Magnesium Alloys Market Size Worth $6.6 Billion by 2027 | CA
SAN FRANCISCO, May 20, 2020 /PRNewswire/ -- The global magnesium alloys market size is expected to reach USD 6.62 billion by 2027 registering a CAGR of 9.9%, according to a new report by Grand View Research, Inc. Increasing magnesium content per vehicle is projected to drive the demand of magnesium alloys products over the next forecast period.
Auto manufacturers are now shifting to lightweight materials, such as magnesium, aluminum, and composite materials, to reduce the emissions from vehicles. Rising preference for fuel-efficient vehicles is projected to boost the usage of such lightweight materials, thereby augmenting the product demand.
Key suggestions from the report:
- The automotive & transportation was the largest application segment in 2019 and is likely to expand further at the fastest CAGR during the forecast period
- The growth of the segment is attributed to incessant production of vehicles and increasing magnesium content per vehicle
- Asia Pacific held the highest volume share in 2019 and is projected to maintain its position during the forecast period
- Rapid expansion of the automotive sector and increasing demand for electric vehicles (EVs) are anticipated to remain key drivers for the regional market
- Key vendors in the global market are Magontec Ltd.; Magnesium Elektron Ltd.; Ka Shui International Holdings Ltd.
Read 112 page research report with ToC on "Magnesium Alloys Market Size, Share & Trends Analysis Report By Application (Automotive & Transportation, Aerospace & Defense, Electronics), By Region (MEA, North America, APAC), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/magnesium-alloys-market
In terms of mass, magnesium is the lightest metallic material used in the die casting process. Magnesium alloys have 30% lesser density than aluminum, which boosts their usage in vehicles and aerospace applications. Also, as compared to aluminum and steel, these components can save nearly 25 to 40% and 55% of weights respectively.
Aerospace & defense sector is projected to provide numerous growth opportunities for the market as the product is widely used in airplane structures. China is a key producer of magnesium and accounted for more than 80% of the production in 2018, as per data published by the United States of Geological Survey. However, recent outbreak of coronavirus disease (COVID-19) is projected to hinder market growth in the country.
Numerous companies and research institutes are investing in R&D for the development of advanced products. This is likely to have a positive impact on the market growth. For instance, in July 2019, Monash University found a technique that can be useful in producing lightweight and stronger alloys for automotive and aircraft applications.
Grand View Research has segmented the global magnesium alloys market on the basis of application and region:
- Magnesium Alloys Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Automotive & Transportation
- Aerospace & Defense
- Magnesium Alloys Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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