Magnesium Alloys Market

According to Stratistics MRC, the Global Magnesium Alloys Market is accounted for $4.2 billion in 2023 and is expected to reach $9.2 billion by 2030 growing at a CAGR of 11.9% during the forecast period. Magnesium is the least dense structural material, and alloying it with metal boosts its hardness, castability, and strength while hardly affecting its viscosity. Most often, aluminium is used to alloy with magnesium. Magnesium alloys possess qualities including lightness, thermal conductivity, strength, longevity, resistance to corrosion, and high-temperature creep. Due to their exceptional corrosion resistance and lightweight nature, magnesium alloys are utilised in a variety of applications, such as portable electronic gadgets, automotive parts, computer parts, and portable telephones.

According to JEITA (Japan Electronics and Information Technology Industries Association), in November 2022, the total production of the electronics industry reached USD 7,098.34 million. In December 2022, Japan exported electronics worth USD 8,395.45 million.



Market Dynamics:

Driver:

Demand from the automotive and aerospace manufacturing sectors

Applications for magnesium alloys provide a number of advantages. They work in the construction of engine blocks and wheels, which helps lighten vehicles, particularly sports automobiles. Magnesium alloys are used in the production of vehicles to improve their performance and fuel economy. Magnesium alloys are the material of choice for vehicle engine blocks because they can withstand greater temperatures. Magnesium alloy stands out from other wrought alloys because it has the highest tensile strength. While thorium-containing alloys are employed for work at high temperatures, magnesium-zinc-zirconium alloys are mostly used for specialised solutions. The manufacture of magnesium alloys was sparked by the rising demand for commercial aeroplanes brought on by an increase in air travellers and air transport for business activities which drive the growth of the market.

Restraint:

Issues associated with corrosion and welding of magnesium alloys

Due to their low flexibility and poor corrosion resistance, magnesium alloys have not been widely used. In typical settings, these alloys are roughly as corrosion resistant as mild steel, although they are less resistant to general or galvanic corrosion than aluminium alloys. Determining which welding technique would yield adequate characteristics for magnesium alloys at the lowest cost is another of the industrial engineer's biggest challenges. Typically, welding magnesium alloys is a difficult undertaking since it calls for the employment of cutting-edge, dependable methods and procedures such tungsten arc inert gas (TIG),

Opportunity:

Increased adoption of magnesium alloys in a variety of industries

Increased use of the product in a variety of applications, such as artificial organ implants, and increased adoption of magnesium alloys in a variety of industries, such as aerospace, defence, and healthcare, are all anticipated to significantly contribute to market growth. Other significant factors that are anticipated to contribute to the growth of the global magnesium alloys market include the rising demand for magnesium alloys in the production of spacecraft, transmission castings, jet-engine-fan frames, and other defense-related products, as well as the rising demand for technologically advanced lightweight commercial aircraft. Additionally, the use of magnesium alloy in artificial human implants and medical equipment is on the rise, which is projected to fuel the industry's expansion.

Threat:

Shift in prices for magnesium & availability of alternative alloy types

Price fluctuations in magnesium and its alloys are anticipated to somewhat restrain the growth of the global magnesium alloys market. The price of magnesium has recently increased due to a number of causes, including reduced coal supply, shutdowns, and other measures. On the supply side, decreased magnesium ingot output is the result of the general tightening of the market. Magnesium alloy firms are attempting to aggressively position themselves in the sector by increasing output, updating equipment, and launching high-added value initiatives in the face of wildly shifting magnesium costs.

Covid-19 Impact

Like many other worldwide businesses, the magnesium alloys market has been significantly impacted by the COVID-19 epidemic. The epidemic has significantly slowed the economy in many places, disrupted supply chains, and decreased demand from end-use businesses. The COVID-19 epidemic has hampered the flow of completed goods and raw materials, which has hampered the supply chain for magnesium alloys. Due to manufacturing and delivery delays brought on by the limitations on the movement of persons and products, there is now a market scarcity of magnesium alloys.

The wrought alloys segment is expected to be the largest during the forecast period

The wrought alloys segment is estimated to have a lucrative growth, due to Alloys made of wrought magnesium have a unique quality. They have a lower tensile proof strength than compressive proof strength. In the direction of deformation, wrought magnesium alloys have a stringy structure that increases the tensile proof strength. Due to twinning, which occurs more readily in compression than in tension in magnesium alloys due to the hexagonal lattice structure, the proof strength is lower in compression. Due to their expanding use in the electronics, aerospace, and defence industries, wrought alloys are seeing market expansion.

The aerospace & defense segment is expected to have the highest CAGR during the forecast period

The aerospace & defense segment is anticipated to witness the highest CAGR growth during the forecast period, due to weight reduction in fuselage structures, interior appliances, and aero engine frames are only a few advantages of high-performance aerospace magnesium alloys. Magnesium alloys, which are incredibly malleable and adaptable, are also utilised to make electrical components, helicopter transmissions, gearboxes, coverings, and components. Magnesium alloys, which are becoming more and more common in the aerospace sector, must be resilient to extreme adversity. Extreme cold and high heat are demands placed on aerospace components with a wide operating temperature range of -100 to +550°F, magnesium alloys provide surface protection in the abrasive vacuum and freezing temperatures of space. Hence all the above factors drive the growth of the market.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to China's highly developed automotive industry and the recent growth in the manufacture of aircraft components, the Asia-Pacific region is predicted to dominate the worldwide market. Significant electronic manufacturing facilities for the production of cameras, mobile phones, laptops, and portable media devices are located in China, Taiwan, and South Korea. The demand for electronics increased in India, and the market's size expanded quickly. The expanding electronics and appliance markets in China and India might fuel additional expansion in the Asian-Pacific region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to electric and hybrid vehicles becoming more and more popular, Europe is expected to have the highest CAGR. Due to the growing usage of magnesium alloy materials and increase in vehicle manufacturing, the area is anticipated to experience substantial development. The demand may be used to explain why magnesium is now preferred over aluminium and steel in the main industrial sectors because to its strength and affordability.



Key players in the market

Some of the key players profiled in the Magnesium Alloys Market include Advanced Magnesium Alloys Corporation (AMACOR), Hydro Magnesium, Canada Magnesium, MAGONTEC GROUP, m-tec powder, Rima Group, Shanghai Regal Magnesium Limited Company, Smiths Advanced Metals, US Magnesium LLC, Ka Shui International Holdings Ltd, Nippon Kinzoku, Dead Sea Magnesium Ltd, Nanjing Yunhai Special Metals Co, Globe Specialty Metals, Jinwantong Magnesium Industry Co, Weijie Magnesium Industry 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 April 2022, Yulin Energy Group and Ka Shui Group collaborated to promote the execution of the Yulin magnesium and aluminum industry plan to proactively respond to China's development strategies of "One Belt, One Road" and "Intelligent Manufacturing."

Alloy Types Covered:
• Wrought Alloys
• Cast Alloys
• Other Alloy Types

End Users Covered:
• Automotive & Transportation
• Aerospace & Defense
• Electronics
• Medical
• Power Tools
• 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 2021, 2022, 2023, 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