Hyderabad, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Magnesium alloys are well recognized as the lightest structural alloys. They are made of magnesium, the lightest structural metal, combined with other metal elements to increase physical qualities. The immense demand for electric vehicles and increasing fuel efficiency has made manufacturers look out for lightweight material that has better alloying properties than existing materials used in their sectors. According to the World Magnesium Conference of the International Magnesium Association, from 2021 to 2030, the average annual growth rate of magnesium usage in the automotive industry is estimated to be 7.6%.
In 2021, Asia-Pacific was the largest market and accounted for 51% of the global metal magnesium market. China, India, the United States, France, and Germany constitute the largest metal magnesium markets. The high demand for metal magnesium in the Asia-Pacific region is supported by the significant growth in the metal, iron, and die-casting industries in China, India, and Japan, among others, says Himanshu Vasisht, Senior Research Manager at Mordor Intelligence.
“As we step into the future, existing and new end-user industries are looking for materials that are lower in density and are lighter than the existing materials. Hence, Magnesium alloys have long been appealing to designers owing to their low density, which is just two-thirds that of aluminum. This has been a key factor in the widespread usage of magnesium alloy castings and wrought products.
Himanshu Vasisht says that “At present, the aerospace and defense industry is in a super cycle, mainly due to substantial order backlogs, which may drive production in the industry over the next decade creating the need for materials like magnesium alloys used in thermal barrier protection and lightweight materials”.
Furthermore, metal magnesium brings unique solutions to the electronics sector. The low density of magnesium and alloys has encouraged their adoption from portable electronic appliance parts. For instance, magnesium construction is one of the most prominent qualities of top-end cameras on the market today.
This will create scope for new factory setups and expansion of existing facilities to grab growth opportunities in Automotive, Aerospace, electronics and other industries.
The existing players in recent years are looking forward to strengthening their market position through expansion and acquiring other players in the market. For instance, RSM Group (Nanjing Yunhai Special Metals Co. Ltd) and Chongqing Wansheng District signed a project investment agreement of cost CNY 500 million to invest in the new material industry cluster in Wansheng District, Chongqing. The new project will have an annual output of 20,000 tons of magnesium alloy, 8,000 tons of magnesium particles, and 1 million pieces of magnesium-aluminum alloy medium and large auto parts.
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Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Global Metal Magnesium Market Report or ask for a more customised report.
