 Million in 2020 and is expected to reach USD 4,254.9 Million by 2028, at a CAGR of 11.80%. Owing to its ability to absorb energy, low density, extensive heat dissipation capacity, vibration absorption, high elasticity modulus, and high impact bearing capacity, magnesium alloys are considered unique. The demand of the consumers for light-weight vehicles to enhance the performance of these vehicles is expected to drive the market growth. An increase in the disposable income of consumers has led to an increase in demand for electronic equipment like cell phones, computers, laptops, cameras, and portable media device housing, which is expected to drive the market of magnesium alloys during the forecast period. Additionally, owing to its ability to form complex shapes, magnesium alloys are suitable in sports sector for producing various sports equipment like golf clubs, javelins, tennis rackets, and archery bows.
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Top Leading Players: Magnesium Elektron (UK), Nanjing Yunhai Special Metals Co. Ltd. (China), Ka Shui International Holdings Ltd. (China), US Magnesium (US), Meridian Lightweight Technologies (US), Shanghai Regal Magnesium Ltd. Co. (China), Magontec (Australia), Rima Group (Brazil), Smiths Advanced Metals (UK), Shanxi Fugu Tianyu Mineral Industry (China)
Further Key Finding from the Report Suggestion:
- Asia Pacific is considered to be the largest market shareholder in 2018 and stays the largest shareholder through the forecast period. In the Asia Pacific, the market is majorly driven by China and South Korea due to an increase of magnesium alloys in computers, cell phones, body structures, and power trains consumer electronics in these countries.
- Magnesium alloys are non-toxic in nature, which makes it useful in healthcare and medical industry. For example, magnesium alloys are being used as biodegradable implants in the human body.
- Asia Pacific region is predicted to hold 28.3% of the global magnesium alloys market. Developing countries such China and India are likely to witness high growth in the magnesium alloys market.
- However, some drawbacks of magnesium alloys include poor corrosion resistance, elongation, and tedious process of completely removing the impurities like copper and nickel from the alloy.
- AZ-based magnesium alloys are produced by mixing aluminum and zinc elements in appropriate proportions in purified magnesium metal.
- Some of the most commonly used AZ based magnesium alloys are: AZ based magnesium alloys have excellent casting ability and mechanical strength while AZ 91 D-based alloys show properties of high corrosion resistance and high purity. They can aptly be used in production of telephones and car parts.
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The global Magnesium Alloys market is segmented into:
Alloy Type (Revenue in USD Million; Volume in Tons, 2018–2028)
- Cast Alloys
- Wrought Alloys
- Others
End-Use Industry (Revenue in USD Million; Volume in Tons, 2018–2028)
- Automotive & Transportation
- Electronics
- Aerospace & Defense
- Power Tools
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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