The global market for magnesium alloys will develop as a result of the increasing use of these materials in the automotive sector. The market is fueled by the rising production of technical components for weight reduction without sacrificing a vehicle's overall strength and the rising need for vibration damping capability. Additionally, the vehicle benefits from the strength, light weight, durability, thermal conductivity, high-temperature creep, and corrosion resistance that magnesium alloys provide. The demand for magnesium alloys would significantly increase due to these qualities. Therefore, the global magnesium alloys market is estimated to increase rapidly in the near future.
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Data Bridge Market Research analyses that the magnesium alloys market is expected to grow at a CAGR of 4.7% in the forecast period of 2022 to 2029 and is expected to reach USD 2,007,247.90 thousands by 2029.
Rise in applications of the material in aerospace and defence industries is expected to drive the market's growth rate
The aerospace and defence industry's growing need for lightweight components is a major market driver for magnesium alloys worldwide. Helicopter transmission casings, aviation engines, gearbox casings, turbine engines, jet engine fan frames, spacecraft, and missiles are all made of magnesium alloys. Thus, it is projected that rising defence spending and the need for new commercial aircraft and will continue to be major growth drivers for the worldwide magnesium alloys market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Cast Alloy and Wrought Alloy), Application (Automotive and Transportation, Aerospace and Defence, Electronics, Power Tools, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Luxfer MEL Technologies (U.K.), Shandong Feixian County Yinguang Magnesium Industry Co. Ltd. (China), regal-mg (U.S.), US Magnesium LLC (U.S.), Namoalloy (U.S.), Dead sea Magnesium (Israel), DSM (Netherlands), Amacor (U.K.), Dynacast (U.S.), Mag Specialties Inc. (U.S.), MAGONTEC Limited (Australia), Nanjing Yunhai Special Metal Co., Ltd (China) amongst others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The global magnesium alloys market is segmented into two notable segments based on product and applications.
- On the basis of product, the global magnesium alloys market is segmented into cast alloy and wrought alloy.
In 2022, the cast alloy segment is expected to dominate the global magnesium alloys market
The cast alloy segment is expected to dominate the global magnesium alloys market with an 71.81% market share due to rising demand for magnesium alloys in medical implants and prosthetics due to their biocompatibility properties.
- On the basis of application, the global magnesium alloys market is segmented into automotive and transportation, electronics, aerospace and defence, power tools and others. In 2022, the automotive and transportation segment is expected to dominate the global magnesium alloys market with an 39.32% market share due to rising demand of electrical vehicles.
Major Players
Data Bridge Market Research recognizes the following companies as the major Magnesium alloys market players in Magnesium alloys market are Luxfer MEL Technologies (U.K.), Shandong Feixian County Yinguang Magnesium Industry Co. Ltd. (China), regal-mg (U.S.), US Magnesium LLC (U.S.), Namoalloy (U.S.), Dead sea Magnesium (Israel)
Market Development
- In April 2022, Yulin Energy Group and Ka Shui Group collaborated to promote the execution of the Yulin magnesium and aluminium industry plan to respond proactively to China's development strategies of "One Belt, One Road" and "Intelligent Manufacturing." Yulin Energy Group and Ka Shui Group have announced a framework agreement for strategic collaboration.
- In January 2020, ALLITE Inc. and Xi'an Jiaotong University collaborated to significantly advance magnesium alloy research. ALLITE Inc. announced a 5-year, multi-million-dollar collaboration with top material science academics at Xi'an Jiaotong University to improve its core offering and capabilities, with a focus on furthering the patented ALLITE Super Magnesium alloys.
- In 2019, the study published by Boeing, North America is likely to have 9,130 new aeroplane deliveries by 2038, the second-highest after the Asia Pacific. Moreover, the preference for fuel-efficient vehicles is projected to increase the usage of such lightweight materials, thereby expanding the magnesium alloys product demand.
Regional Analysis
Geographically, the countries covered in the magnesium alloys market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
North America is the dominant region in the magnesium alloys market during the forecast period 2022 - 2029
In 2021, North America dominated the magnesium alloys market due to rising defence spending, a rise in vehicle magnesium content, and an endless supply of cars.
Asia-Pacific is estimated to be the fastest growing region in magnesium alloys market the forecast period 2022 - 2029
Asia-Pacific is expected to grow during the forecast period due to the presence of several electronics and auto part producers in China and South Korea. Also, the increasing demand for cell phones among the local populace, increases applications of the material in the aerospace and defence industries.
COVID-19 Impact Analysis
COVID-19 affected various manufacturing businesses since it caused workplace closures, supply chain disruptions, and transit limitations. The suspension of production in the aerospace and automotive industries during the COVID-19 epidemic, the market for magnesium alloys suffered a significant loss. Only the life-support and medical supply industries were allowed to function. Global logistical limitations also resulted in a disruption of the supply chain. As a result, the global market for magnesium alloys experienced slower growth.
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