The demand for and growth of the global magnesium alloys market are anticipated to be driven by the expanding use of magnesium alloys in the automotive industry. Despite their lightweight nature, magnesium alloys possess excellent strength-to-weight ratios. They offer impressive tensile and yield strengths, making them suitable for applications requiring both strength and reduced weight. Furthermore, the high thermal conductivity of magnesium alloys helps to mitigate heat buildup, ensuring optimal performance and reliability.
According to Data Bridge Market Research, the Global Magnesium Alloys Market is expected to reach the value of USD 2,007,247.90 thousand by the year 2029, at a CAGR of 4.7% during the forecast period of 2022 to 2029.
“Use of magnesium alloys in the automotive industry surge market demand"
The increasing use of magnesium alloys in the automotive industry is a significant driver for the global magnesium alloys market. The industry utilizes magnesium alloys for engineering components to achieve weight reduction while maintaining overall strength. The demand for magnesium alloys is driven by the need for vibration damping capacity and the material's properties, including strength, lightweight, durability, thermal conductivity, high-temperature creep resistance, and corrosion resistance. These characteristics make magnesium alloys highly desirable for automotive applications, leading to substantial market growth.
What restraints the growth of the global magnesium alloys market?
“Fluctuation in magnesium prices can impede the market growth”
The global magnesium alloys market expansion is constrained by fluctuations in magnesium and its alloy prices. Factors such as reduced coal supply, shutdowns, and policies have caused magnesium prices to rise. Additionally, tightening supply has led to a decline in magnesium ingot production. To mitigate the impact of these price fluctuations, magnesium alloy companies are focusing on production expansion, equipment upgrades, and introducing high-value projects to enhance their position in the industry and navigate the volatile market conditions.
Segmentation: Global Magnesium Alloys Market
The magnesium alloys market is segmented on the basis of product and application.
- On the basis of product, the magnesium alloys market is segmented into cast alloy and wrought alloy
- On the basis of application, the magnesium alloys market is segmented into automotive and transportation, aerospace and defense, electronics, power tools and others
Regional Insights: Asia-Pacific is expected to dominate the global magnesium alloys market
Asia-Pacific is poised to dominate the global magnesium alloys market due to the expanding applications of the material in the aerospace and defense sectors. The region's growing aerospace industry, fueled by increasing air travel demand and defense modernization efforts, drives the demand for lightweight and high-strength materials such as magnesium alloys. The region's strong manufacturing capabilities, technological advancements, and favorable government policies further support the growth of the magnesium alloys market in Asia-Pacific.
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Recent Developments in Global Magnesium Alloys Market
- In 2019, In its new Indonesian car plant, Hyundai Motor invested USD 1.55 billion. Beginning in late 2021, its new auto plant began to produce cars.
- In 2016, Biotronik introduced the Magmaris magnesium scaffold, which is now the first magnesium-based resorbable scaffold in the world to be certified by the C.E.
The Prominent Key Players Operating in the Global Magnesium Alloys Market Include:
- Luxfer MEL Technologies (U.K.),
- Shandong Feixian County Yinguang Magnesium Industry Co. Ltd. (China)
- regal-mg (U.S.)
- Magnesium LLC (U.S.)
- Namoalloy (China)
- Dead Sea Magnesium (Israel)
- DSM (Netherlands)
- Amacor (U.S.)
- Dynacast (U.S.)
- RIMA INDUSTRIAL (Spain)
- Mag Specialties Inc. (U.S.)
- MAGONTEC Limited (Australia)
- Nanjing Yunhai Special Metal Co., Ltd (China)
Above are the key players covered in the report, to know about more and exhaustive list of global magnesium alloys market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Magnesium Alloys Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
