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Magnesium Alloys Market Segmented By type of alloy such as Cast alloy and Wrought alloy
The mixture of magnesium with other metal such as aluminum, zinc, copper called are known as Magnesium Alloys. Magnesium is an abundantly found element, and is primarily found on the ocean bed surface in the form of minerals.
Magnesium is lightest structural material having density of 1.74 g/cm, and alloying of magnesium with metal increases the hardness, cast-ability and strength while having negligible effect on density. Aluminum is mostly used as an alloying metal with magnesium. Magnesium Alloys have properties such as light weight, thermal conductivity, strength, durability, corrosion resistance and high temperature creep.
Some of various type Magnesium Alloys are as follow:
Magnesium Alloys have a wide range of application in electronic, automation, medical and aerospace industry. As Magnesium Alloys are very lightweight in nature, they are used as a replacement of plastics in electronic applications. Magnesium Alloys also find applications in cell phones, electronic packaging, hard drive arms and media housings.
Designers mostly use Magnesium Alloys due to their low density. Magnesium Alloys are used in castings and wrought products. Magnesium Alloys have an excellent shielding property and provide protection from electromagnetic waves. Also Magnesium Alloys are environment-friendly as they are recyclable. Magnesium Alloys are used in the manufacturing of portable medical equipment, wheel chairs, due to light weight property.
Various casting process are employed for casting of Magnesium Alloys such as high pressure die casting, permanent mold casting, thin-wall die casting, etc. The high pressure die casting is one of the most commonly used process for casting of Magnesium Alloys.
The increasing demand of light weight components in an Aerospace & Defense sector is a key driver of the Magnesium Alloys market. Magnesium Alloys are used in manufacturing of helicopter transmission casings, aircraft engine, gearbox casings, turbine engines, jet engine fan frames, spacecraft, and missiles.
Likewise increasing spending of developing as well as developed countries on the defense sector and demand of commercial aircrafts is driving the demand of Magnesium Alloys market.
Another most important driver is automotive industry because owing to the increasing requirement of light weight components in vehicle interior, exterior, powertrain and chassis & also in racing vehicles, bicycles. Magnesium Alloys reduces weight, leads to improve the performance of a vehicle, decrease fuel consumption and environmental pollution, therefore the demand for Magnesium Alloys in automotive industry is accelerating.
Magnesium Alloys have extensive application in manufacturing of medical equipment such as portable medical equipment and wheelchairs due to its light weight, bio-compatibility and bio-absorbability. There are other application like electronics, sporting goods, nuclear, flares, sacrificial anodes for the protection of other metals, flash photography and tools manufacturing which help drive the Magnesium Alloys market.
The growing cost of high-pressure die casting process in Magnesium Alloys manufacturing and use of substitutes for sheet production such as rare earth elements, may restrain the market growth of Magnesium Alloys.
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Asia- pacific accounted for a prominent share in Magnesium Alloys market followed by Europe, North America and Middle East & Africa. Globally, all countries are looking towards increase their spending on the aerial defense sector, which significantly helps the global Magnesium Alloys market.
The Magnesium Alloys market is getting huge growth in developing as well as in developed countries such as USA, UK, China, India, etc. Magnesium Alloys has tremendous use in electronic industry in which China, Japan, Taiwan, and South Korea are the global leader as they have vast electronic production.
China and other Asia Pacific countries are significant markets for the Magnesium Alloys as increasing investment in new automotive production capacity continues, which will positively impact Magnesium Alloys market in upcoming years.
For instance, in 2019, Hyundai Motor set up new car plant in Indonesia. Similarly North America is projected to witness significant growth in Magnesium Alloys market due to development in automotive & aviation industry. European countries such as UK, Germany and Italy have huge demand of automotive and aerospace products which is increasing growth of Magnesium Alloys market.
The research report on the Magnesium Alloys market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Magnesium Alloys market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to mentioned market segments.
The Magnesium Alloys Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Magnesium Alloys market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Magnesium Alloys market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect the formal positions or views of the company.