The report "Magnesium Alloys Market by Alloy Type (Cast Alloys, Wrought Alloys), End-use Industry (Automotive & Transportation, Electronic, Aerospace & Defense, Power Tools), and Region (APAC, Europe, North America) - Global Forecast to 2023", The magnesium alloys market is estimated at USD 1.30 Billion in 2018 and is projected to reach USD 2.37 Billion by 2023, at a CAGR of 12.7% between 2018 and 2023.
Browse 80 market data Tables and 36 Figures spread through 118 Pages and in-depth TOC on "Magnesium Alloys Market by Alloy Type (Cast Alloys, Wrought Alloys), End-use Industry (Automotive & Transportation, Electronic, Aerospace & Defense, Power Tools), and Region (APAC, Europe, North America) - Global Forecast to 2023"
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The magnesium alloys market is driven by the increasing demand for magnesium alloys from the industries such as automotive & transportation, electronics, and aerospace & defense. The growing demand for magnesium alloys from powertrain and body structure applications in automobiles and 3Cs (cell phones, communications, and consumer electronics) applications in the electronics industry around the globe is expected to increase the demand for magnesium alloys in the coming years.
Cast alloys was the largest alloy type segment of the market in 2018.
Cast alloys was the dominant magnesium alloy type in the magnesium alloys market owing to the high demand in the automotive & transportation industry. The low extrusion rate of cast alloys makes them preferable over wrought alloys. Additionally, wrought alloys cannot be recycled whereas cast alloys are 100% recyclable.
Automotive & transportation is estimated to be the largest end-use industry segment of the magnesium alloys market in 2018.
The demand for magnesium alloys from the automotive & transportation industry continues to drive the global magnesium alloys market. The use of magnesium alloys in cars provides excellent strength to weight ratio, vibration reduction due to excellent damping properties, and ductility. Magnesium alloys are used in powertrain, chassis, body structure, and interior applications in cars such as Volkswagen (Golf, Passat), Audi (A6, A4), Ford Explorer, GM Z06 Corvette, Porsche AG 911 Series, etc.
Asia Pacific is estimated to be the largest market for magnesium alloys in 2018.
Asia Pacific is estimated to be the largest market for magnesium alloys in 2018 owing to the high demand from the automotive & transportation and electronics industries. The demand for lightweight and corrosion-resistant materials, mainly in the automotive & transportation and electrical end-use industries, is expected to drive the market in the region. The presence of a large number of magnesium alloys manufacturers catering to different end-use industries in China is driving the market in the region.
Some of the key players operating in the magnesium alloys market include Magnesium Elektron (UK), Nanjing Yunhai Special Metals Co. Ltd. (China), Ka Shui International Holdings Ltd. (China), US Magnesium (US), Meridian Lightweight Technologies (US), Shanghai Regal Magnesium Ltd. Co. (China), and Magontec (Australia). These players have adopted various organic and inorganic strategies over the last five years to achieve growth in the magnesium alloys market.
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