Partnerships & Agreements was the Key Strategy Adopted by Leading Players to Achieve Growth in the Magnesium Alloys Market
Magnesium alloys-based products are used in various applications due to their versatile properties. They are reliable, tough, damage resistant, damping resistant, ductile, castable, and lightweight. Products made from magnesium alloys are also aesthetically pleasing. In the past few years, the use of magnesium alloys-based products has increased in body structure and computer as well as cellphone chassis applications in the automotive & transportation and electronics end-use industries. The magnesium alloys market is projected to reach USD 2.37 Billion by 2023, at a CAGR of 12.7% between 2018 and 2023.
Key players offering magnesium alloys adopted new product launches and partnerships & agreements as the key strategies to strengthen their position in the market. Partnerships & agreements accounted for 37.5% of all the growth strategies adopted by major players in the magnesium alloys market between 2015 and 2017. Key players also adopted the strategy of investments & expansions to strengthen their position in the magnesium alloys market. New product launches accounted for 20.0% of all the developments in the magnesium alloys market between 2015 and 2017. With these strategies, leading players in the magnesium alloys market were able to expand their product reach globally and take advantage of competencies of other companies to compete in the market.
Major magnesium alloys manufacturers profiled in this report include Magnesium Elektron (UK), Ka Shui International Holdings Ltd. (China), Magontec (Australia), US Magnesium LLC (US), Nanjing Yunhai Special Metals Co. Ltd., and Meridian Lightweight Technologies (US).
Magnesium Elektron is a leading company in the global magnesium alloys market. It offers various magnesium alloys, which include casting alloys, extruded bars & rods, graphic art products, magnesium battery plate, magnesium chips & granules, and so on. The company caters to the demand from various markets, which include aerospace, automotive, biomaterials, defense, graphic arts, healthcare, oil & gas, pharmaceutical, and specialty. The company has increased R&D investments year-on-year to develop new products, new production capabilities, and processes. As a part of its growth strategy, Magnesium Elektron focuses on new product developments, partnerships, and joint ventures & agreements to cater to the increasing demand for magnesium alloys and gain a competitive edge in the market. For instance, in May 2016, Magnesium Elektron partnered with QIOPTIQ (UK) for the development of ultra-lightweight components on a next generation fused weapon sight, the SAKER 2. This helped the company develop magnesium alloy technology for lightweight man portable devices & optics.
Ka Shui International Holdings Ltd. is one of the world’s largest manufacturers of magnesium alloys and magnesium alloy products. The company offers magnesium alloy products through its magnesium alloys and die-casting business segment. In October 2013, the company entered into an agreement with the Northern Development Group in Qiqihar for research and development of magnesium alloy’s motor casing for energy-saving electric vehicles. This development has helped both the companies complement and extend the industry value chain.
Related Reports:
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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