Market Size of Magnesium Alloys Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Magnesium Alloy Market Analysis
The magnesium alloy market is expected to register a CAGR of approximately 4% during the forecast period.
The market was negatively impacted due to COVID-19. Due to supply chain disruptions, work stoppages because of the measures imposed by governmental authorities to slow the virus spread negatively impacted the market. Hence, such impact and uncertainties due to the COVID-19 outbreak acted as a stumbling block for the magnesium alloy market. However, the market gained momentum and is expected to recover in the coming years.
- The increasing production activities of engineering components for weight reduction is the major driving factor for the market growth.
- Conversely, issues associated with the corrosion and welding of magnesium alloys are expected to hinder the market growth.
- The rise in popularity of magnesium alloys in artificial human implants and medical devices is an opportunity for the market's growth.
- Asia-Pacific dominated the globe, with the most significant consumption from China and India.
Magnesium Alloy Industry Segmentation
Magnesium alloys are mixtures of magnesium with other metals, often aluminum, zinc, manganese, silicon, copper, rare earth, and zirconium. Magnesium alloys are the lightest structural metallic materials commercially available and are used in various end-user industries such as aerospace, automotive, electronics, and others. The magnesium alloy market is segmented by type, end-user industry, and geography. By type, the market is segmented into cast alloys and wrought alloys. By end-user, the market is segmented into aerospace, automotive, medical, electronic, and other end-user industries. The report also covers the size and forecasts for the magnesium alloys market in 15 countries across major regions. Each segment's market sizing and forecast are based on volume (kilotons).
| By Type | |
| Cast Alloys | |
| Wrought Alloys |
| By End-user Industry | |
| Aerospace | |
| Automotive | |
| Medical | |
| Electronics | |
| Other End-user Industries |
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Magnesium Alloys Market Size Summary
The magnesium alloy market is poised for growth, driven by its increasing application in industries such as automotive and aerospace, where weight reduction and fuel efficiency are paramount. Despite the initial setbacks caused by the COVID-19 pandemic, which disrupted supply chains and halted production, the market has shown resilience and is expected to recover steadily. The automotive sector, in particular, benefits from the use of magnesium alloys in engine blocks and wheels, enhancing vehicle performance and efficiency. However, challenges such as corrosion and welding issues may impede growth. The medical field presents a promising opportunity, with magnesium alloys gaining traction in artificial human implants and medical devices.
Asia-Pacific is anticipated to lead the global magnesium alloy market, bolstered by China's advanced automotive industry and the burgeoning aerospace sector. The region's electronics industry, particularly in China, Taiwan, and South Korea, also contributes significantly to market demand. The growth of manufacturing industries in China, India, and other ASEAN countries is expected to further support the market. The market is partially consolidated, with key players like Magontec Industry Ltd and Advanced Magnesium Alloys Corporation holding substantial market shares. Recent developments, such as the construction of high-performance magnesium alloy production facilities in China, underscore the region's commitment to expanding its market presence.
Magnesium Alloys Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Need for Weight Reduction
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1.1.2 Increasing Demand for Castings in Electronic Applications
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1.2 Restraints
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1.2.1 Issues Associated with the Corrosion and Welding of Magnesium Alloys
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1.2.2 Competition from Substitutes
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 By Type
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2.1.1 Cast Alloys
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2.1.2 Wrought Alloys
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2.2 By End-user Industry
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2.2.1 Aerospace
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2.2.2 Automotive
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2.2.3 Medical
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2.2.4 Electronics
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2.2.5 Other End-user Industries
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2.3 By Geography
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2.3.1 Asia Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Magnesium Alloys Market Size FAQs
What is the current Magnesium Alloys Market size?
The Magnesium Alloys Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)
Who are the key players in Magnesium Alloys Market?
Magontec Industry Ltd , Smiths Advanced Metals , Advanced Magnesium Alloys Corporation (AMACOR) , Dead Sea Magnesium Ltd and US Magnesium LLC are the major companies operating in the Magnesium Alloys Market.
