Rapidly growing adoption of electric vehicles and increasing support initiatives by government of various countries are key factors driving market revenue growth.
Market Size - USD 3,969.0 Million in 2020, Market Growth - CAGR of 11.8%, Market Trends - Advent and implementation of innovative process such as new rheo-casting and thixo-molding.
The global magnesium alloys market size is expected to reach USD 4,254.9 Million in 2028, and register a CAGR of 11.8% during the forecast period. Growing awareness regarding advantages of using magnesium alloys over other alloys, increasing consumption of the product in various applications including artificial-organ implants, and increasing adoption of magnesium alloys in various industries such as aerospace, defense and healthcare are some of the major factors expected to drive market growth to a significant extent.
Increasing demand for magnesium alloys for producing jet-engine-fan frames, spacecraft, transmission castings, etc., clubbed with increasing investments by various countries in the defense sector across the globe, and increasing need for technologically-advanced lightweight commercial aircrafts are other major factors expected to drive growth of the global magnesium alloys market. However, fluctuating costs of magnesium and challenges related to welding and corrosion of magnesium alloys are factors that could hamper market growth to a certain extent.
Some Key Findings From the Report:
For the purpose of this report, the global magnesium alloys market has been segmented o the basis of alloy type, end-use industry, and region:
Alloy Type Outlook
End-Use Industry Outlook
Region Outlook
Reasons to Buy the Report
Market Size - USD 3,969.0 Million in 2020, Market Growth - CAGR of 11.8%, Market Trends - Advent and implementation of innovative process such as new rheo-casting and thixo-molding.
The global magnesium alloys market size is expected to reach USD 4,254.9 Million in 2028, and register a CAGR of 11.8% during the forecast period. Growing awareness regarding advantages of using magnesium alloys over other alloys, increasing consumption of the product in various applications including artificial-organ implants, and increasing adoption of magnesium alloys in various industries such as aerospace, defense and healthcare are some of the major factors expected to drive market growth to a significant extent.
Increasing demand for magnesium alloys for producing jet-engine-fan frames, spacecraft, transmission castings, etc., clubbed with increasing investments by various countries in the defense sector across the globe, and increasing need for technologically-advanced lightweight commercial aircrafts are other major factors expected to drive growth of the global magnesium alloys market. However, fluctuating costs of magnesium and challenges related to welding and corrosion of magnesium alloys are factors that could hamper market growth to a certain extent.
Some Key Findings From the Report:
- Among the alloy type segments, the cast alloy segment accounted for major share in terms of revenue in 2020, due to increasing demand for the product in the automotive & transportation industry, as well as for making industrial equipment.
- The wrought alloys segment accounted for the second-largest revenue share in the global magnesium alloys market in 2020, due to its high adoption of wrought alloys for application in industries such as electronics, aerospace, and defense.
- Among the end-use segments, the aerospace & defense accounted for significantly high share in terms of revenue in 2020, due to rising need and demand for high-performing and low-weight materials for producing aircrafts.
- The Asia Pacific magnesium alloys market accounted for major share in terms of revenue in 2020, due to rapid growth of end use sectors including automotive, aerospace and electronics, and increasing consumption of magnesium alloys for applications in industries.
- The North America magnesium alloys market accounted for the second largest revenue share in 2020, due to developed automotive and aerospace industries, and focus of manufacturers along with government support for production of technologically-advanced lightweight aircraft and spacecraft.
- The Europe magnesium alloys market is expected to register substantially high revenue CAGR during the forecast period, owing to increasing sales of electric vehicles (EVs), high inclination towards purchasing innovative and advanced automobiles as well as electronic products, and constantly increasing investments in the defense sector by government and companies for manufacturing high-tech aircrafts.
- Companies profiled in the market report include Elektron, Nanjing Yunhai Special Metals Co. Ltd., Ka Shui International Holdings Ltd., US Magnesium, Meridian Lightweight Technologies, Magontec, Shanghai Regal Magnesium Ltd. Co., Rima Group, Smiths Advanced Metals, Shanxi Fugu Tianyu Mineral Industry. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
For the purpose of this report, the global magnesium alloys market has been segmented o the basis of alloy type, end-use industry, and region:
Alloy Type Outlook
- Cast Alloys
- Wrought Alloys
- Others
End-Use Industry Outlook
- Automotive & Transportation
- Electronics
- Aerospace & Defense
- Power Tools
- Others
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
Reasons to Buy the Report
- A robust analysis and estimation of the Magnesium Alloys Market with four levels of quality check - in-house database, expert interviews, governmental regulation, and a forecast specifically done through time series analysis
- A holistic competitive landscape of the all the major players in Magnesium Alloys Market. The report covers their market shares, strategic initiatives, new product launches, R&D expenditure, M&As, Joint ventures, expansionary plans, product wise metric space analysis and key developments
- Go-to-market strategies specifically formulated in line with location analysis which takes into the factors such as government regulations, supplier mapping, supply chain obstacles, and feedback from local vendors
- Most deep dive segmental bifurcation available currently in the market. Our stellar methodology helps us understand the overall gamut of the supply chain and will help you explain the current market dynamics
- Special focus given on vendor landscape, supplier portfolio, customer mapping, production capacity, and yearly capacity utilization
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Magnesium Alloys Segmentation & Impact Analysis
Chapter 5. Magnesium Alloys Market By Alloy Type Insights & Trends
Chapter 6. Magnesium Alloys Market By End use Industry Insights & Trends
Chapter 7. Magnesium Alloys Market Regional Outlook
Chapter 8. Competitive Landscape
Chapter 9. Company Profiles
Companies Mentioned
- Elektron (UK)
- Nanjing Yunhai Special Metals Co. Ltd. (China)
- Ka Shui International Holdings Ltd. (China)
- US Magnesium
- Meridian Lightweight Technologies (US)
- Magontec (Australia)
- Shanghai Regal Magnesium Ltd. Co. (China)
- Rima Group (Brazil)
- Smiths Advanced Metals (UK)
- Shanxi Fugu Tianyu Mineral Industry (China)
