Magnesium Alloys - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Magnesium Alloys Market is accounted for $1.49 billion in 2019 and is expected to reach $4.31 billion by 2027 growing at a CAGR of 14.2% during the forecast period. Advantages of magnesium alloys over other alloys and increasing use of magnesium alloys in the automotive industry are the major factors propelling the market growth. However, issues related to weldability and corrosion resistance is likely to hamper the growth of the market.
Magnesium alloys are mixtures of magnesium with other metals; it is lightest between alloys and thus is a brilliant choice for engineering applications when weight is a crucial design element. These alloys are used in a mixture of engineering applications. These alloys have been used as a replacement for some engineering plastics owing to their higher rigidity, high recycling capabilities and lower cost of production.
Based on the end user, the aerospace & defense segment is estimated to have a lucrative growth owing to the rising demand for magnesium alloys for powertrain use and body structure. Owing to its increasing usage in computers, and buyer electronics, the diffusion of magnesium alloys is growing fast in the electronics manufacturing.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to the increasing command for magnesium alloys from the powertrain, phones, and customer electronics application. This region is also exposed a quick raise in the number of smartphone users in the current past that is likely to go on in excess of the estimate phase.
Some of the key players profiled in the Magnesium Alloys Market include Shanxi Credit Magnesium Co. Ltd., Ka Shui International Holdings Ltd., Magontec, Magnesium LLC, Nanjing Yunhai Special Metals Co. Ltd., Meridian Lightweight Technologies, Advanced Magnesium Alloys Corporation (AMACOR), Shanghai Regal Magnesium Limited Company, Shanxi Yinguang Huasheng Magnesium Co. Ltd., Magnesium Elektron, Posco, China Magnesium Corporation Limited, Dead Sea Magnesium, Spartan Light Metal Products and Shanxi Fugu Tianyu Mineral Industry.
Alloy Types Covered:
• Wrought Alloys
• Cast Alloys
End Users Covered:
• Aerospace & Defense
• Automotive & Transportation
• Power Tools
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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