IMARC Group, a leading market research company, has recently releases report titled “Magnesium Alloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global magnesium alloys market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the magnesium alloys market?
The global magnesium alloys market size reached US$ 1.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by 2028, exhibiting a growth rate (CAGR) of 11.0% during 2023-2028.
What are Magnesium Alloys?
Magnesium alloys are metallic compounds primarily composed of magnesium, often alloyed with other elements such as aluminum, zinc, and manganese. These alloys are renowned for their lightweight properties, with magnesium being the lightest structural metal. The uses of magnesium alloys are diverse, spanning from aerospace applications, where their low density enhances fuel efficiency, to automotive components that benefit from their superior strength-to-weight ratio. Moreover, the electronics industry employs magnesium alloys for their exceptional electromagnetic shielding capabilities. The benefits of magnesium alloys include their corrosion resistance, high thermal conductivity, and excellent machinability.
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What are the growth prospects and trends in the magnesium alloys industry?
Magnesium alloys are increasingly used in automotive, aerospace, and consumer electronics as industries seek to reduce the weight of their products for improved fuel efficiency and performance thus proliferating the market growth. In addition to this, stricter environmental regulations, particularly in automotive emissions, are driving the adoption of lightweight materials like magnesium alloys to meet efficiency targets thus fueling the market growth. In line with this, the increasing use of magnesium alloys in medical implants due to their biocompatibility, corrosion resistance, and strength is propelling the market growth. Additionally, wind turbines and solar panels benefit from magnesium alloys’ lightweight properties thus bolstering the market growth. Furthermore, growing urban populations are driving construction and infrastructure development, creating demand for magnesium alloys in building materials thereby propelling the market growth. Lightweight materials like magnesium alloys are crucial in defense applications, such as armored vehicles and equipment thereby favoring the market growth. Ongoing research and development (R&D) efforts focus on improving the strength and durability of magnesium alloys, expanding their applications thus contributing to the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Alloy Type:
- Cast Alloys
- Wrought Alloys
Breakup by End Use Industry:
- Automotive and Transportation
- Electronic
- Aerospace and Defense
- Power Tools
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Advanced Magnesium Alloys Corporation
- Dead sea Magnesium DSM (ICL Group Ltd.)
- Dynacast (Form Technologies Inc.)
- Ferroglobe PLC
- Luxfer MEL Technologies
- Mag Specialties Inc.
- Magontec Ltd.
- Meridian Lightweight Technologies
- Namoalloy
- Rima Industrial
- Smiths Metal Centres Limited
- US Magnesium LLC
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