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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Magnesium is predominantly discovered in a variety of forms beneath the ocean’s surface. Magnesium is widely accessible worldwide. Alloys are a superior substitute for iron due to their superior strength and lightness, which are the result of a combination of metals. Magnesium alloys exhibit superior thermal resistance, tensile strength, and corrosion resistance. Magnesium is extensively employed in the automotive and transportation sectors as a result of its advantageous properties.
Magnesium alloys are primarily employed in the automotive sector to enhance the fuel efficiency and battery range of vehicles, as well as to comply with a variety of emission regulations. Magnesium is also extensively employed in a variety of electronics due to its lightweight and corrosion-resistant characteristics. The global magnesium alloys market is being driven by the following factors. However, the global magnesium alloys market has been hindered by the lack of price certainty in magnesium over the years. It is anticipated that magnesium alloys will be extensively utilized in electric vehicles in the future, as there has been significant progress in the discovery of new applications for magnesium alloys.
This is expected to serve as an additional catalyst for the global magnesium alloys market in the years to come. The aerospace and defense sector also employs magnesium alloys as a result of their exceptional tensile strength.
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The Global Magnesium Alloys Market is segmented based on product, application and region
Global Magnesium Alloys Market: Product Segment Analysis
● Cast
● Wrought
Global Magnesium Alloys Market: Application Segment Analysis
● Automotive and Transportation
● Electronic
● Aerospace and Defense
● Power Tools
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The global Magnesium Alloys market profiles key players such as:
● 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
Regional Analysis of the Magnesium Alloys Market
The current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa is included in the regional segmentation.
The Asia Pacific region is anticipated to possess the highest market share in terms of both value and volume during the global magnesium alloys market’s forecast period. The presence of numerous electronics and automobile component manufacturers in China and South Korea, as well as the growing demand for smartphones among the regional populace, are the reasons for this regional dominance.
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