Global Magnesium Alloys Market, By Product (Cast Alloy and Wrought Alloy), Application (Automotive & Transportation, Aerospace & Defense, Electronics, Power Tools and Others) - Industry Trends and Forecast to 2029.
Magnesium Alloys Market Analysis and Size
The growing use of magnesium alloys in the automotive industry is expected to drive the market growth and the demand for the global magnesium alloys market. However, the main obstacles to this market's expansion are price uncertainty for magnesium and problems with weldability and corrosion resistance.
These global magnesium alloys are primarily used in the automotive & transportation, gearbox, front end, I.P. beams, steering column and driver's airbag housings, steering wheels, seat frames, and fuel tank covers. Data Bridge Market Research analyses that the Global magnesium alloys market is expected to reach the value of USD 2,007,247.90 thousand by the year 2029, at a CAGR of 4.7% during the forecast period.
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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 2019 - 2014)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Tons
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Segments Covered
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By Product (Cast Alloy and Wrought Alloy), Application (Automotive & Transportation, Aerospace & Defense, Electronics, Power Tools, and Others).
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, Rest of Europe. Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, Rest of Asia-Pacific, Brazil, Argentina and the Rest of South America, South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel and Rest of the Middle East and Africa.
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Market Players Covered
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Luxfer MEL Technologies, Shandong Feixian County Yinguang Magnesium Industry Co. Ltd., regal-mg, U.S. Magnesium LLC, Namoalloy, Dead sea Magnesium, DSM, Amacor, Dynacast, RIMA INDUSTRIAL, Mag Specialties Inc., MAGONTEC Limited, Nanjing Yunhai Special Metal Co., Ltd amongst others.
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Market Definition
Magnesium is the lightest structural material with a density of 1.74 g/cm, and alloying magnesium with metal increases the hardness, cast-ability, and strength while having a negligible effect on viscosity. Aluminum is mostly used as an alloying metal with magnesium. Magnesium Alloys have properties such as lightweight, thermal conductivity, strength, durability, corrosion resistance, and high-temperature creep.
COVID-19 had a Minimal Impact on Global Magnesium Alloys Market
COVID-19 impacted various manufacturing industries in the year 2020-2021 as it led to the closure of workplaces, disruption of supply chains, and restrictions on transportation. During the COVID-19 outbreak, the magnesium alloys market sustained a significant loss as manufacturing in the automobile and aerospace industries halted. Only the medical supply and life-support sectors were permitted to operate. The supply chain was also disrupted as a result of global logistical restrictions. As a result, the global magnesium alloys market growth was also hampered.
The Market Dynamics of the Global Magnesium Alloys Market Include:
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers/ Opportunities faced by the Global Magnesium Alloys Market
- The growth in the use of magnesium alloys in the automotive industry
The growing use of magnesium alloys in the automotive industry is key because that will drive the global magnesium alloys market further. The market is driven by the increasing manufacturing of engineering components for weight reduction without compromising vehicles' overall strength and the growing demand for vibration damping capacity. Moreover, magnesium alloys offer strength, light weight, durability, thermal conductivity, high-temperature creep, and corrosion resistance to the vehicle. As a result, the demand for magnesium alloys is expected to grow substantially owing to these characteristics.
- Rise in popularity of magnesium alloys in artificial human implants and medical devices
The rising popularity of magnesium alloy in artificial human implants and increasing applications of the material in medical devices are likely to propel the industry's growth. Medical device and implant producers mostly use magnesium Alloy due to its low density. Magnesium alloys are used in the manufacturing of portable medical equipment, and wheelchairs due to their lightweight property.
Looking after these advantages, various medical implants and device manufacturers have started using magnesium alloys as an important material in their productions.
- Increase in applications of the material in aerospace and defense industries
The increasing demand for lightweight components in the Aerospace & Defense sector is a key driver of the global magnesium alloys market. Magnesium alloys are used in manufacturing helicopter transmission casings, aircraft engines, gearbox casings, turbine engines, jet engine fan frames, spacecraft, and missiles. Thus, increasing spending on the defense sector and demand for new commercial aircraft are anticipated to remain key growth-driving factors for the global magnesium alloys market.
