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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Magnesium Alloys Market
Request Now !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.
Market Trends
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Key Market Segments
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