Magnesium Alloys
Magnesium Alloys Market Forecasts to 2030 - Global Analysis By Alloy Type (Cast Alloys, Wrought Alloys, Rare Earth Alloys and Other Alloy Types), Material, Application, End User and By Geography
According to Stratistics MRC, the Global Magnesium Alloys Market is accounted for $4.7 billion in 2024 and is expected to reach $10.4 billion by 2030 growing at a CAGR of 13.9% during the forecast period. Magnesium alloys are metallic compounds primarily composed of magnesium along with other elements such as aluminum, zinc, manganese, and rare earth metals. They exhibit superior strength-to-weight ratios, making them desirable materials in aerospace, automotive, and electronics industries. These alloys offer excellent machinability, corrosion resistance, and thermal conductivity. They are utilized in various applications including aircraft components, lightweight structures, and electronic devices, where their unique properties contribute to enhanced performance and efficiency.
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. 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.
Market Dynamics:
Driver:
Weight reduction in transportation
The market is witnessing a shift towards weight reduction in transportation applications. With stringent emission regulations and the pursuit of fuel efficiency, industries are increasingly turning to lightweight materials. Magnesium alloys offer a compelling solution due to their low density and high strength-to-weight ratio. This trend is particularly prominent in automotive and aerospace sectors, where reducing vehicle weight translates to enhanced performance and reduced carbon footprint.
Restraint:
Limited awareness
The market faces a significant challenge with limited awareness among potential consumers and industries. Despite their superior strength-to-weight ratio and corrosion resistance, many end-users remain unaware of the benefits these alloys offer. This lack of awareness hampers market growth as potential applications in automotive, aerospace, and electronics sectors are overlooked. Educating industries about the advantages and diverse applications of magnesium alloys is crucial to overcoming this challenge and fostering wider adoption in various sectors.
Opportunity:
Demand in consumer goods and electronics
The demand for magnesium alloys in consumer goods and electronics is steadily rising due to their lightweight, durable, and corrosion-resistant properties. These alloys are increasingly used in smartphones, laptops, cameras, and other electronic devices to reduce weight without compromising strength or performance. As consumer preferences shift towards lighter and more sustainable materials, the market for magnesium alloys in consumer electronics is expected to continue growing.
Threat:
High cost
The market faces significant cost challenges primarily due to the high expense associated with magnesium extraction and refinement processes. Additionally, the limited availability of magnesium ore and the energy-intensive nature of its production contribute to elevated costs. Moreover, the requirement for specialized equipment and expertise further amplifies expenses. These cost hurdles necessitate strategic measures such as innovative production techniques and efficient supply chain management to maintain competitiveness in the market.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the Magnesium Alloys market. Disruptions in supply chains, reduced manufacturing activities, and decreased demand from industries such as automotive and aerospace led to a decline in market growth. Travel restrictions and lockdown measures further hampered production and distribution. However, as economies gradually recover, the market is expected to rebound, driven by increasing demand for lightweight materials in various applications, including transportation and electronics.
The rare earth alloys segment is expected to be the largest during the forecast period
The rare earth alloys is expected to be the largest during the forecast period. By integrating rare earth elements like cerium, lanthanum, and neodymium, magnesium alloys exhibit enhanced strength, corrosion resistance, and thermal stability. These alloys find extensive use in aerospace, automotive, and electronics industries, where lightweight materials with robust performance are essential. Leveraging the unique characteristics of rare earth alloys, magnesium-based products offer innovative solutions, driving advancements in diverse sectors and expanding the market's growth potential.
The consumer goods segment is expected to have the highest CAGR during the forecast period
The consumer goods segment is expected to have the highest CAGR during the forecast period. From electronics to sporting goods, magnesium alloys offer a promising alternative to traditional materials. Smartphones, laptops, and tablets benefit from their lightweight nature, enhancing portability without compromising on strength. In the automotive industry, magnesium alloys contribute to fuel efficiency and overall vehicle performance. Additionally, their use in sporting equipment ensures high durability and optimal performance, catering to the needs of modern consumers seeking reliability and efficiency in their products.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. The region's focus on lightweight materials for fuel efficiency and sustainability fuels this trend. Additionally, magnesium alloys offer excellent strength-to-weight ratios, corrosion resistance, and machinability, further boosting their adoption across various applications. With technological advancements and increasing investments in research and development, the market is poised for continued expansion, catering to diverse industrial needs.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. The region is experiencing rapid industrialization, leading to increased demand for magnesium alloys in various industrial applications such as machinery, electronics, and construction. Ongoing research and development efforts in the region aim to improve the properties and processing techniques of magnesium alloys, making them more suitable for a wider range of applications.
Key players in the market
Some of the key players in Magnesium Alloys market include Magnesium Elektron, Norsk Hydro ASA, Meridian Lightweight Technologies, AMG Advanced Metallurgical Group, Magnesium Alloy Products Co., Inc., Smiths Advanced Metals, US Magnesium LLC, Magontec Limited, Dead Sea Magnesium Ltd., Magnesium Alloy Corporation, Nanjing Yunhai Special Metals Co and Meridian Lightweight Technologies.
