PUBLISHER: The Business Research Company | PRODUCT CODE: 1872968
PUBLISHER: The Business Research Company | PRODUCT CODE: 1872968
Magnesium automotive parts are components produced from magnesium or its alloys, valued for being lightweight yet strong. They help reduce vehicle weight, improve fuel efficiency, and enhance handling performance. These parts are also preferred for their excellent heat dissipation, wear resistance, and ability to maintain durability under high-stress and high-temperature conditions, making them suitable for demanding automotive applications.
The primary types of magnesium automotive parts include die-cast magnesium parts, extruded magnesium components, sheet magnesium parts, and magnesium alloys. Die-cast magnesium parts are precision-molded components made from molten magnesium alloys, known for their lightweight, high strength, and dimensional accuracy, making them ideal for automotive and industrial uses. They are produced through processes such as sand casting, investment casting, cold chamber die casting, and hot chamber die casting, and are employed in vehicles including passenger vehicles, commercial vehicles, electric vehicles, sport utility vehicles, and crossovers. Their applications include structural components, engine parts, transmission elements, and interior and exterior trim, and they are used by end-user industries including original equipment manufacturers, aftermarket suppliers, product manufacturers, and automotive parts distributors.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The swift increase in U.S. tariffs and the ensuing trade tensions in spring 2025 are significantly affecting the machinery sector by increasing costs for steel, hydraulic systems, and precision bearings critical components often imported from tariff-affected regions. Manufacturers of construction, agricultural, and industrial machinery now face squeezed margins, as many long-term contracts prevent immediate price adjustments. The uncertainty has also delayed investment in automation and smart machinery technologies, slowing productivity gains. To adapt, firms are accelerating local supplier development, redesigning products to use alternative materials, and leveraging predictive maintenance to extend equipment lifespans amid higher replacement costs.
The magnesium automotive parts market research report is one of a series of new reports from The Business Research Company that provides magnesium automotive parts market statistics, including magnesium automotive parts industry global market size, regional shares, competitors with the magnesium automotive parts market share, magnesium automotive parts market segments, market trends, and opportunities, and any further data you may need to thrive in the magnesium automotive parts industry. This magnesium automotive parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The magnesium automotive parts market size has grown strongly in recent years. It will grow from $2.49 billion in 2024 to $2.73 billion in 2025 at a compound annual growth rate (CAGR) of 9.7%. The growth during the historic period can be attributed to rising adoption of electric vehicles, increased emphasis on fuel efficiency, expansion of automotive production in emerging markets, growing consumer preference for high-performance vehicles, and heightened regulatory pressure for emission reduction.
The magnesium automotive parts market size is expected to see strong growth in the next few years. It will grow to $3.90 billion in 2029 at a compound annual growth rate (CAGR) of 9.3%. The growth projected for the forecast period can be attributed to increased use of magnesium in structural automotive components, rising demand for luxury and sports vehicles, greater focus on sustainable materials, growing aftermarket demand for lightweight parts, and wider adoption of advanced manufacturing techniques. Key trends in the forecast period include technological advancements in magnesium casting and machining, innovations in magnesium-based alloys, research and development in recyclable magnesium materials, development of lightweight automotive structures, and investment in smart manufacturing and automation.
The increasing demand for electric vehicles (EVs) is expected to drive the growth of the magnesium automotive parts market. Electric vehicles are powered by electric motors that use energy stored in rechargeable batteries, providing an environmentally friendly alternative to traditional internal combustion engines. The growing demand for EVs is fueled by stringent government environmental regulations and decreasing battery costs, as policymakers worldwide set emissions reduction targets and technological advancements make EVs more affordable and accessible to consumers. Magnesium automotive parts contribute to electric vehicles by reducing overall vehicle weight, which enhances energy efficiency, extends driving range, and improves performance. These parts also support battery longevity and play a key role in more sustainable and cost-effective EV production. For example, in February 2024, the U.S. Department of Energy reported that monthly EV sales have grown significantly over the past three years. Sales peaked at approximately 50,000 vehicles in 2021, around 80,000 in 2022, and surpassed 100,000 in 2023. This rising demand for electric vehicles is driving the growth of the magnesium automotive parts market.
Leading companies in the magnesium automotive parts market are focusing on innovative manufacturing techniques such as semi-solid processing to improve strength, reduce weight, and enhance sustainability. Semi-solid processing is a technique that shapes metal alloys in a partially solid and partially liquid state, improving flowability, casting quality, mechanical strength, and energy efficiency. For example, in December 2024, SAIC Motor Corp. Ltd., a China-based automotive manufacturer, launched its second-generation magnesium alloy case for electric drive assemblies. This is the world's first mass-produced magnesium alloy case using semi-solid processing. The innovation significantly reduces weight while improving strength, ductility, and corrosion resistance, making it suitable for large-scale use in new energy vehicles. This breakthrough aligns with global green manufacturing principles by eliminating the need for protective gases and reducing energy consumption during production. Furthermore, the adoption of semi-solid processing accelerates the lightweighting of electric vehicles and sets new standards for the magnesium alloy industry, positioning China at the forefront of magnesium material innovation and solidifying its leadership in the global automotive supply chain.
In April 2023, Teknia Manufacturing Group SLU, a Spain-based manufacturing company, acquired Svensk Tryckgjutning AB (STG), a Sweden-based aluminium and magnesium injection moulding company, for an undisclosed amount. This acquisition enables Teknia to strengthen its capabilities in aluminium and magnesium injection moulding, which are essential for producing lightweight, high-precision components for electric vehicles. It also expands Teknia's production footprint, enhances its multi-material expertise, and positions the company as a leader in the evolving mobility industry.
Major players in the magnesium automotive parts market are ThyssenKrupp AG, Yamaha Motor Co. Ltd., Buhler AG, Georg Fischer AG, Zhejiang Wanfeng Auto Wheel Co. Ltd., Handtmann Metallgusswerk GmbH, Xometry Inc., Sandhar Technologies Limited, Spartan Light Metal Products Inc., Luxfer Holdings PLC, Pace Industries Inc., Chicago White Metal Casting Inc., Twin City Die Casting Company, Morimura Bros Inc., Mag Specialties Inc., Kobe Steel Ltd., Hindustan Magnesium Products Private Limited, Zibo Deyuan Metal Materials Co. Ltd., TEDA Laukotter Technologie GmbH, Mifa AG.
Asia-Pacific was the largest region in the magnesium automotive parts in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in magnesium automotive parts report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the Magnesium Automotive Parts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The magnesium automotive parts market consists of sales of brake components, suspension parts, fuel system components, body brackets, heat shields, and dashboard supports. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Magnesium Automotive Parts Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on magnesium automotive parts market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for magnesium automotive parts ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The magnesium automotive parts market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.