As per the report by Visiongain, the global Magnesium Alloys Market was valued at US$1,550.6 million in 2022 and is projected to grow at a CAGR of 7.3% during the forecast period 2023-2033.
Visiongain has published a new report entitled Magnesium Alloys 2023-2033. Magnesium Alloys and Forecasts Market Segment by Estimation (Market Value (US$ Million), Market Volume (Kiloton), , Market Segment by Category, Wrought Magnesium Alloys, Cast Magnesium Alloys) Market Segment by Processing Method (Solid State Processing, Vapour Processing, Liquid Processing) Market Segment by End-Use (Alloying with Aluminium, As a Structural Metal, Iron and Steel Processing, Electrochemical Use) Market Segment by Application (Aerospace and Defence, Automotive Industry, Consumer Goods, Medical Industry, Other Application) Market Segment by Type, AZ31, AZ91, ZK60, Elektron 21, WE43, Other Type, plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
Magnesium Alloys Are Known for Being The Lightest Structural Metallic Materials
One of the primary drivers for magnesium alloys is their lightweight and high-strength properties. Magnesium alloys are known for being the lightest structural metallic materials, offering a high strength-to-weight ratio. This makes them desirable for industries such as automotive, aerospace, and defence, where reducing weight while maintaining structural integrity is crucial. The use of magnesium alloys in these applications can lead to improved fuel efficiency, increased payload capacity, and enhanced performance. The increasing focus on sustainability and environmental concerns has boosted the demand for magnesium alloys.
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How has COVID-19 had a significant negative impact on the Magnesium Alloys Market?
The COVID-19 pandemic has had a significant impact on the magnesium alloys market, as it has on many industries globally. The pandemic has disrupted supply chains, reduced demand from end-use industries, and caused a significant economic slowdown in many regions. The COVID-19 pandemic has disrupted the supply chain of magnesium alloys, as it has affected the transportation of raw materials and finished goods. The restrictions on the movement of goods and people have resulted in delays in production and delivery, leading to a shortage of magnesium alloys in the market.
How will this Report Benefit you?
Visiongain’s 350-page report provides 168 tables and 218 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global magnesium alloys market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Magnesium Alloys. Get financial analysis of the overall market and different segments including type, category, application, processing method, and end-use and capture higher market share. We believe that there are strong opportunities in this fast-growing magnesium alloys market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Advancements in manufacturing technologies such as 3D printing and casting methods have opened up new opportunities for the use of magnesium alloys in the manufacturing industry. 3D printing allows for the production of complex components with high precision and reduced material waste, making it an attractive option for the production of magnesium alloy parts. Additionally, casting methods such as die casting and sand casting have been widely used to produce magnesium alloy components in large quantities.
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Where are the Market Opportunities?
Development of New Applications for Magnesium Alloys
The development of new applications for magnesium alloys is a key opportunity for the market to grow and expand into new industries. Magnesium alloys are already used in a variety of industries, such as automotive and aerospace, but there are many other potential applications that are still being explored.
One recent example of new applications for magnesium alloys is in the medical industry. Magnesium alloys have been found to have biocompatible properties, meaning they can be used in medical implants and devices without causing adverse reactions in the body. For example, researchers have developed magnesium alloy stents that can be used to treat blocked arteries. These stents gradually dissolve in the body over time, reducing the risk of long-term complications.
Competitive Landscape
The major players operating in the magnesium alloys market are Advanced Magnesium Alloys Corporation (AMACOR), Dead Sea Magnesium, Dynacast International, Ka Shui International Holdings Ltd, Magnesium Elektron, Magontec, Meridian Lightweight Technologies Inc., Nanjing Yunhai Special Metals Co., Ltd., POSCO, Shanghai Regal Magnesium Limited Company, Shanxi Credit Magnesium Co., Ltd, Shanxi Yinguang Huasheng Magnesium Co., Ltd., Smiths Advanced Metals, Spartan Light Metal Products, U.S. Magnesium LLC.
Recent Developments
- 02 Jan 2023, In order to obtain a substantial supply of materials for synthetic graphite anodes, POSCO Chemical has a contract with Ultium Cells LLC of the United States. By attaining its first export performance beyond the localization of materials, it is aiming for the worldwide market.
- 28 July 2022, The Yulin Magnesium Industry Group and Ka Shui Group have agreed to work together first on a project to co-develop magnesium.A cooperation agreement for magnesium projects was signed on behalf of both parties by the Branch and the Chairman of the Yulin Magnesium Industry Group.
To access the data contained in this document please email oliver.davison@visiongain.com
To find more Visiongain research reports on the material sector, click on the following links:
- Lithium Mining Market Report 2021-2031
- Smart Mining Market Report 2021-2031
- Space Mining Market Report to 2031
- Mining Remanufacturing Components Market Report to 2031
Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: oliver.davison@visiongain.com
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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