Magnesium Alloy Market Size
| 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 Market Trends
Increasing Demand from the Automotive and Aerospace Manufacturing Industries
- Magnesium alloy applications offer various benefits. They are employed in the engine block and wheel production, which, in turn, supports weight reduction, especially for sports cars.
- Automotive manufacturers use magnesium alloys in production to increase automobiles' fuel efficiency and performance. Magnesium alloys are resistant to higher temperatures, making them the preferred choice in the engine blocks of automobiles.
- According to the OICA, in 2021, global vehicle production reached 80.1 million units, an increase of 4% from the previous year's production of 77.6 million units.
- Many large automotive manufacturers, like Audi, Mercedes-Benz, Ford, Jaguar, Fiat, and Kia Motors Corporation already replaced steel and aluminum with magnesium alloys in their vehicles. In the fiscal year 2022, AUDI AG delivered 1,212,275 vehicles worldwide and earned a revenue of USD 46.98 billion.
- Magnesium alloy exhibits the highest tensile strength, distinguishing it from other wrought alloys. Magnesium-Zinc-Zirconium alloys are mainly used for specialist solutions, whereas thorium-containing alloys are used for work at elevated temperatures.
- For instance, ZK60 alloy is used for aircraft parts that require high strength and resistance to dynamic loads. Elektron 43 magnesium alloy manufactured by Luxfer MEL Technologies underwent extensive flammability testing by the Federal Aviation Administration (FAA) to be used in the aircraft seat frames.
- The growing demand for commercial aircraft due to increasing air passengers and air transport for trade operations triggered the production of magnesium alloys. For instance, in North America, according to the Boeing Commercial Outlook 2022-2041, the total deliveries of new airplanes accounted for 9,310 units by 2041, with a market service value of USD 1,045 billion.
- These developments are expected to boost the demand for magnesium alloy over the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the global market, owing to China's highly developed automotive sector and the developing production of aerospace components in recent years. China, Taiwan, and South Korea include substantial electronic production bases for manufacturing cameras, cell phones, laptops, and portable media devices.
- According to JEITA (Japan Electronics and Information Technology Industries Association), in November 2022, the total production of the electronics industry reached USD 7,098.34 million. In December 2022, Japan exported electronics worth USD 8,395.45 million.
- In India, the electronics market witnessed a growth in demand, with market size increasing rapidly. India's electronic goods exports fetched USD 16.67 billion in December 2022, compared to USD 10.99 billion in the same month of 2021. The growing electronics and appliances market in India and China may push further Asian-Pacific market growth.
- According to the US International Trade Commission, China leads the market and exports many magnesium alloys to Europe and North America because of the country's vast number of magnesium alloy manufacturing industries.
- According to China Export Data, the top 3 exporters of Magnesium alloy are China with 8,955 shipments, followed by Germany with 2,844, and South Korea at the 3rd spot with 2,724 shipments.
- In February 2023, Chongqing Wansheng Economic Development Zone started the construction of a high-performance Mg-alloy production base and Mg-Al alloy R&D center projects with an investment of USD 144 million.
- Moreover, the growth of various manufacturing industries in China, India, and other ASEAN countries is expected to support the demand for magnesium alloys in the future.
Magnesium Alloy Industry Overview
The magnesium alloy market is partially consolidated, with a few major players dominating a significant portion. Some major companies are Magontec Industry Ltd, Advanced Magnesium Alloys Corporation (AMACOR), US Magnesium LLC, and Smiths Advanced Metals.
Magnesium Alloy Market Leaders
Magontec Industry Ltd
Smiths Advanced Metals
Advanced Magnesium Alloys Corporation (AMACOR)
Dead Sea Magnesium Ltd
US Magnesium LLC
*Disclaimer: Major Players sorted in no particular order
Magnesium Alloy Market News
- January 2023: Olight has made the Baton 3 Pro Max Magnesium Alloy in Desert Tan, the first-ever flashlight made from this material. The launch of the Baton 3 Pro Max Magnesium Alloy Desert Tan opens the doors for more use of magnesium alloy in the flashlight, which is very possibly a metal that can rival aluminum alloy in the future
- April 2022: Yulin Energy Group and Ka Shui Group collaborated to promote the execution of the Yulin magnesium and aluminum industry plan to proactively respond to China's development strategies of "One Belt, One Road" and "Intelligent Manufacturing."
Magnesium Alloy Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Need for Weight Reduction
4.1.2 Increasing Demand for Castings in Electronic Applications
4.2 Restraints
4.2.1 Issues Associated with the Corrosion and Welding of Magnesium Alloys
4.2.2 Competition from Substitutes
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 By Type
5.1.1 Cast Alloys
5.1.2 Wrought Alloys
5.2 By End-user Industry
5.2.1 Aerospace
5.2.2 Automotive
5.2.3 Medical
5.2.4 Electronics
5.2.5 Other End-user Industries
5.3 By Geography
5.3.1 Asia Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) ** /Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Advanced Magnesium Alloys Corporation (AMACOR)
6.4.2 Canada Magnesium
6.4.3 Dead Sea Magnesium Ltd
6.4.4 Hydro Magnesium
6.4.5 Ka Shui International Holdings Ltd
6.4.6 MAGONTEC GROUP
6.4.7 m-tec powder
6.4.8 Nippon Kinzoku
6.4.9 Rima Group
6.4.10 Shanghai Regal Magnesium Limited Company
6.4.11 Smiths Advanced Metals
6.4.12 US Magnesium LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rise in Popularity of Magnesium Alloys in Artificial Human Implants and Medical Devices
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 |
| By Geography | |||||||
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Magnesium Alloy Market Research 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.
Which is the fastest growing region in Magnesium Alloys Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Magnesium Alloys Market?
In 2024, the Asia Pacific accounts for the largest market share in Magnesium Alloys Market.
What years does this Magnesium Alloys Market cover?
The report covers the Magnesium Alloys Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Magnesium Alloys Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Magnesium Alloy Industry Report
Statistics for the 2024 Magnesium Alloy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Magnesium Alloy analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
