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Report Overview: Magnesium Alloys MarketThe global magnesium alloys market size was valued at USD 2.00 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 9.8% from 2021 to 2027. Magnesium alloys find applications in jet engine fan frames, transmission castings, 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 market. The U.S. is the leading country with the highest spending on the defense sector. 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. As per a recent study published by Boing, North America is likely to have 9,130 new airplane deliveries by 2038, second-highest after Asia Pacific. Moreover, preference for fuel-efficient vehicles is projected to boost the usage of such lightweight materials, thereby augmenting the product demand. The U.S. automotive market is one of the largest in the world and witnessed sales of 17.2 million units in 2018. It also received Foreign Direct Investment (FDI) of USD 114.6 billion in 2018 for the automotive sector. These factors are also likely to have a positive impact on market growth as magnesium alloys are widely used in vehicle interior, exterior, chassis, and powertrain applications. On the other hand, challenges, such as concerns about general and galvanic corrosion, and growing cost of high-pressure die casting process, may hamper the market growth to some extent.
Application Insights: Magnesium Alloys MarketBased on the application, the magnesium alloys market is categorized into automotive & transportation, aerospace & defense, electronics, and others. In terms of revenue, automotive & transportation is likely to attain the highest CAGR of 09.4% from 2021 to 2027. Incessant production of electric and lightweight vehicles is projected to drive the segment growth over the long term. Magnesium-alloy based products have the lowest density than most of the engineering materials. The penetration of these products is projected to increase despite volatility in costs and supply. Common automotive applications of these products include valve covers, steering wheels, and instrument panel beams. Recyclability is another key characteristic of magnesium, wherein it is possible to recycle nearly 99% of magnesium parts, which is projected to reduce the costs in automotive & transportation applications. Magnesium alloys are also used in electronics application as a replacement of plastics, where thermal conductivity, weight, strength, and durability are key aspects. The applications include cell phones, hard drive arms, electronic packaging, and media housings.
Regional Insights: Magnesium Alloys MarketNorth America was valued at USD 684.1 million in 2019 and projected to attain a lucrative growth over the coming years. The growth of this region is attributed to increasing magnesium content per vehicle, incessant automotive production, and increasing defense budget. Asia Pacific was the largest regional market in 2019. The region is likely to maintain its position during the forecast period. Investments in new automotive projects and rising FDIs are anticipated to remain key growth-driving factors for the market over the coming years. For instance, in November 2019, Hyundai Motor announced an investment of USD 1.55 billion in its new Indonesia Car Plant. The production is projected to start in late 2021. Europe holds a prominent position in the global market and is likely to register a significant CAGR of 7.4% from 2020 to 2027, in terms of volume. Owing to the stricter emission control laws, automakers are focusing on developing lightweight vehicles, which is projected to boost the demand of aluminum and magnesium. Moreover, the increasing popularity of electric and hybrid vehicles is anticipated to contribute to market growth.
Key Companies & Market Share Insights: Magnesium Alloys MarketMajor companies have undertaken various strategies, such as capacity expansion, partnerships, and joint ventures to maintain their market share. For instance, recently, ALLITE Inc. announced its partnership with Xi’an Jiaotong University. Some of the prominent players in the magnesium alloys market include:
Key companies Profiled: Magnesium Alloys Market Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global magnesium alloys market report based on application and region:
- Nanjing Yunhai Special Metals Co.
- Magontec Ltd.
- Globe Specialty Metals
- Fugu Jinwantong Magnesium Industry Co.
- Weijie Magnesium Industry Co.
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Automotive & Transportation
- Aerospace & Defense
Table of Contents Chapter 1. Methodology and scope 1.1. Market segmentation & scope 1.2. Market definition 1.3. Information procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF internal database 1.3.3. Secondary sources & third-party perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data analysis models 1.5. Market formulation & data visua | read more...