Key Developments:
In June 2023, Hydro has signed a letter of intent with Brompton, the UK based Bicycle Company, to deliver low-carbon aluminium that will reduce both the weight and carbon footprint in Brompton’s range of iconic folding bicycles.
In September 2022, Norsk Hydro ASA has announced more than 25 sustainability related projects, totaling more than NOK 10 billion (EUR 1 billion) in investments. Hydro has followed up with back-to-back years of strong profitability and many future oriented investments aimed at improving the sustainability of its operations in the aluminium business.
Alloy Types Covered:
• Cast Alloys
• Wrought Alloys
• Rare Earth Alloys
• Other Alloy Types
Materials Covered:
• Aluminum-Zinc (AZ) Series
• Aluminum-Manganese (AM) Series
• Zinc-Zirconium (ZK) Series
• Yttrium (WE) Series
• Other Materials
Applications Covered:
• Power Tools and Machinery
• Sports and Recreation Equipment
• Consumer Goods
• Renewable Energy
• Medical Devices
• Other Applications
End Users Covered:
• Automotive
• Aerospace
• Electronics
• Healthcare
• Industrial
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Magnesium Alloys Market, By Alloy Type
5.1 Introduction
5.2 Cast Alloys
5.3 Wrought Alloys
5.4 Rare Earth Alloys
5.5 Other Alloy Types
6 Global Magnesium Alloys Market, By Material
6.1 Introduction
6.2 Aluminum-Zinc (AZ) Series
6.3 Aluminum-Manganese (AM) Series
6.4 Zinc-Zirconium (ZK) Series
6.5 Yttrium (WE) Series
6.6 Other Materials
7 Global Magnesium Alloys Market, By Application
7.1 Introduction
7.2 Power Tools and Machinery
7.3 Sports and Recreation Equipment
7.4 Consumer Goods
7.5 Renewable Energy
7.6 Medical Devices
7.7 Other Applications
8 Global Magnesium Alloys Market, By End User
8.1 Introduction
8.2 Automotive
8.3 Aerospace
8.4 Electronics
8.5 Healthcare
8.6 Industrial
8.7 Other End Users
9 Global Magnesium Alloys Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Magnesium Elektron
11.2 Norsk Hydro ASA
11.3 Meridian Lightweight Technologies
11.4 AMG Advanced Metallurgical Group
11.5 Magnesium Alloy Products Co., Inc.
11.6 Smiths Advanced Metals
11.7 US Magnesium LLC
11.8 Magontec Limited
11.9 Dead Sea Magnesium Ltd.
11.10 Magnesium Alloy Corporation
11.11 Nanjing Yunhai Special Metals Co
List of Tables
1 Global Magnesium Alloys Market Outlook, By Region (2022-2030) ($MN)
2 Global Magnesium Alloys Market Outlook, By Alloy Type (2022-2030) ($MN)
3 Global Magnesium Alloys Market Outlook, By Cast Alloys (2022-2030) ($MN)
4 Global Magnesium Alloys Market Outlook, By Wrought Alloys (2022-2030) ($MN)
5 Global Magnesium Alloys Market Outlook, By Rare Earth Alloys (2022-2030) ($MN)
6 Global Magnesium Alloys Market Outlook, By Other Alloy Types (2022-2030) ($MN)
7 Global Magnesium Alloys Market Outlook, By Material (2022-2030) ($MN)
8 Global Magnesium Alloys Market Outlook, By Aluminum-Zinc (AZ) Series (2022-2030) ($MN)
9 Global Magnesium Alloys Market Outlook, By Aluminum-Manganese (AM) Series (2022-2030) ($MN)
10 Global Magnesium Alloys Market Outlook, By Zinc-Zirconium (ZK) Series (2022-2030) ($MN)
11 Global Magnesium Alloys Market Outlook, By Yttrium (WE) Series (2022-2030) ($MN)
12 Global Magnesium Alloys Market Outlook, By Other Materials (2022-2030) ($MN)
13 Global Magnesium Alloys Market Outlook, By Application (2022-2030) ($MN)
14 Global Magnesium Alloys Market Outlook, By Power Tools and Machinery (2022-2030) ($MN)
15 Global Magnesium Alloys Market Outlook, By Sports and Recreation Equipment (2022-2030) ($MN)
16 Global Magnesium Alloys Market Outlook, By Consumer Goods (2022-2030) ($MN)
17 Global Magnesium Alloys Market Outlook, By Renewable Energy (2022-2030) ($MN)
18 Global Magnesium Alloys Market Outlook, By Medical Devices (2022-2030) ($MN)
19 Global Magnesium Alloys Market Outlook, By Other Applications (2022-2030) ($MN)
20 Global Magnesium Alloys Market Outlook, By End User (2022-2030) ($MN)
21 Global Magnesium Alloys Market Outlook, By Automotive (2022-2030) ($MN)
22 Global Magnesium Alloys Market Outlook, By Aerospace (2022-2030) ($MN)
23 Global Magnesium Alloys Market Outlook, By Electronics (2022-2030) ($MN)
24 Global Magnesium Alloys Market Outlook, By Healthcare (2022-2030) ($MN)
25 Global Magnesium Alloys Market Outlook, By Industrial (2022-2030) ($MN)
26 Global Magnesium Alloys Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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