Magnesium Alloy Ingot Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Alloy Type (AZ31, AZ91, AM60, Others), By End-Use Industry (Automotive, Aerospace & Defense, Electronics, Medical, Others), By Manufacturing Process (Casting, Extrusion, Rolling, Others), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Magnesium Alloy Ingot Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Alloy Type (AZ31, AZ91, AM60, Others), By End-Use Industry (Automotive, Aerospace & Defense, Electronics, Medical, Others), By Manufacturing Process (Casting, Extrusion, Rolling, Others), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
Region: Global
Published: March 2024
Report Code: CGNCAM523
Pages: 208

The Global Magnesium Alloy Ingot Market was valued at USD 2,804.8 Million in 2022 and is anticipated to reach a value of USD 3,931.6 Million by 2030 expanding at a CAGR of 4.4% between 2023 and 2030.

In the larger field of lightweight materials and metallurgy, the magnesium alloys market is an important one. Magnesium alloys provide an alluring combination of low density and high strength-to-weight ratio. They are mostly made of magnesium mixed with additional metals including aluminum, zinc, and manganese. Due to this, they are a desirable option for many industries, such as the automotive, aerospace, electronics, and medical device sectors. The magnesium alloys market has been pushed by the global automotive and aerospace industries' need for lightweight materials that can improve fuel efficiency and lower emissions. Magnesium alloys can be used to create lightweight, environmentally friendly aircraft and cars that perform better and are in line with global sustainability objectives. It is also a great option for use in portable electronic gadgets owing to its superb mechanical qualities and lightweight design. However, there are difficulties in this sector as well. Since, magnesium alloys are prone to corrosion, proper surface treatments are necessary. To ensure sustainable expansion, concerns about costs, the scarcity of high-quality magnesium resources, and recycling techniques must also be addressed.

Magnesium Alloy Ingot Market Major Driving Forces

Sustainable Materials: In these industries, magnesium alloys were viewed as the environmentally friendly substitute due to their low density and recyclability, which allowed their manufacturing to comply with global sustainability standards and guidelines.

Demand for Lightweight Metal: In an effort to increase performance and fuel economy, the automotive and aerospace industries focused on developing lightweight cars and aircraft, which increased demand for magnesium alloys and fueled market expansion.

Technological Innovations: Technological innovation and advancement in material sciences and alloy manufacturing further improved the alloy’s quality and optimize the performance of the various vehicles, making it more widely used in downstream applications.

Demand in the Healthcare Sector: The growing use of magnesium alloy in medical devices and its growing appeal in prosthetic human implants are expected to fuel the sector's expansion. Owing to its low density, magnesium alloy is largely used by manufacturers of medical devices and implants. Since magnesium alloys are lightweight, they are employed in the production of wheelchairs and other portable medical equipment.

Magnesium Alloy Ingot Market Key Opportunities

Development of the Aerospace Sector: The aviation sector has grown as a result of rising disposable income levels worldwide. The need for fighter jets, commercial aircraft, and transport aircraft is significantly increasing, which is driving growth in the global magnesium alloy ingot market.

Growing Consumer Electronics: Booming consumer electronics industry presents a huge opportunity for the magnesium alloy ingot market to grow. Magnesium alloys are used in the production of lightweight and durable components for smartphones, laptops, tablets, and other electronic devices.

Healthcare Industry: The industry is predicted to grow as a result of the increasing use of magnesium alloy in medical equipment and its growing use in prosthetic human implants. Manufacturers of magnesium alloy ingots have opportunities in fields such as medical imaging, implants, and surgical instruments.

Magnesium Alloy Ingot Market Key Trends

·         Increasing demand from the automotive industry, which is a result of the focus on lightweight materials to lower emissions and increase fuel efficiency.

·         Increasing tendency in the aerospace and defence sectors' utilization of magnesium alloy ingots.

·         Expanded use in consumer electronics, motivated by the need for strong, lightweight materials in the sector.

·         Continuous investigation and development to enhance the mechanical characteristics and resistance to corrosion of magnesium alloy compositions.

·         Growing in favour in the medical field because to its low density, mechanical similarities to human bone, and biocompatibility.

·         As they are recyclable and lightweight, magnesium alloys are seen to be a greener option.

·         Increasing focus on improving magnesium alloys' resistance to corrosion in order to increase their use in sectors including the automotive, aerospace, and marine industries.

