USD 1.84 Billion
Magnesium Alloys Market Size, Share, Growth Analysis, By Alloy Type(Cast Alloys, and Wrought Alloys), By End-Use(Automotive, Aerospace, Electronics and Medical), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2270 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Magnesium Alloys Market Insights
Global Magnesium Alloys Market size was valued at USD 1.84 Billion in 2022 and is poised to grow from USD 2.14 Billion in 2023 to USD 7.21 Billion by 2031, at a CAGR of 16.4% during the forecast period (2024-2031).
The magnesium alloys market represents a crucial segment within the broader realm of lightweight materials and metallurgy. Magnesium alloys, composed primarily of magnesium combined with other elements such as aluminum, zinc, and manganese, offer a compelling combination of low density and high strength-to-weight ratio. This makes them an attractive choice for various industries, including automotive, aerospace, electronics, and medical devices.
The quest for lightweight materials that can enhance fuel efficiency and reduce emissions in the global automotive and aerospace sectors have driven the magnesium alloys market. Lightweight vehicles and aircraft, with improved performance and ecological soundness can be developed with the use of magnesium alloys, aligned with global sustainable goals. Additionally, their excellent mechanical properties and compact weight make it an excellent choice for application in portable electronic devices.
However, challenges also exist in this market. Magnesium alloys are susceptible to corrosion, which requires appropriate surface treatments. Moreover, issues related to cost, limited availability of high-quality magnesium resources, and recycling methods need to be addressed to ensure sustainable growth.
The magnesium alloys market is poised for expansion as industries increasingly prioritize weight reduction and sustainability. Ongoing research into innovative alloys and production techniques aims to further enhance their performance and overcome existing limitations. As such, the market is expected to play a pivotal role in the broader shift toward lightweight materials in various industrial applications.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cast Alloys
Fastest Growth
Wrought Alloys
Growth Rate
16.4% CAGR
Global Magnesium Alloys Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Magnesium Alloys Market Segmental Analysis
The global magnesium alloys Market is segmented by Alloy Type, End-Use and Region. Based on Alloy Type, the market is segmented as, Cast Alloys, and Wrought Alloys. Based on End-Use the market is segmented as, Automotive, Aerospace, Electronics and Medical. Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA).
Analysis By Alloy Type
Cast Alloys, at that time, held a dominant position in the market. Cast magnesium alloys are widely used in various industries, including automotive, aerospace, and industrial applications. They are preferred for their suitability in casting processes such as die casting, sand casting, and investment casting. In the automotive sector, cast magnesium alloys found extensive use in components like engine blocks and transmission cases due to their excellent castability and lightweight properties. This application dominance contributed to the prominence of cast alloys in the market.
The wrought alloys segment was the fastest-growing segment. Wrought magnesium alloys are typically used in sheet, plate, bar, and extruded forms. Their high-strength properties, combined with relatively low weight, made them desirable for applications like aerospace components and lightweight structures. The aerospace industry, in particular, was increasingly turning to wrought magnesium alloys to reduce overall weight and improve fuel efficiency. This trend was driving the growth of wrought alloys, although they were not as dominant as cast alloys.
Analysis By End-use
The automotive industry was dominating the market. The quest for lightweight materials to enhance fuel efficiency and reduce emissions had led to increased adoption of magnesium alloys. Automotive components such as transmission cases, engine blocks, and steering columns have extensive use of these elements. Their exceptional strength-to-weight ratio has led to enhanced vehicle performance, fueling the economy.
However, the aerospace industry was the fastest-growing market segment due to aircraft manufacturing using magnesium alloys for their excellent lightweight properties, making them the preferred choice for building of interior elements and structural components. Magnesium alloys found the perfect market in the aerospace industry which was targeting the development of fuel-efficient lightweight aircraft. The demand for magnesium alloys in aerospace applications was continuously increasing, as producers researched advanced production techniques and alloy formulations to meet strict industry requirements.
Global Magnesium Alloys Market By Alloy Type
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Magnesium Alloys Market Regional Insights
Asia-Pacific, particularly China with its high rate of production and adoption of these products, is the largest region in the magnesium alloys market. China's increasing demand for magnesium alloys, particularly in the automotive and electronics sectors, and extensive manufacturing capabilities established its presence in the APAC region. China’s influential magnesium production industry and flourishing manufacturing ecosystem made it a key player in the magnesium alloys market.
In terms of adoption, North America comes in second place in the market. The United States particularly boosted expansion in the region due to its strong presence of renowned companies in automotive and aerospace industries. The demand for magnesium alloys in the The U.S. automotive sector is heightened as a result of their focus on the use of lightweight materials to improve fuel efficiency and meet regulatory standards. Furthermore, the aerospace industry in the county extensively used magnesium alloys for aircraft components, further propelling regional market growth.
