Magnesium is the lightest element of all metal structures. This fundamental characteristic of magnesium alloy, in the form of magnesium wrought alloy or magnox, makes it an ideal design choice for the transportation industry. The global transportation industry is thriving with the demand for lightweight materials. Subsequently, the global light commercial vehicle production has increased by 5.9% during 2017-2018. Furthermore, a lightweight vehicle is a sustainable solution for environmental necessities to curb air pollution and reduce fuel consumption. These environmental demands are paving the way to extensive technological innovations in order to manufacture lightweight structures. Thus, these ecological aspects are linked to the usage of magnesium alloys in the transportation sector which enable low costs, recyclability, deformation strength, and impact safety. Along with that, magnesium is easy to weld, cast and forge, thereby making it easy to exist with other wrought alloys. As a result, the weight reduction achieved by the magnesium alloys without compromising its overall strength is surging the magnesium alloys market demand in transportation and other end-user industries.
The global magnesium alloys market size reached a value of $1.3 billion in 2018. Furthermore, the revenue is experiencing an uptick rising at a CAGR of 13.1% during the forecast period 2019-2025.
Magnesium Alloys Market Size Surging with the Environmental Initiatives Redefining APAC Automotive Sector
APAC dominated with magnesium alloys market share of 34% as of 2018. The rising demand for fuel efficiency in the automotive sector coupled with the environmental initiatives is boosting the magnesium alloys market demand in APAC. APAC countries such as China, India, and Japan are powerhouses for the automotive industry. In 2017-2018, China, India, and Japan experienced a huge growth rate in the production of lightweight vehicles with about 12.6%, 31.5%, and 3.4% respectively. Therefore, this increasing demand for lightweight vehicles is boosting the magnesium alloys market growth in these countries.
On the other hand, with the rapid surge of industrialization in APAC countries such as India and China, their environmental challenges are also reaching a tipping point. These problems are recognized and addressed by their governments by amending stringent environmental policies in diverse arenas. These green initiatives such as China’s recent (13th) five-year plan are spurring investments by implementing the strategic top-down approach in the automotive sector to curb air pollution. Thus, these endeavors are collectively boosting the demand for the magnesium alloys market in the automotive sector of APAC. As a result, the APAC magnesium alloys market is surging in the global marketplace.
Magnesium Alloys Market Offering Corrosion Resistance and Lift-off Weight Reduction in the Aerospace and Defense Vertical
Based on the end-user industry, the aerospace and defense segment is surging with ample opportunities in the global magnesium alloys market and rising at a CAGR of around 8.96% through to 2025. Dramatic improvements in the mechanical properties combined with superior corrosion resistance demonstrated by die-cast magnesium ensure high performance in aerospace and defense applications. In commercial and military aircraft, magnesium cast alloys reduce emissions and aid projectiles by increasing fuel efficiency. Furthermore, space crafts and missiles contain magnesium alloys to endure extreme operational conditions. Besides, magnesium ensures lift-off weight reduction which is of huge significance in flight dynamics. Also, innovations in aerospace are rising to increase the addition of magnesium in surface protection systems to avoid corrosion and flammability. As a result, these cutting-edge applications in the aerospace and defense industry is surging the growth of the magnesium alloys market.
Global Magnesium Alloys Top 10 Companies –
Companies such as Elektron, Ka Shui International Holdings Ltd., Magontec, US Magnesium LLC, Nanjing Yunhai Special Metals Co. Ltd., and Meridian Lightweight Technologies are leading the global magnesium alloys industry. Recent developments such as expansions, acquisitions, new product launches, and partnerships are increasing the revenue of these major stakeholders in the magnesium alloys industry.