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Magnesium Alloy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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  • 120 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5025867
The magnesium alloy market is expected to register a CAGR of approximately 4% during the forecast period.

The market was negatively impacted due to COVID-19. Due to supply chain disruptions, work stoppages because of the measures imposed by governmental authorities to slow the virus spread negatively impacted the market. Hence, such impact and uncertainties due to the COVID-19 outbreak acted as a stumbling block for the magnesium alloy market. However, the market gained momentum and is expected to recover in the coming years.

Key Highlights

  • The increasing production activities of engineering components for weight reduction is the major driving factor for the market growth.
  • Conversely, issues associated with the corrosion and welding of magnesium alloys are expected to hinder the market growth.
  • The rise in popularity of magnesium alloys in artificial human implants and medical devices is an opportunity for the market's growth.
  • Asia-Pacific dominated the globe, with the most significant consumption from China and India.

Magnesium Alloy Market Trends

Increasing Demand from the Automotive and Aerospace Manufacturing Industries

  • Magnesium alloy applications offer various benefits. They are employed in the engine block and wheel production, which, in turn, supports weight reduction, especially for sports cars.
  • Automotive manufacturers use magnesium alloys in production to increase automobiles' fuel efficiency and performance. Magnesium alloys are resistant to higher temperatures, making them the preferred choice in the engine blocks of automobiles.
  • According to the OICA, in 2021, global vehicle production reached 80.1 million units, an increase of 4% from the previous year's production of 77.6 million units.
  • Many large automotive manufacturers, like Audi, Mercedes-Benz, Ford, Jaguar, Fiat, and Kia Motors Corporation already replaced steel and aluminum with magnesium alloys in their vehicles. In the fiscal year 2022, AUDI AG delivered 1,212,275 vehicles worldwide and earned a revenue of USD 46.98 billion.
  • Magnesium alloy exhibits the highest tensile strength, distinguishing it from other wrought alloys. Magnesium-Zinc-Zirconium alloys are mainly used for specialist solutions, whereas thorium-containing alloys are used for work at elevated temperatures.
  • For instance, ZK60 alloy is used for aircraft parts that require high strength and resistance to dynamic loads. Elektron 43 magnesium alloy manufactured by Luxfer MEL Technologies underwent extensive flammability testing by the Federal Aviation Administration (FAA) to be used in the aircraft seat frames.
  • The growing demand for commercial aircraft due to increasing air passengers and air transport for trade operations triggered the production of magnesium alloys. For instance, in North America, according to the Boeing Commercial Outlook 2022-2041, the total deliveries of new airplanes accounted for 9,310 units by 2041, with a market service value of USD 1,045 billion.
  • These developments are expected to boost the demand for magnesium alloy over the forecast period.

Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the global market, owing to China's highly developed automotive sector and the developing production of aerospace components in recent years. China, Taiwan, and South Korea include substantial electronic production bases for manufacturing cameras, cell phones, laptops, and portable media devices.
  • According to JEITA (Japan Electronics and Information Technology Industries Association), in November 2022, the total production of the electronics industry reached USD 7,098.34 million. In December 2022, Japan exported electronics worth USD 8,395.45 million.
  • In India, the electronics market witnessed a growth in demand, with market size increasing rapidly. India's electronic goods exports fetched USD 16.67 billion in December 2022, compared to USD 10.99 billion in the same month of 2021. The growing electronics and appliances market in India and China may push further Asian-Pacific market growth.
  • According to the US International Trade Commission, China leads the market and exports many magnesium alloys to Europe and North America because of the country's vast number of magnesium alloy manufacturing industries.
  • According to China Export Data, the top 3 exporters of Magnesium alloy are China with 8,955 shipments, followed by Germany with 2,844, and South Korea at the 3rd spot with 2,724 shipments.
  • In February 2023, Chongqing Wansheng Economic Development Zone started the construction of a high-performance Mg-alloy production base and Mg-Al alloy R&D center projects with an investment of USD 144 million.
  • Moreover, the growth of various manufacturing industries in China, India, and other ASEAN countries is expected to support the demand for magnesium alloys in the future.

Magnesium Alloy Industry Overview

The magnesium alloy market is partially consolidated, with a few major players dominating a significant portion. Some major companies are Magontec Industry Ltd, Advanced Magnesium Alloys Corporation (AMACOR), US Magnesium LLC, and Smiths Advanced Metals.

Additional Benefits:

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study



4.1 Drivers
4.1.1 Growing Need for Weight Reduction
4.1.2 Increasing Demand for Castings in Electronic Applications
4.2 Restraints
4.2.1 Issues Associated with the Corrosion and Welding of Magnesium Alloys
4.2.2 Competition from Substitutes
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION (Market Size in Volume)
5.1 By Type
5.1.1 Cast Alloys
5.1.2 Wrought Alloys
5.2 By End-user Industry
5.2.1 Aerospace
5.2.2 Automotive
5.2.3 Medical
5.2.4 Electronics
5.2.5 Other End-user Industries
5.3 By Geography
5.3.1 Asia Pacific China India Japan South Korea Rest of Asia Pacific
5.3.2 North America United States Canada Mexico
5.3.3 Europe Germany United Kingdom Italy France Rest of Europe
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle-East and Africa Saudi Arabia South Africa Rest of Middle-East and Africa

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) ** /Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Advanced Magnesium Alloys Corporation (AMACOR)
6.4.2 Canada Magnesium
6.4.3 Dead Sea Magnesium Ltd
6.4.4 Hydro Magnesium
6.4.5 Ka Shui International Holdings Ltd
6.4.7 m-tec powder
6.4.8 Nippon Kinzoku
6.4.9 Rima Group
6.4.10 Shanghai Regal Magnesium Limited Company
6.4.11 Smiths Advanced Metals
6.4.12 US Magnesium LLC

7.1 Rise in Popularity of Magnesium Alloys in Artificial Human Implants and Medical Devices

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Advanced Magnesium Alloys Corporation (AMACOR)
  • Canada Magnesium
  • Dead Sea Magnesium Ltd
  • Hydro Magnesium
  • Ka Shui International Holdings Ltd
  • m-tec powder
  • Nippon Kinzoku
  • Rima Group
  • Shanghai Regal Magnesium Limited Company
  • Smiths Advanced Metals
  • US Magnesium LLC