In terms of innovation and development of new alloys to improve tensile strength and other properties of conventional metals, the global metals and alloys industry is transitioning. Magnesium is one of the most common elements on the planet. It is mostly found in the form of dolomite, magnesite, and carnallite minerals on the surface of ocean beds. Heat resistance, tensile strength, and creep resistance are all improved by alloying magnesium.
Magnesium alloys are used as weight-saving alternatives to aluminium and iron metals, as well as to improve the material's tensile strength. Magnesium alloys are used in a wide range of applications, including portable electronic devices, automobile parts, computer parts, and portable telephones, due to their excellent corrosion resistance and lightweight. Magnesium alloys' improved heat resistance and strength have expanded their use in automotive frame manufacturing and the aerospace industry. Magnesium reserves are about a fifth of those of iron, a quarter of those of aluminium, and 190 times those of copper and nickel. Magnesium's high abundance makes it one of the most inexhaustible resources found all over the world. Magnesium is one of the lightest metals used in the construction of frames, structures, and parts for cellular phones. Magnesium is one-quarter the density of iron and two-thirds the density of aluminium. Magnesium alloys have excellent shielding properties and can provide electromagnetic wave protection, making them suitable for use in the aerospace industry. Magnesium alloys are made in specific proportions with aluminium, zinc, manganese, and other rare Earth metals to produce a variety of alloys with different physical properties. Electrolysis and thermal reduction processes are used to create these alloys. Magnesium chloride is extracted from the ores and then reduced to a metallic form through the electrolysis process.
COVID-19 Impact analysis
The recent COVID-19 pandemic has caused the global economy to slow down. The food, pharmaceutical, and chemical industries are all experiencing significant sales declines. This scenario has had a negative impact on the global market’s growth. Aside from that, many players in the magnesium alloys market are experiencing production and trading disruptions. As a result, key players in the magnesium alloys market are focusing more on strategizing their business moves in order to resume normal operations.
Top Impacting Factors
The market is being driven by the increasing production of engineering components for weight reduction without compromising overall strength, as well as the growing demand for vibration damping capacity.
Growing awareness of the benefits of magnesium alloys over other alloys, increased consumption of the product in various applications such as artificial-organ implants, and increased adoption of magnesium alloys in various industries such as aerospace, defence, and healthcare are all expected to drive market growth to a significant extent. Other major factors expected to drive growth of the global magnesium alloys market include increasing demand for magnesium alloys for producing jet-engine-fan frames, spacecraft, transmission castings, and increasing investments by various countries in the defence sector around the world, as well as increasing demand for technologically advanced lightweight commercial aircrafts.
- Magnesium alloys can be used for a variety of purposes. They are used in the production of engine blocks and wheels, which helps to reduce weight, especially in sports cars.
- Automobile manufacturers have been using magnesium alloys in their manufacturing processes to reduce weight and improve fuel efficiency and performance. Magnesium alloys are preferred in engine blocks because they are heat resistant.
- Many large automakers, including Audi, Mercedes-Benz, Ford, Jaguar, Fiat, and KIA Motors Corporation, have already switched to magnesium alloys instead of steel and aluminium in their vehicles.
- Magnesium alloys have excellent impact resistance and absorb shocks and vibrations during travel, resulting in a smooth and comfortable drive for consumers. Magnesium alloys are also environmentally friendly because they are recyclable.
- Due to China's highly developed automotive sector and the recent development of aerospace component production, Asia-Pacific is expected to dominate the global market.
- Due to the large electronic production bases in China, Taiwan, and South Korea, magnesium alloys have become increasingly popular in the electronics industry for the production of cameras, cell phones, laptops, and portable media devices.
- The market for magnesium alloys is expected to grow due to increased demand for automobiles, mobile phones, and notebook PCs made of magnesium alloys. The Asia Pacific region accounted for a sizable portion of the magnesium alloys market. Magnesium alloys' increasing use in reinforced automotive frames, biomedical, healthcare, and aerospace industries is expected to boost demand in the future.
- The magnesium alloys market in this region is expected to be driven by the availability of magnesium ores, cost-effective manufacturing, and an increase in indigenous production of magnesium alloys.
- The growing use of magnesium alloys in artificial human implants is expected to fuel the global market for magnesium alloys in medical applications. The market is expected to be restrained by magnesium alloys' high flammability, corrosion, and elongation at high temperatures.
Key Benefits of the Report
- This study presents the analytical depiction of the Magnesium alloys market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Magnesium alloys market share.
- The current market is quantitatively analyzed to highlight the Magnesium alloys market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Magnesium alloys market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Magnesium Alloys Market Report
- Who are the leading market players active in the Magnesium alloys market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What are Magnesium alloys?
- What does Magnesium alloys allow organizations to achieve?
- Which technologies combine to make Magnesium alloys critical organizational asset?
- What are the current trends and predicted trends?
Magnesium Alloys Market Report Highlights
By Alloy Type
By End-Use Industry
Key Market Players
Fugu Jinwantong Magnesium Industry Co., Nanjing Yunhai Special Metals Co., Globe Specialty Metals, Ningxia Hui-ye Magnesium Marketing Group Co.,Ltd., Yinguang Weijie Magnesium Industry Co, Magontec Ltd.