For instance:
- In 2019, the U.S. government proposed a budget of USD 686 billion for the Department of Defense. The key investments of the budget in aircraft included 77 F-35 Joint Strike Fighters, 10 P-8A Aircraft, and 15 KC-46 Tanker Replacements
- In 2019, as per a study published by Boeing, North America was likely to have 9,130 new airplane deliveries by 2038, second-highest after Asia-Pacific. Moreover, the preference for fuel-efficient vehicles is projected to boost the usage of such lightweight materials, thereby augmenting the magnesium alloys product demand
- Introduction Of New Processes Such As Thixomolding And New Rheocasting
Casting high-strength, tensile, and pressure-tight components at low cost are done to introduce magnesium alloys into hydraulic and structural applications. Much development work has been undertaken in casting parts at temperatures below the liquidus -in the semi-solid state or in a form containing a significant amount of solid. Therefore, all these newly developed processes which offer advantages in the processing of magnesium alloys will provide lucrative opportunities for the growth and development of the global magnesium alloys market.
Restraints/Challenges faced by the Global Magnesium Alloys Market
- Fluctuation in magnesium prices
Fluctuations in magnesium and its alloy prices are expected to limit global magnesium alloys market expansion to some extent. In past some time, various factors such as coal supply reduction, shutdown and other policies have made magnesium prices go up and on the supply side, the overall tightening has made magnesium ingot production to decline.
In the face of violently fluctuating magnesium prices, magnesium alloy companies are trying to actively position themselves in the industry through production expansion, equipment upgrading, and introducing high-added value projects.
- Issues associated with corrosion and welding of magnesium alloys
Magnesium alloy usage has been limited due to its poor corrosion resistance and low flexibility. These alloys have about the same corrosion resistance in common environments as mild steel but are less corrosion resistant than aluminum alloys whether it is about general or galvanic corrosion.
In addition, one of the greatest difficulties for the manufacturing engineer is to define which process will produce satisfactory properties of magnesium alloys at the lowest cost by the process of welding. Usually, the welding of magnesium alloys is not an easy task as it requires advanced and reliable techniques and processes to be used, such as tungsten arc inert gas (TIG),
- Various availability of alternative materials for magnesium alloys
Aluminum remains the most inexpensive alloy per cubic inch of all the commonly used alloys in die casting. Thus, the availability of various other alloy types will challenge the sales and growth of the global magnesium alloy market.
Recent Developments
- In November 2019, Hyundai Motor invested USD 1.55 billion in its new Indonesia Car Plant. The production in its new car plant started in late 2021
- In 2016, The Magmaris magnesium scaffold was launched by Biotronik, and it is now the world's first clinically proven magnesium-based resorbable scaffold to obtain a C.E. mark.
It is a cardiovascular stent that resorbs over time. This bespoke new technology was launched following a decade-long research program in which SynergMag 410, a magnesium alloy system, was created as the critical backbone to Biotronik's Magmaris scaffold
Global Magnesium Alloys Market Scope
The global magnesium alloys market is segmented based on product and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Cast alloy
- Wrought alloy
On the basis of product, the market is segmented into cast alloy and wrought alloy.
Application
- Automotive & transportation
- Aerospace & defense
- Electronics
- Power tools
- Others
On the basis of application, the market is segmented into automotive & transportation, aerospace & defense, electronics, power tools, and others.
Global Magnesium Alloys Market Regional Analysis/Insights
The global magnesium alloys market is analyzed, and market size insights and trends are provided by country, product, and application, as referenced above.
On the basis of geography, the global magnesium alloys market is segmented into North America, South America, Asia-Pacific, Europe, and the Middle East and Africa. North America is segmented into U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands and Rest of Europe. Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, Rest of Asia-Pacific, Brazil, Argentina and the Rest of South America, South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel and Rest of the Middle East and Africa..
In 2022, the Asia-Pacific is expected to dominate the global magnesium alloys market due to increasing applications of the material in the aerospace and defense industries.
The country section of the report also provides individual market impacting factors and changes in market regulation that influence the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends, porter's five forces analysis, and case studies are some pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Magnesium Alloys Share Analysis
The global magnesium alloys market competitive landscape provides details of the competitor. Components included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' global magnesium alloys market focus.
Some of the major players operating in the global magnesium alloys market are Luxfer MEL Technologies, Shandong Feixian County Yinguang Magnesium Industry Co. Ltd., regal-mg, U.S. Magnesium LLC, Namoalloy, Dead sea Magnesium, DSM, Amacor, Dynacast, RIMA INDUSTRIAL, Mag Specialties Inc., MAGONTEC Limited, Nanjing Yunhai Special Metal Co., Ltd amongst others.
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