Press release
Magnesium Alloys Market is Expected to Reach USD 2,007,247.90 Thousand by 2029
Magnesium Alloys Market
The reliable Magnesium Alloys market report presents complete overview of the market where it covers various aspects such as product definition, segmentation based on various parameters, and the prevailing vendor landscape.The report focuses on the Magnesium Alloys market size, segment size (mainly covering By Product (Cast Alloy and Wrought Alloy), Application (Automotive & Transportation, Aerospace & Defense), and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides detailed cost analysis, supply chain. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Consumer behaviour analysis and market dynamics (drivers, restraints, opportunities) provides crucial information for knowing the Magnesium Alloys market.
COVID-19 had a Minimal Impact on Global Magnesium Alloys Market
COVID-19 impacted various manufacturing industries in the year 2020-2021 as it led to the closure of workplaces, disruption of supply chains, and restrictions on transportation. During the COVID-19 outbreak, the magnesium alloys market sustained a significant loss as manufacturing in the automobile and aerospace industries halted. Only the medical supply and life-support sectors were permitted to operate. The supply chain was also disrupted as a result of global logistical restrictions. As a result, the global magnesium alloys market growth was also hampered.
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.
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Some of the major players operating in the Magnesium Alloys market are:
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.
The Study Is Segmented By Following:
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
On the basis of application, the market is segmented into automotive & transportation, aerospace & defense, electronics, power tools
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Global Magnesium Alloys Market Definition
These global magnesium alloys are primarily used in the automotive & transportation, gearbox, front end, I.P. beams, steering column and driver's airbag housings, steering wheels, seat frames, and fuel tank covers. Data Bridge Market Research analyses that the Global magnesium alloys market is expected to reach the value of USD 2,007,247.90 thousand by the year 2029, at a CAGR of 4.7% during the forecast period.
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.
Global Magnesium Alloys Market Regional Analysis/Insights
The global magnesium alloys market is analyzed, and market size insights and trends are provided by country, product, and application, as referenced above.
On the basis of geography, the global magnesium alloys market is segmented into North America, South America, Asia-Pacific, Europe, and the Middle East and Africa. North America is segmented into U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands and Rest of Europe. Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, Rest of Asia-Pacific, Brazil, Argentina and the Rest of South America, South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel and Rest of the Middle East and Africa..
In 2022, the Asia-Pacific is expected to dominate the global magnesium alloys market due to increasing applications of the material in the aerospace and defense industries.
Key Pointers Covered in the Magnesium Alloys Market Industry Trends and Forecast to 2029
Market Size
Market New Sales Volumes
Market Replacement Sales Volumes
Market Installed Base
Market By Brands
Market Procedure Volumes
Market Product Price Analysis
Market Cost of Care Analysis
Market Shares in Different Regions
Recent Developments for Market Competitors
Market Upcoming Applications
Market Innovators Study
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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.
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, the 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
TOC of Global Magnesium Alloys Market:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Magnesium Alloys Market.
Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.
Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the Magnesium Alloys market.
Market Development: Comprehensive information about emerging market. This report analyses the market for various segments across geographies.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Magnesium Alloys Market.
Market Growth: The growth factors of the market are discussed where the different users of the market are described in detail.
Market Segmentation: Data and information by market player, by region, by type, by application, etc and custom research can be added.
Appendix: The final of the report contains conclusion part where the industrial experts opinions are included.
To check the complete Table of Content click here: @ https://www.databridgemarketresearch.com/toc/?dbmr=global-magnesium-alloys-market
Research Methodology: Global Magnesium Alloys Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or can drop down your inquiry.
The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Expert Analysis, Import/Export Analysis, Pricing Analysis, Production Consumption Analysis, Climate Chain Scenario, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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