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Automotive Magnesium Alloy Market Segment, Shares and Company Analysis to 2025
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Magnesium alloys, in their cast forms, are generally used in applications such as high-performance vehicles, die-cast magnesium, camera bodies, and components in lenses. It also possesses properties such as scratch resistance as compared to aluminum and steel and helps in reducing vibrations and noise. In terms of chemical composition, most of the commercial magnesium alloys contain aluminum (3% to 13%) and manganese (0.1% to 0.4%). Many of them also contain zinc (0.5% to 3%) and some are hardened by heat treatment. They are suitable for use in more than one product form. For the purpose of extrusion, a wide range of shapes, bars, and tubes are made from M1 alloy where low strength is sufficient.
Factors such as trend in the automotive industry toward reducing the weight of vehicles to improve its performance is a major driver of the automotive magnesium alloy market. In addition to this, increase in investment in automotive manufacturing by emerging economies such as China and India is also boosting the automotive magnesium alloy market. Furthermore, improved R&D in providing vehicles with specifications such as aerodynamics and center of gravity is also propelling the growth of the automotive magnesium alloy market.
Factors such as poor corrosion resistance properties, variable properties of magnesium alloy in high pressure die cast (HPDC) parts, etc. are hindering the growth of the automotive magnesium alloy market. Moreover, magnesium, being a flammable element, is a major deterrent to the growth of the automotive magnesium alloy market.
On the basis of product type, the automotive magnesium alloy market can be segmented into wrought magnesium alloy and cast magnesium alloy.
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In terms of end-use application, the automotive magnesium alloy market can be divided into passenger vehicles and commercial vehicles.
Based on geography, the automotive magnesium alloy market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, Asia Pacific is the dominant market for automotive magnesium alloy owing to the increasing annual production of vehicles in the region. In North America, the U.S. is the leading market for automotive magnesium alloy due to the surge in demand for luxury vehicles from the high-class consumers in the country. In Europe, Germany and Italy are the rapidly expanding market led by the significant investments in the automotive industry.
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