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.
Rising demand for magnesium alloys from medical sector, automotive, aerospace and defense and growing market for electric vehicles are some of the key factors propelling market growth in the industry. The key factors propelling the growth of magnesium alloy market is increase in demand for magnesium alloys due to urbanization and industrialization coupled with new product development and innovation in technology. Recently, a trend of reducing the weight of the vehicle structures is being observed in order to improve the performance of the automobile like the acceleration and deceleration, which has further enhanced the growth of magnesium alloys market. However, increasing magnesium prices and magnesium alloy strength being reduced in extreme temperatures since the temperature as high as 93 degrees reduces the overall yield strength of the metal due to which the growth of the market can be restraint. Some of the challenges faced by magnesium alloys market include abrasion and mechanical damage, resulting in corrosion on coated parts.
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- 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 findings from the report suggest
- 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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For the purpose of this report, Reports and Data has segmented the Magnesium Alloys market on the basis of alloy type, end-use industry, and region:
Alloy Type (Revenue in USD Million; Volume in Tons, 2018–2028)
- Cast Alloys
- Wrought Alloys
End-Use Industry (Revenue in USD Million; Volume in Tons, 2018–2028)
- Automotive & Transportation
- Aerospace & Defense
- Power Tools
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
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