Global Magnesium Alloys Market By Region
- Largest
- Fastest
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Magnesium Alloys Market Dynamics
Drivers
Sustainable Materials:
- As a result of their low density and recyclability, magnesium alloys were seen as the green alternative in these industries, keeping their production in line with sustainability goals and regulations worldwide.
Lightweighting Trend:
- The automotive and aerospace industries targeted the development of lightweight vehicles and aircrafts to improve performance and fuel efficiency, driving the demand for magnesium alloys, thus growing market expansion.
Restraints
High Production Costs:
- In comparison to other materials, the production costs of magnesium alloys was relatively high as there was a limited source of high-quality magnesium ore, and the extraction and refining costs were an additional burden. This could bar budgeted manufacturers from entering the market, stunting market growth.
Corrosion Susceptibility:
- Magnesium alloys require high-performance protective coatings or surface treatments due to being easily affected by corrosion. This adds to the production costs incurred in order to stop this from happening, which poses a problem for limited-resource manufacturers.
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Magnesium Alloys Market Competitive Landscape
The competitive landscape of the market is defined by a varied blend of niche manufacturers and renowned industry players, with eachstriving to gain market share and fulfill demand. Key global companies like Norsk Hydro ASA, AMG Advanced Metallurgical Group N.V., and Meridian Lightweight Technologies were prominent figures in the market, leveraging their extensive production capabilities and diversified product portfolios. Moreover, regional players played a significant role, especially in areas with substantial magnesium resources, such as China. Leading Chinese magnesium alloy producers like Ningxia Hui-Ye Magnesium Marketing Group and Tianjin DongHui Powder Processing Equipment Co., Ltd. were prominent contributors to the global market.
Top Player’s Company Profile
- Norsk Hydro ASA
- AMG Advanced Metallurgical Group N.V.
- Meridian Lightweight Technologies
- Nanjing Yunhai Special Metals Co., Ltd.
- Ningxia Hui-Ye Magnesium Marketing Group
- Tianjin DongHui Powder Processing Equipment Co., Ltd.
- Magontec Limited
- Mag Specialties Inc.
- Smiths Advanced Metals
- Dead Sea Magnesium Ltd.
- Mag-Lite
- Shanxi Credit Magnesium Co., Ltd.
- U.S. Magnesium LLC
- Magnesium Elektron
- Hunan High Broad New Material Co., Ltd.
- C&J Clarks International Ltd.
- Rima Group
- Western Magnesium Corporation
- VSMPO-AVISMA Corporation
- Luxfer Holdings PLC
Recent Developments
- Olight, a company that specializes in making quality yet affordable torches, developed, manufactured, and announced the release of Baton 3 Pro Max Magnesium Alloy, in January 2023, the first-ever flashlight made from magnesium alloys. The launch of the Baton 3 Pro Max Magnesium Alloy (in Desert Tan) paves the way for magnesium alloy usage in the production of torches, which could possibly rival aluminum alloy in the future.
- Yulin Energy Group, a company that provides coal mining, distribution, and resource exploration services, and Ka Shui Group, an investment holding company principally engaged in the plastic businesses, collaborated in April 2022 to promote the execution of the Yulin magnesium and aluminum industry plan designed in response to China's development strategies of "One Belt, One Road" and "Intelligent Manufacturing."
Magnesium Alloys Key Market Trends
- Lightweighting in Automotive: The automotive sector has significantly driven the market growth of magnesium alloys. Automotive producers have sustained extensive adoption of magnesium alloys into vehicle components, such as transmission cases, engine blocks, and structural parts, to enhance fuel efficiency and lower weight.
- Aerospace Adoption: The potential of magnesium alloys to reduce aircraft weight, to reduce emission and improve fuel efficiency, did not go unnoticed by the aerospace industry. The demand for magnesium alloys in the production of aerospace components like seat frames and interior panels was also growing.
Magnesium Alloys Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global magnesium alloys market analysis; the global magnesium alloys market was characterized by a robust presence across regions and diverse industry segments. Asia-Pacific, particularly China, led in production and consumption, driven by the automotive and electronics industries. North America, with a focus on aerospace applications, also played a significant role. The market segments encompassed cast and wrought alloys, each finding applications in automotive components, aerospace structures, electronic devices, and medical implants. The primary driver was the industry's pursuit of lightweight materials to enhance fuel efficiency, resulting in the increased adoption of magnesium alloys in automotive and aerospace applications. Sustainability concerns, the recyclability of magnesium, and advancements in alloy formulations further fueled market growth. However, challenges included corrosion susceptibility, limited alloy options, and production costs. The magnesium alloys market demonstrated potential for innovation and expansion, influenced by the evolving preferences of key industries and their commitment to sustainability. For the latest insights, updated regional data, and evolving market trends, it's advisable to refer to recent industry reports and analyses.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.84 Billion |
| Market size value in 2031 | USD 7.21 Billion |
| Growth Rate | 16.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Magnesium Alloys Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Magnesium Alloys Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Magnesium Alloys Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Magnesium Alloys Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Magnesium Alloys Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Magnesium Alloys Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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