The global market for magnesium alloys is projected to have a considerable CAGR of around 12.6% during the forecast period. Electric vehicle usage is rapidly increasing, and government assistance programs in many countries are also increasing, which is boosting market revenue growth. Introduction and implementation of the innovative process such as new rheo-casting and thixo-molding which is also propelling the growth of the market. Further, growing awareness of the benefits of magnesium alloys over other alloys, coupled with increased consumption of the product in various applications such as artificial-organ implants is increasing the demand for the product. Furthermore, the rising need for technologically advanced lightweight commercial aircraft and increasing investments by various countries in the defense sectors are expected to accelerate the market growth. However, the challenges associated with the welding and corrosion of magnesium alloys and fluctuating prices of magnesium alloys will be restraining the growth of the market. 

Segmental Outlook  

The global magnesium alloys market is segmented based on type, and end-user. Based on the type, the market is further classified into cast alloys and wrought alloys. Further, based on the end-user the market is segmented into aerospace, automotive, medical, electronics, sports, and others.

Global Magnesium Alloys Market Share by Product Type, 2021 (%)

The Automotive Segment is Considered as the Dominating Segment in the Global Magnesium Alloys Market. 

Among end-users, the automotive segment is estimated as dominating segment during the forecast period as magnesium alloys can be used for a variety of purposes in the automotive sector. They are used in the construction of engine blocks and wheels, which help to reduce weight, especially in sports automobiles. Automobile manufacturers are employing magnesium alloys in their manufacturing processes to reduce weight and improve fuel efficiency and performance. Magnesium alloys are preferred in engine blocks since they are heat resistant. Major automotive manufacturers including Jaguar, Mercedes-Benz, Fiat, Audi, and Kia Motors Corp, have already replaced steel and aluminum with magnesium alloys in their vehicles. Magnesium alloys possess excellent impact resistance, and they absorb shocks and vibrations while traveling, which in turn, provides a subtle and comfortable drive to the consumers. This factor is largely responsible for increasing the adoption of the product in the automotive sector. 

Regional Outlook 

Geographically, the global magnesium alloys market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). North America is projected to have a significant share in the magnesium alloys market. The growth is attributed to increasing defense budget, rising magnesium content per vehicle, and a never-ending production of automobiles.  Moreover, increasing sales of electric vehicles (EVs), high inclination towards purchasing innovative and advanced automobiles is also responsible for the growth of the market. 

Global Magnesium Alloys Market Growth, by region 2022-2028

Asia-Pacific to Hold the Largest Share in The Global Magnesium Alloys Market

Geographically, Asia-Pacific is expected to dominate the magnesium alloys market attributed to the highly developed automotive industry in countries such as China along with the developing production of aerospace components. Due to the large electronic production bases in China, Taiwan, and South Korea, magnesium alloys have become increasingly popular in the electronics sector for the production of cell phones, cameras, laptops, and other portable media devices. According to the US International Trade Commission, China leads the market and exports a large number of magnesium alloys to Europe and North America, due to a large number of magnesium alloy manufacturing industries in the country. Moreover, increased investments in new automotive projects and rising FDIs are also expected to remain a key growth-driving factor for the market growth. For instance, in November 2019, Hyundai Motor announced an investment of USD 1.55 billion in its new Indonesia Car Plant. Further, in June 2019, Amcor announced the completion of its acquisition of Bemis Company Inc. This acquisition of Bemis brings upon an additional scale, capabilities, and footprint that will strengthen Amcor’s industry-leading value proposition and generate significant value for shareholders. 

Market Players Outlook

The key players in the magnesium alloys market contribute significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Magnesium Elektron, Ka Shui International Holdings Ltd, Magontec, US Magnesium LLC, Nanjing Yunhai Special Metals Co. Ltd., and Meridian Lightweight Technologies among others. These market players adopt various strategies such as product launches, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. In January 2020, Amcor partners with Moda in North American and Latin American markets. By integrating Amcor's shrink bag and roll stock film for meat and cheese with Moda's vacuum packaging technologies, both the said producers can gain operational efficiencies and drive total cost savings.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global magnesium alloys market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where in the market.