Press release
Magnesium Alloys Market to Garner USD 2,007,247.90 thousand by the year 2029, at 4.7% CAGR: Data Bridge Market Research
magnesium alloys market
Magnesium is the lightest structural material with a density of 1.74 g/cm, and alloying magnesium with metal increases the hardness, cast-ability, and strength while having a negligible effect on viscosity. Aluminum is mostly used as an alloying metal with magnesium. Magnesium Alloys have properties such as lightweight, thermal conductivity, strength, durability, corrosion resistance, and high-temperature creep.
For instance:
In 2019, the U.S. government proposed a budget of USD 686 billion for the Department of Defense. The key investments of the budget in aircraft included 77 F-35 Joint Strike Fighters, 10 P-8A Aircraft, and 15 KC-46 Tanker Replacements
In 2019, as per a study published by Boeing, North America was likely to have 9,130 new airplane deliveries by 2038, second-highest after Asia-Pacific. Moreover, the preference for fuel-efficient vehicles is projected to boost the usage of such lightweight materials, thereby augmenting the magnesium alloys product demand
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List of Key Players Profiled in the study includes market overview, business strategies, financials, Development activities, Market Share and SWOT analysis:
Luxfer MEL Technologies, Shandong Feixian County Yinguang Magnesium Industry Co. Ltd., regal-mg, U.S. Magnesium LLC, Namoalloy, Dead sea Magnesium, DSM, Amacor, Dynacast, RIMA INDUSTRIAL, Mag Specialties Inc., MAGONTEC Limited, Nanjing Yunhai Special Metal Co., Ltd amongst others.
Magnesium Alloys Market: Segmentation
The global magnesium alloys market is segmented based on product and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
Cast alloy
Wrought alloy
On the basis of product, the market is segmented into cast alloy and wrought alloy.
Application
Automotive & transportation
Aerospace & defense
Electronics
Power tools
Restraints/Challenges faced by the Global Magnesium Alloys Market
Fluctuation in magnesium prices
Fluctuations in magnesium and its alloy prices are expected to limit global magnesium alloys market expansion to some extent. In past some time, various factors such as coal supply reduction, shutdown and other policies have made magnesium prices go up and on the supply side, the overall tightening has made magnesium ingot production to decline.
In the face of violently fluctuating magnesium prices, magnesium alloy companies are trying to actively position themselves in the industry through production expansion, equipment upgrading, and introducing high-added value projects.
Issues associated with corrosion and welding of magnesium alloys
Magnesium alloy usage has been limited due to its poor corrosion resistance and low flexibility. These alloys have about the same corrosion resistance in common environments as mild steel but are less corrosion resistant than aluminum alloys whether it is about general or galvanic corrosion.
In addition, one of the greatest difficulties for the manufacturing engineer is to define which process will produce satisfactory properties of magnesium alloys at the lowest cost by the process of welding. Usually, the welding of magnesium alloys is not an easy task as it requires advanced and reliable techniques and processes to be used, such as tungsten arc inert gas (TIG),
Various availability of alternative materials for magnesium alloys
Aluminum remains the most inexpensive alloy per cubic inch of all the commonly used alloys in die casting. Thus, the availability of various other alloy types will challenge the sales and growth of the global magnesium alloy market.
Recent Developments
In November 2019, Hyundai Motor invested USD 1.55 billion in its new Indonesia Car Plant. The production in its new car plant started in late 2021
In 2016, The Magmaris magnesium scaffold was launched by Biotronik, and it is now the world's first clinically proven magnesium-based resorbable scaffold to obtain a C.E. mark.
It is a cardiovascular stent that resorbs over time. This bespoke new technology was launched following a decade-long research program in which SynergMag 410, a magnesium alloy system, was created as the critical backbone to Biotronik's Magmaris scaffold
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Table of Content:
Chapter 1 Magnesium Alloys Market Overview
Chapter 2 Global Economic Impact on Industry
Chapter 3 Global Market Competition by Manufacturers
Chapter 4 Global Production, Revenue (Value) by Region
Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Global Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Market Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Global Magnesium Alloys Market Forecast
Browse TOC with Facts and Figures of Magnesium Alloys Market Report @https://www.databridgemarketresearch.com/toc/?dbmr=global-magnesium-alloys-market
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https://www.databridgemarketresearch.com/reports/asia-pacific-magnesium-alloys-market
https://www.databridgemarketresearch.com/reports/europe-magnesium-alloys-market
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