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 

• 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 from 2020 to 2030 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?