Magnesium Alloys Market Size, Share, Trends, Growth 2032

The global magnesium alloys market size was worth around USD 2.42 billion in 2023 and is predicted to grow to around USD 7.14 billion by 2032 with a compound annual growth rate (CAGR) of roughly 12.80% between 2024 and 2032.

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The study includes drivers and restraints of the global magnesium alloys market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the global magnesium alloys market on a global level.

Magnesium Alloys Market: Growth Drivers

Magnesium is found primarily beneath the surface of the ocean beds in various forms. Magnesium is abundantly available across the world. Alloys are a mixture of metals that are a better alternative to iron, as they are lighter and stronger. Alloys of magnesium have better heat resistance, more tensile strength, and high corrosion resistance. Due to these favorable properties, magnesium is used widely in the automotive and transportation industry. 

In the automotive industry, magnesium alloys are mostly used for increasing the fuel efficiency and battery range of vehicles and meeting various emission regulations. Magnesium is also widely used in various electronics, due to its corrosion resistance properties and lightweight. These are some factor fuelling the global magnesium alloys market development. However, less price certainty of magnesium has been a restraint for the global magnesium alloys market over the years. There has been a lot of development to find new applications of magnesium alloys, which is expected that magnesium alloys will be extensively used in electric vehicles in the future as well. 

This is likely to further fuel the magnesium alloys market globally in the years ahead. Magnesium alloys are also used in the aerospace and defense sector, due to its high tensile strength.

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In order to give the users of this report a comprehensive view of the global magnesium alloys market, we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Magnesium Alloys Market: Segmentation

The study provides a decisive view of the global magnesium alloys market by segmenting it based on alloy type, end-use industry, and region. 

On the basis of alloy type, the magnesium alloys market includes cast and wrought alloys. Cast alloys are expected to hold the maximum market share, both in terms of volume and value, throughout the estimated timeline. Magnesium has excellent casting abilities and casting alloys are cheaper than wrought alloys. There is a growing casting alloy demand, due to its cost benefits, in automotive and transportation, aerospace and defense and electronics industries. Based on end-use industry, the magnesium alloys market includes aerospace and defense, automotive and transportation, electronics, and power tools. The aerospace and defense sector is estimated to hold a substantial market share in terms of both value and volume throughout the forecast time period, owing to the high demand for magnesium alloys for constructing body structures and parts for engines.

Magnesium Alloys Market : Report Scope

Magnesium Alloys Market: Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Geographically, Asia Pacific is estimated to have maximum market share in terms of both value and volume throughout the forecast time period of the global magnesium alloys market. This regional dominance can be attributed to the presence of several electronics and automobile component manufacturers in China and South Korea and the increasing demand for smartphones by the regional population.

Magnesium Alloys Market: Competitive Analysis

The global magnesium alloys market is dominated by players like:

• Magnesium Elektron
• Nanjing Yunhai Special Metals
• Ka Shui International
• US Magnesium
• Meridian Lightweight Technologies
• Shanghai Regal Magnesium
• Magontec
• Shanxi Credit Magnesium
• Shanxi Yinguang Huasheng Magnesium
• AMACOR

This report segments the global magnesium alloys market:

Global Magnesium Alloys Market: By Alloy Type

• Cast
• Wrought

Global Magnesium Alloys Market: By End-Use Industry

• Automotive and Transportation
• Electronic
• Aerospace and Defense
• Power Tools

Global Magnesium Alloys Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa