Magnesium Alloys Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Magnesium Alloys Market is Segmented By Alloy (Cast Alloy, Wrought Alloy), By End-User (Automotive, Transportation, Electronics, Aerospace & Defense, Power Tools, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Magnesium Alloys Market Size

The Global Magnesium Alloys Market size was worth US$ 1.29 billion in 2023 and is estimated to reach US$ 2.74 billion by 2031, growing at a CAGR of 10.64% during the forecast period (2024-2031). 

Magnesium is the most widely distributed element on the planet. It's mined from the surface of ocean beds, where it's found in the mineral’s dolomite, magnesite and carnallite. Heat resistance, durability and creep resistance are all improved by alloying magnesium. Magnesium alloys combine magnesium (the lightest structural metal) with other metals such as aluminum, zinc, manganese, silicon, copper, rare earth and zirconium to form a composite. Magnesium alloys' essential properties are influenced by their hexagonal lattice structure.

Owing to the hexagonal latticed metals like magnesium, copper and steel are more difficult to bend than cubic latticed metals like aluminum, copper and steel, magnesium alloys are typically used as-cast alloys. Still, research into wrought alloys has been more extensive. Cast magnesium alloys are used for components of modern automobiles and have been used in some high-performance vehicles; cast magnesium alloys are used for many components of modern automobiles and have been used in high-performance vehicles. 

Magnesium alloys are a substitute for a few engineering polymers because of their high recycling capabilities, rigidity and low manufacturing costs. Magnesium alloys are used in various applications, including portable electronic devices, vehicle parts, computer parts and portable telephones. They have excellent corrosion-resistant qualities and are relatively light in weight.

Market Scope

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Market Dynamics

The increased demand for magnesium alloys in the automotive & transportation, electronics, aerospace & military, medical and power tools industries fuels market expansion. Due to the increasing demand for magnesium alloys for lightweight automotive parts.

Rising awareness regarding the benefits of magnesium alloys

Magnesium alloys are well recognized as the lightest structural alloys. Magnesium, the lightest structural metal, is combined with other metal components to increase physical qualities. Manganese, aluminum, zinc, silicon, copper, zirconium and rare-earth metals are among these elements.

A high strength-to-weight ratio and low specific gravity are two of magnesium's advantages. As a result, the material is suitable for various automotive, aerospace, industrial, electronic, medicinal and commercial applications.

Growing demand for magnesium alloys from various end-use industries

The surge in demand for magnesium alloys in autos, mobile phones and notebook PCs will likely fuel the market for magnesium alloys. Asia-Pacific magnesium alloys market accounts for a major portion of the overall market. The demand for magnesium alloys is growing due to their increasing use in biomedical, healthcare, reinforced automobile frames and aerospace applications.

The magnesium alloys market is likely to be boosted by the availability of magnesium ores, cost-effective manufacturing and a rise in the indigenous production of magnesium alloys in this region. Magnesium alloys are becoming more common in artificial human implants, driving the magnesium alloys market in medical applications worldwide.

Uncertainty of price

Several roadblocks and limitations will stifle overall market expansion. Market expansion is stifled by constraints such as magnesium price instability and weldability & corrosion resistance issues. Engineering constraints such as formability at room temperature and forging difficulty and a scarcity of trained labor are significant roadblocks to the worldwide market's overall growth.

Market Segment Analysis

By end-user, the magnesium alloys market is segmented into automotive, transportation, electronics, aerospace & defense, power tools and others.

Automotive to drive the segment’s growth owing to rising demand for lightweight vehicles

Long-term growth is expected to be driven by the continuous manufacture of electric and lightweight automobiles. Most engineering materials have a higher density than magnesium-alloy-based products. Despite pricing and supply uncertainty, the items are expected to grow in popularity.

Valve covers, steering wheels and instrument panel beams are common automobile applications for the materials. Another important feature of magnesium is its recyclability, which allows approximately 99% of magnesium parts to be recycled, lowering costs in automotive and transportation applications.

Market Geographical Analysis

Increasing demand from various end-use industries in Asia-Pacific

The region is anticipated to maintain its current position during the forecast term. Over the next few years, new automotive project investments and increased FDIs are expected to be important development drivers for the market. Hyundai Motor, for example, announced a US$ 1.55 billion investment in its new Indonesia car plant in November 2019. Production is aligned to begin in late 2021.

China and South Korea are the key markets for magnesium alloys due to the rising demand for powertrain, body construction, cellphones, computers and consumer electronics applications. The countries have seen a rapid increase in smartphone users in the recent past, which is likely to continue over the forecast period.

Market Competitive Landscape 

Major global magnesium alloys market companies include Magnesium Elektron, Ka Shui International Holdings Ltd., Magontec, U.S. Magnesium LLC, Nanjing Yunhai Special Metals Co. Ltd., Meridian Lightweight Technologies, Advanced Magnesium Alloys Corporation (AMACOR), Shanghai Regal Magnesium Limited Company, Shanxi Yinguang Huasheng Magnesium Co. Ltd. and Shanxi Credit Magnesium Co. Ltd.

COVID-19 Impact Analysis

The COVID-19 pandemic had a significant impact on the market, with many manufacturing businesses suffering from lockdown situations in economies such as China and Japan. Due to supply chain disruptions and restrictions on people's travel, the automobile industry, which consumes the most bearings of all other industries, has suffered a considerable drop in car manufacturing.

The food, pharmaceutical and chemical industries have recently had large revenue declines. The global market's growth has been harmed due to this scenario. Aside from that, numerous magnesium alloy producers and traders suffer production and trading interruptions. As a result, leading players in the magnesium alloys market emphasize strategizing their business movements to get back to normal. 

Russia-Ukraine War Impact

The Russia's invasion of Ukraine has significantly impacted industry growth. Although Russia is a major exporter of magnesium, sanctions enacted in response to its invasion of Ukraine have made Moscow an unlikely replacement supply source for the European region. 

The Russia-Ukraine conflict has accelerated the expansion of the magnesium metal industry, as Russia is one of the top five producers. The automotive, aerospace, electronics, construction and packaging sectors are all affected by the crisis, which is fueled by various shortages and high commodity and raw material costs for magnesium and other metals.

By Alloy 

• Cast Alloy
• Wrought Alloy

By End-user

• Automotive 
• Transportation
• Electronics
• Aerospace & Defense
• Power Tools
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• Yulin Energy Group and Ka Shui Group joined up in April 2022 to boost the implementation of Yulin's magnesium and aluminum industrial strategy in order to respond proactively to China's "One Belt, One Road" and "Intelligent Manufacturing" growth initiatives. Yulin Energy Group and Ka Shui Group have announced a strategic partnership framework agreement.

Why Purchase the Report?

• Visualize the composition of the magnesium alloys market segmentation by alloy, end-user and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the magnesium alloys market by analyzing trends and co-development deals. 
• Excel data sheet with thousands of sensors bearing market-level 4/5 segmentation points.
• Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study. 
• Product mapping in excel for the key product of all major market players

The global magnesium alloys market report would provide access to an approx. 53 market data table, 44 figures and 202 pages. 

Target Audience 2024

• Magnesium Alloys Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Emerging Companies
• Magnesium Alloys Manufacturers