Magnesium Alloys Market to Reach USD 6.62 Billion by 2027 | DataM Intelligence

Rising Demand for Lightweight Materials and Defense Sector Expansion Drive Market Growth
The Global Magnesium Alloys Market is projected to be valued at USD 6.62 billion by 2027, growing at an impressive CAGR of 9.9% during the forecast period, according to DataM Intelligence. The market growth is fueled by the rising adoption of lightweight alloys in the automotive, aerospace, electronics, and defense industries. Magnesium alloys are widely recognized for their superior strength-to-weight ratio, thermal and electrical conductivity, and corrosion resistance, making them increasingly essential across modern manufacturing applications.

The continuous surge in defense investments and demand for new commercial aircraft are expected to drive the need for magnesium alloys in the years ahead. The U.S., the largest defense spender globally, proposed a USD 686 billion defense budget in 2019 to fund next-generation aircraft, including F‐35 and P‐8A models. Moreover, the rising inclination toward fuel‐efficient vehicles, propelled by electric and hybrid innovations, is expanding magnesium alloy use in automotive chassis, interiors, and exterior structures.

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Key Highlights from the Report

➤ Global magnesium alloys market projected to grow at 9.9% CAGR through 2027 to reach USD 6.62 billion.
➤ Asia Pacific dominated in 2019 and will retain its lead on the back of robust automotive and industrial investments.
➤ Automotive & transportation segment expected to register the fastest CAGR of 10.5% through 2027.
➤ Increase in aerospace and defense spending boosting alloy adoption in engine and missile manufacturing.
➤ Magnesium offers one‐third the weight of aluminum, enhancing machinability and fuel performance.
➤ Key industry players focusing on strategic partnerships and R&D to develop corrosion‐resistant alloy solutions.

Market Segmentation

By Application

The automotive & transportation segment leads the market, driven by the ongoing production of lightweight electric and hybrid vehicles. Magnesium alloys are increasingly replacing heavier materials in valve covers, dashboards, steering columns, and transmission housings. Their 99% recyclability further enhances sustainability and cost efficiency in mass production.

The aerospace & defense segment is another key contributor, with alloys used in jet engine fan frames, spacecraft, and missiles. In electronics, magnesium alloys are used to substitute plastics in structural components of hard drives, smartphones, and electronic packaging, owing to their thermal stability and superior strength.

By End Use

Key end users include the automotive industry, aerospace manufacturers, and electronics producers, all demanding lightweight, durable materials. OEMs particularly favor magnesium alloys for enabling parts that are lighter than aluminum while maintaining high rigidity and impact resistance.

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Regional Insights

Asia Pacific was the largest market in 2019 and is anticipated to maintain dominance during the forecast period. The region's strong automotive production base and foreign investments-such as Hyundai Motor's USD 1.55 billion car plant in Indonesia-are driving demand for magnesium alloys.
Growing aerospace manufacturing facilities in China and Japan are further stimulating market expansion.

North America accounted for USD 684.1 million in 2019 and is expected to grow steadily with rising magnesium content per vehicle and defense spending. The U.S. automotive sector's high volume production and foreign investments have created a strong foundation for magnesium applications in engine components, powertrain assemblies, and vehicle frames.

Europe is set to register a CAGR of 8.5% through 2027, backed by stringent emission laws and a high adoption rate of battery‐powered vehicles. Efforts toward developing lightweight EVs position the region as a major consumer of advanced magnesium compounds.

Market Dynamics

Market Drivers:

The market growth is largely driven by the shift toward lightweight vehicles and fuel efficiency, along with rising defense and aerospace expenditure. Magnesium alloys offer exceptional durability, machinability, and strength‐to‐weight performance-critical for high‐efficiency applications.

Market Restraints:

Fluctuating raw material prices, high pressure die casting costs, and corrosion‐related challenges continue to affect widespread adoption. Alternative materials available at lower prices have also slowed market penetration.

Market Opportunities:

Innovations in surface coating and corrosion resistance, along with growing application scope in medical implants and advanced structural engineering, are creating new avenues for growth. The transition to EVs and the intensifying focus on sustainability in manufacturing will further boost market expansion.

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Reasons to Buy the Report

✔ Comprehensive analysis of growth drivers and technological advancements in magnesium alloys
✔ Regional insights on automotive and defense investments boosting material adoption
✔ Detailed segmentation data to highlight high‐potential industrial applications
✔ Profiles of leading manufacturers and strategic developments driving competition
✔ Forecasts and data‐driven insights to support business and investment decisions

Frequently Asked Questions (FAQs)

◆ How big is the global magnesium alloys market in 2025?
◆ What is the projected CAGR of the magnesium alloys market by 2027?
◆ Which region dominates the global magnesium alloys market growth?
◆ Who are the major players in the global magnesium alloys industry?
◆ What are the key factors driving the use of magnesium alloys in automotive manufacturing?

Company Insights

Samsung SDI Co., Ltd.

BYD Company Ltd.

General Electric

NGK Insulators, Ltd.

Redflow Limited

Ambri Incorporated

VRB Energy

24M Technologies, Inc.

Lockheed Martin Corporation

FZSONICK SA

KORE Power, Inc.

Recent Developments:
- In April 2022, Yulin Energy Group teamed up with Ka Shui Group to advance industrial plans for magnesium and aluminum production under China's "One Belt, One Road" initiative. The partnership aims to build a sustainable supply chain for lightweight materials.
- In January 2020, ALLITE Inc. and Xi'an Jiaotong University entered a five‐year R&D alliance focused on enhancing ALLITE's patented Super Magnesium alloys. The project addresses corrosion resistance and performance improvement in industrial applications.

Conclusion

The magnesium alloys market is entering a high‐growth phase, fueled by the global shift toward green mobility, lightweight engineering, and defense modernization. With continued advances in casting techniques and surface treatment, magnesium alloys are set to gain prominence as a next‐generation material across aerospace, automotive, and industrial applications. As manufacturers focus on innovation and sustainability, the market outlook through 2027 remains strongly positive.

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This release was published on openPR.