Market Research Report
Global Magnesium Alloys Market - 2022-2029
|Global Magnesium Alloys Market - 2022-2029|
Published: June 3, 2022
Content info: 202 Pages
Delivery time: 2 business days
The global magnesium alloys market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).
Magnesium is the lightest alloy, making it the first choice for engineering applications where weight is a significant design factor. Magnesium is the most widely distributed element on the planet. It's mined from the surface of ocean beds, where it's found in the minerals dolomite, magnesite and carnallite. Heat resistance, durability and creep resistance are all improved by alloying magnesium. Magnesium alloys combine magnesium (the lightest structural metal) with other metals such as aluminum, zinc, manganese, silicon, copper, rare earth and zirconium to form a composite. Magnesium alloys' essential properties are influenced by their hexagonal lattice structure.
Because hexagonal latticed metals like magnesium, copper and steel are more difficult to bend than cubic latticed metals like aluminum, copper and steel, magnesium alloys are typically used as-cast alloys. Still, research into wrought alloys has been more extensive. Cast magnesium alloys are used for components of modern automobiles and have been used in some high-performance vehicles; cast magnesium alloys are used for many components of modern automobiles and have been used in high-performance vehicles. They are used for many modern automobiles and have been used in some high-performance vehicles; cast magnesium alloys are used for many modern automobiles and have been used in some high-performance vehicles; cast magnesium alloys are used for various components of modern vehicles automobiles and have been used.
Magnesium alloys are a substitute for a few engineering polymers because of their high recycling capabilities, rigidity and low manufacturing costs. Magnesium alloys are used in various applications, including portable electronic devices, vehicle parts, computer parts and portable telephones. They have excellent corrosion-resistant qualities and are relatively light in weight.
The increased demand for magnesium alloys in the automotive & transportation, electronics, aerospace & military, medical and power tools industries fuels market expansion. Due to the increasing demand for magnesium alloys for lightweight automotive parts.
Magnesium alloys are well recognized as the lightest structural alloys. Magnesium, the lightest structural metal, is combined with other metal components to increase physical qualities. Manganese, aluminum, zinc, silicon, copper, zirconium and rare-earth metals are among these elements.
A high strength-to-weight ratio and low specific gravity are two of magnesium's advantages. As a result, the material is suitable for various automotive, aerospace, industrial, electronic, medicinal, and commercial applications.
The surge in demand for magnesium alloys in autos, mobile phones, and notebook PCs will likely fuel the market for magnesium alloys. Asia-Pacific magnesium alloys market accounts for a major portion of the overall market. The demand for magnesium alloys is growing due to their increasing use in biomedical, healthcare, reinforced automobile frames and aerospace applications.
The magnesium alloys market is likely to be boosted by the availability of magnesium ores, cost-effective manufacturing and a rise in the indigenous production of magnesium alloys in this region. Magnesium alloys are becoming more common in artificial human implants, driving the magnesium alloys market in medical applications worldwide.
Several roadblocks and limitations will stifle overall market expansion. Market expansion is stifled by constraints such as magnesium price instability and weldability & corrosion resistance issues. Engineering constraints such as formability at room temperature and forging difficulty and a scarcity of trained labor are significant roadblocks to the worldwide market's overall growth.
The COVID-19 pandemic had a significant impact on the market, with many manufacturing businesses suffering from lockdown situations in economies such as China and Japan. Due to supply chain disruptions and restrictions on people's travel, the automobile industry, which consumes the most bearings of all other industries, has suffered a considerable drop in car manufacturing.
The food, pharmaceutical and chemical industries have recently had large revenue declines. The global market's growth has been harmed due to this scenario. Aside from that, numerous magnesium alloy producers and traders suffer production and trading interruptions. As a result, leading players in the magnesium alloys market emphasize strategizing their business movements to get back to normal.
By end-user, the magnesium alloys market is segmented into automotive, transportation, electronics, aerospace & defense, power tools and others.
Long-term growth is expected to be driven by the continuous manufacture of electric and lightweight automobiles. Most engineering materials have a higher density than magnesium-alloy-based products. Despite pricing and supply uncertainty, the items are expected to grow in popularity.
Valve covers, steering wheels and instrument panel beams are common automobile applications for the materials. Another important feature of magnesium is its recyclability, which allows approximately 99 percent of magnesium parts to be recycled, lowering costs in automotive and transportation applications.
The region is anticipated to maintain its current position during the forecast term. Over the next few years, new automotive project investments and increased FDIs are expected to be important development drivers for the market. Hyundai Motor, for example, announced a US$ 1.55 billion investment in its new Indonesia car plant in November 2019. Production is aligned to begin in late 2021.
China and South Korea are the key markets for magnesium alloys due to the rising demand for powertrain, body construction, cellphones, computers, and consumer electronics applications. The countries have seen a rapid increase in smartphone users in the recent past, which is likely to continue over the forecast period.
Major corporations have used various techniques to preserve their market dominance, including capacity growth, partnerships, and joint ventures. ALLITE Inc., for example, has established a collaboration with Xi'an Jiaotong University. Inorganic growth techniques included acquisitions, partnerships and collaborations.
Magnesium Elektron (UK) has been concentrating on retaining its market position by tapping into various global markets. The corporation engaged in new product launches, expansions, and joint ventures to enhance its market share worldwide. In recent years, the corporation has prioritized new product development as an effective growth strategy.
Major global magnesium alloys market companies include Magnesium Elektron, Ka Shui International Holdings Ltd., Magontec, U.S. 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. and Shanxi Credit Magnesium Co. Ltd.
Overview: AMACOR (Advanced Magnesium Alloys Corporation) is the world's largest magnesium recycling factory. The company provides high-quality magnesium scrap recycling and alloy ingot supply to our customers in the die casting and aluminum sectors. The factory has a manufacturing capacity of about 50,000 MT per year. The AMACOR plant is conveniently positioned in Anderson, Indiana, U.S., near the epicenter of North America die casting industry.
AMACOR provides die casting companies with high-quality ASTM B93 magnesium alloys and additional magnesium-based alloys for the aluminum, can stock and billet industries. ASTM requirements are followed in producing the three primary magnesium die casting alloys (AM50A, AM60B and AZ91D). The company's facility is ISO 9001:2008 certified and has GM, Chrysler, Ford and automotive transplant producers.
Product Portfolio: AMACOR's patented process creates a variety of high-quality magnesium alloys for die casting and aluminum applications. ASTM B93M Die Casting Alloys: AM50A, AM60B, AZ91D, AZ91E, AS41; additional alloys (for Aluminum Alloying): Mg5, Mg6, Mg9; and contract production - specialized Mg alloys & recycling are among the company's offerings.
The global magnesium alloys market report would provide access to an approx. 53 market data table, 44 figures and 202 pages.
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