 

Region-wise Market Insights

North America accounted for the largest market share at 39.2% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 4.7% between 2023 and 2030.

Asia-Pacific is the largest region in the magnesium alloys market capturing 39.2% of market share and accounting USD 1,099.48 Million, with China leading the way due to its high rate of production and adoption. Asia-Pacific has the highest growth rate, registering CAGR of 4.7%. China gained a foothold in the Asia-Pacific area owing to its broad manufacturing capabilities and rising demand for magnesium alloys, especially from the electronics and automotive industries. China is a major player in the market for magnesium alloys due to its robust manufacturing ecosystem and significant magnesium production industry. North America ranks second in the market in terms of adoption, registering market share of 25.6%. Given that it has so many well-known corporations in the automotive and aerospace industries, the United States has increased its expansion in the region. As the American auto industry is focused on using lightweight materials to meet regulations and increase fuel efficiency, there is an increased need for magnesium alloys. Additionally, the county's aerospace industry used magnesium alloys extensively for aircraft components, which further fueled the rise of the regional market.

Market Competition Landscape

A diverse mix of well-known industry giants and specialized manufacturers, each vying for market share and meeting demand, constitute the competitive landscape of the market. Prominent multinational corporations such as Meridian Lightweight Technologies, AMG Advanced Metallurgical Group N.V., and Norsk Hydro ASA were significant players in the industry due to their wide range of products and varied manufacturing capacities. Furthermore, regional players were important, particularly in places including China that had abundant magnesium deposits. Prominent Chinese manufacturers of magnesium alloys, such as Tianjin DongHui Powder Processing Equipment Co., Ltd. and Ningxia Hui-Ye Magnesium Marketing Group, were significant players in the international market. Prominent players in the market include:

·         Magontec Limited

·         Meridian Lightweight Technologies

·         Nanjing Yunhai Special Metals Co., Ltd.

·         US Magnesium LLC

·         Dead Sea Magnesium Ltd.

·         Solikamsk Magnesium Works OJSC

·         Magnesium Elektron Ltd.

·         Latrobe Magnesium Limited

·         POSCO-MKPC

·         Shanxi Wenxi Hongfu Magnesium Co., Ltd.

·         Rima Group

·         Ningxia Hui-Ye Magnesium Marketing Group Co., Ltd.

·         Magontec (Tianjin) Co., Ltd.

·         Nippon Kinzoku Co., Ltd.

·         Shanxi Fugu Tianyu Mineral Industry Co., Ltd.

Report Attribute/Metric

Details

Market Revenue in 2022

USD 2,804.8.0 Million

Market Revenue in 2030

USD 3,931.6 Million

CAGR (2023 – 2030)

4.4%

Base Year

2022

Forecast Period

2023 – 2030

Historical Data

2018 to 2022

Forecast Unit

Value (US$ Mn)

Key Report Deliverable

Revenue Forecast, Growth Trends, Market Dynamics, Segmental Overview, Regional and Country-wise Analysis, Competition Landscape

Segments Covered

·         By Alloy Type (AZ31, AZ91, AM60, Others)

·         By End-Use Industry (Automotive, Aerospace & Defense, Electronics, Medical, Others)

·         By Manufacturing Process (Casting, Extrusion, Rolling, Others)

Geographies Covered

North America: U.S., Canada and Mexico

Europe: Germany, France, U.K., Italy, Spain, and Rest of Europe

Asia Pacific: China, India, Japan, South Korea, Southeast Asia, and Rest of Asia Pacific

South America: Brazil, Argentina, and Rest of Latin America

Middle East & Africa:  GCC Countries, South Africa, and Rest of Middle East & Africa

Key Players Analyzed

Magontec Limited, Meridian Lightweight Technologies, Nanjing Yunhai Special Metals Co., Ltd., US Magnesium LLC, Dead Sea Magnesium Ltd., Solikamsk Magnesium Works OJSC, Magnesium Elektron Ltd., Latrobe Magnesium Limited, POSCO-MKPC, Shanxi Wenxi Hongfu Magnesium Co., Ltd., Rima Group, Ningxia Hui-Ye Magnesium Marketing Group Co., Ltd., Magontec (Tianjin) Co., Ltd., Nippon Kinzoku Co., Ltd., Shanxi Fugu Tianyu Mineral Industry Co., Ltd.

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