New York, NY, June 13, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Magnesium Alloys Market by Alloy Type (Cast and Wrought) and by End-Use Industry (Automotive & Transportation, Electronic, Aerospace & Defense, and Power Tools): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global magnesium alloys market was approximately USD 1.3 billion in 2018 and is expected to generate around USD 3.38 billion by 2026, at a CAGR of around 12.7% between 2019 and 2026.
Magnesium is excessively available around the world. Magnesium is found primarily beneath the surface of the ocean beds in various forms. Alloys are a mixture of metals that are a better alternative to iron, as they are lighter and stronger. Alloys of magnesium have better heat resistance, more tensile strength, and high corrosion resistance. Due to these favorable properties, the magnesium is used widely in the automotive and transportation industry. In the automotive industry, magnesium alloys are mostly used for increasing the fuel efficiency and battery range of vehicles and meeting various emission regulations. Magnesium is also widely used in various electronics, due to its corrosion resistance properties and lightweight.
Browse through 37 Tables & 22 Figures spread over 110 Pages and in-depth TOC on “Global Magnesium Alloys Market: Industry Size, Share, Growth, Demand, Segments, Analysis and Forecast, 2018–2026”.
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These are some factor fuelling the global magnesium alloys market development. However, less price certainty of magnesium has been a restraint for the global magnesium alloys market over the years. There has been a lot of development to find new applications of magnesium alloys, which is expected that magnesium alloys will be extensively used in electric vehicles in the future as well. This is likely to further fuel the magnesium alloys market globally in the years ahead.
On the basis of alloy type, the magnesium alloys market includes cast and wrought alloys. Cast alloys are expected to hold the maximum market share, both in terms of volume and value, throughout the estimated timeline. Magnesium has excellent casting abilities and casting alloys are cheaper than wrought alloys. There is a growing casting alloy demand, due to its cost benefits, in automotive and transportation, aerospace and defense and electronics industries.
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Based on end-use industry, the magnesium alloys market includes aerospace and defense, automotive and transportation, electronics, and power tools. The aerospace and defense sector is estimated to hold a substantial market share in terms of both value and volume throughout the forecast time period, owing to the high demand for magnesium alloys for constructing body structures and parts for engines.
Geographically, Asia Pacific is estimated to have maximum market share in terms of both value and volume throughout the forecast time period of the global magnesium alloys market. This regional dominance can be attributed to the presence of several electronics and automobile component manufacturers in China and South Korea and the increasing demand for smartphones by the regional population.
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The European magnesium alloys market has grown notably over the last few years, due to the rising demand for casting alloys. Europe holds the second spot in the global magnesium alloys market. Properties like heat- and corrosion-resistance of magnesium are positively impacting the demand for magnesium alloys in Europe.
North America will hold a major share in the global magnesium alloys market over the forecast timeline, owing to the rising demand for better heat-resistance, more tensile strength, and better corrosion-corrosion materials. Magnesium has all these properties. The U.S. and Canada are expected to be major countries that will contribute to the North American magnesium alloys market growth over the years.
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Latin America is expected to witness moderate growth in the global magnesium alloys market over the estimated time period, owing to growing magnesium alloys demand from the Brazilian automotive sector. The flourishing telecom industry in the Latin American region has been fueling the electronics and smartphones market, which, in turn, is expected to subsequently aid the growth of the region’s magnesium alloys market in the future.
Some key players of the global magnesium alloys market are Magnesium Elektron, Nanjing Yunhai Special Metals, Ka Shui International, US Magnesium, Meridian Lightweight Technologies, Shanghai Regal Magnesium, Magontec, Shanxi Credit Magnesium, Shanxi Yinguang Huasheng Magnesium, and AMACOR.
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This report segments the global magnesium alloys market:
Global Magnesium Alloys Market: By Alloy Type
- Cast
- Wrought
Global Magnesium Alloys Market: By End-Use Industry
- Automotive and Transportation
- Electronic
- Aerospace and Defense
- Power Tools
Global Magnesium Alloys Market: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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