The global magnesium alloys market size is expected to reach USD 4,254.9 Million in 2028, and register a CAGR of 11.8% during the forecast period.
Rapidly growing adoption of electric vehicles and increasing support initiatives by government of various countries are key factors driving market revenue growth. Advent and implementation of innovative process such as new rheo-casting and thixo-molding.
Growing awareness regarding advantages of using magnesium alloys over other alloys, increasing consumption of the product in various applications including artificial-organ implants, and increasing adoption of magnesium alloys in various industries such as aerospace, defense and healthcare are some of the major factors expected to drive market growth to a significant extent.
Increasing demand for magnesium alloys for producing jet-engine-fan frames, spacecraft, transmission castings, etc., clubbed with increasing investments by various countries in the defense sector across the globe, and increasing need for technologically-advanced lightweight commercial aircrafts are other major factors expected to drive growth of the global magnesium alloys market.
However, fluctuating costs of magnesium and challenges related to welding and corrosion of magnesium alloys are factors that could hamper market growth to a certain extent.
Some Key Findings From the Report:
Among the alloy type segments, the cast alloy segment accounted for major share in terms of revenue in 2020, due to increasing demand for the product in the automotive & transportation industry, as well as for making industrial equipment.
The wrought alloys segment accounted for the second-largest revenue share in the global magnesium alloys market in 2020, due to its high adoption of wrought alloys for application in industries such as electronics, aerospace, and defense.
Among the end-use segments, the aerospace & defense accounted for significantly high share in terms of revenue in 2020, due to rising need and demand for high-performing and low-weight materials for producing aircrafts.
The Asia Pacific magnesium alloys market accounted for major share in terms of revenue in 2020, due to rapid growth of end use sectors including automotive, aerospace and electronics, and increasing consumption of magnesium alloys for applications in industries.
The North America magnesium alloys market accounted for the second largest revenue share in 2020, due to developed automotive and aerospace industries, and focus of manufacturers along with government support for production of technologically-advanced lightweight aircraft and spacecraft.
The Europe magnesium alloys market is expected to register substantially high revenue CAGR during the forecast period, owing to increasing sales of electric vehicles (EVs), high inclination towards purchasing innovative and advanced automobiles as well as electronic products, and constantly increasing investments in the defense sector by government and companies for manufacturing high-tech aircrafts.
The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics 3.1. Acquisitions and mergers 3.2. New product launch 3.3. Innovations in magnesium alloys properties 3.4. Government rules and regulations regarding use of magnesium
Chapter 4. Magnesium Alloys Segmentation & Impact Analysis 4.1. Magnesium Alloys Segmentation Analysis 4.2. Magnesium Alloys Market Value Chain Analysis, 2018 - 2028 4.3. Regulatory framework 4.4. Magnesium Alloys Market Impact Analysis 4.4.1. Market driver analysis 126.96.36.199. High demand for smartphones and laptops 188.8.131.52. Increase in applicability in various sectors 4.4.2. Market restraint analysis 184.108.40.206. Risk of corrosion 220.127.116.11. Uncertainty of magnesium price 4.5. Key opportunities prioritized 4.6. Magnesium Alloys Pricing Analysis 4.7. Industry analysis - Porter's 4.8. Magnesium Alloys PESTEL Analysis
Chapter 5. Magnesium Alloys Market By Alloy Type Insights & Trends 5.1. Magnesium Alloys Type dynamics & Market Share, 2021 & 2028 5.2. Cast Alloys 5.3. Wrought 5.4. Others
Chapter 6. Magnesium Alloys Market By End use Industry Insights & Trends 6.1. Magnesium Alloys End use industry dynamics & Market Share, 2021 & 2028 6.2. Automotive and Transportation 6.3. Electronics 6.4. Aerospace and Defense 6.5. Power Tools
Chapter 7. Magnesium Alloys Market Regional Outlook 7.1. Magnesium Alloys Market share by region, 2021 & 2028