Data Bridge Market Research has recently published a Report, titled, Magnesium Alloys Market business document is composed of myriad of factors that have an influence on the market and include industry insight and critical success factors (CSFs), market segmentation and value chain analysis, industry dynamics, market drivers, market restraints, key opportunities, technology and application outlook, country-level and regional analysis, competitive landscape, company market share analysis and key company profiles. Moreover, businesses can gain insights into profit growth and sustainability programme with this report. Business intelligence is an essential aspect when it comes to accomplish thorough and wide-ranging market insights and the same is applied for generating Magnesium Alloys market research report.
Magnesium Alloys market analysis report studies various parameters throughout the report which analyses the market status in detail. As today’s businesses greatly demand the market research analysis before taking any verdict about the products, opting for such market report is vital for the businesses. Market segmentation gives clear idea about the product consumption based on several factors that includes but are not limited to type, application, deployment model, end user and geographical region. This reliable industry analysis report extends a reach to the success that is desired in the business. So, Magnesium Alloys market research report is a proven source to gain valuable market insights and take better decisions about the important business strategies.
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Global Magnesium Alloys Market Definition
These global magnesium alloys are primarily used in the automotive & transportation, gearbox, front end, I.P. beams, steering column and driver’s airbag housings, steering wheels, seat frames, and fuel tank covers. Data Bridge Market Research analyses that the Global magnesium alloys market is expected to reach the value of USD 2,007,247.90 thousand by the year 2029, at a CAGR of 4.7% during the forecast period.
Magnesium is the lightest structural material with a density of 1.74 g/cm, and alloying magnesium with metal increases the hardness, cast-ability, and strength while having a negligible effect on viscosity. Aluminum is mostly used as an alloying metal with magnesium. Magnesium Alloys have properties such as lightweight, thermal conductivity, strength, durability, corrosion resistance, and high-temperature creep.
- In November 2019, Hyundai Motor invested USD 1.55 billion in its new Indonesia Car Plant. The production in its new car plant started in late 2021
- In 2016, The Magmaris magnesium scaffold was launched by Biotronik, and it is now the world’s first clinically proven magnesium-based resorbable scaffold to obtain a C.E. mark.
It is a cardiovascular stent that resorbs over time. This bespoke new technology was launched following a decade-long research program in which SynergMag 410, a magnesium alloy system, was created as the critical backbone to Biotronik’s Magmaris scaffold
Some of the major players operating in the Magnesium Alloys market are:
Luxfer MEL Technologies, Shandong Feixian County Yinguang Magnesium Industry Co. Ltd., regal-mg, U.S. Magnesium LLC, Namoalloy, Dead sea Magnesium, DSM, Amacor, Dynacast, RIMA INDUSTRIAL, Mag Specialties Inc., MAGONTEC Limited, Nanjing Yunhai Special Metal Co., Ltd amongst others.
The Market Dynamics of the Global Magnesium Alloys Market Include:
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers/ Opportunities faced by the Global Magnesium Alloys Market
- The growth in the use of magnesium alloys in the automotive industry
The growing use of magnesium alloys in the automotive industry is key because that will drive the global magnesium alloys market further. The market is driven by the increasing manufacturing of engineering components for weight reduction without compromising vehicles’ overall strength and the growing demand for vibration damping capacity. Moreover, magnesium alloys offer strength, light weight, durability, thermal conductivity, high-temperature creep, and corrosion resistance to the vehicle. As a result, the demand for magnesium alloys is expected to grow substantially owing to these characteristics.
Rise in popularity of magnesium alloys in artificial human implants and medical devices
The rising popularity of magnesium alloy in artificial human implants and increasing applications of the material in medical devices are likely to propel the industry’s growth. Medical device and implant producers mostly use magnesium Alloy due to its low density. Magnesium alloys are used in the manufacturing of portable medical equipment, and wheelchairs due to their lightweight property.
Looking after these advantages, various medical implants and device manufacturers have started using magnesium alloys as an important material in their productions.
- Increase in applications of the material in aerospace and defense industries
The increasing demand for lightweight components in the Aerospace & Defense sector is a key driver of the global magnesium alloys market. Magnesium alloys are used in manufacturing helicopter transmission casings, aircraft engines, gearbox casings, turbine engines, jet engine fan frames, spacecraft, and missiles. Thus, increasing spending on the defense sector and demand for new commercial aircraft are anticipated to remain key growth-driving factors for the global magnesium alloys market.
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- In 2019, the U.S. government proposed a budget of USD 686 billion for the Department of Defense. The key investments of the budget in aircraft included 77 F-35 Joint Strike Fighters, 10 P-8A Aircraft, and 15 KC-46 Tanker Replacements
- In 2019, as per a study published by Boeing, North America was likely to have 9,130 new airplane deliveries by 2038, second-highest after Asia-Pacific. Moreover, the preference for fuel-efficient vehicles is projected to boost the usage of such lightweight materials, thereby augmenting the magnesium alloys product demand
- Introduction Of New Processes Such As Thixomolding And New Rheocasting
Casting high-strength, tensile, and pressure-tight components at low cost are done to introduce magnesium alloys into hydraulic and structural applications. Much development work has been undertaken in casting parts at temperatures below the liquidus -in the semi-solid state or in a form containing a significant amount of solid. Therefore, all these newly developed processes which offer advantages in the processing of magnesium alloys will provide lucrative opportunities for the growth and development of the global magnesium alloys market.
This Magnesium Alloys market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research In Magnesium Alloys market contacts us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Magnesium Alloys market
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Magnesium Alloys Market
Key Pointers Covered in the Magnesium Alloys Market Industry Trends and Forecast to 2029
- Market Size
- Market New Sales Volumes
- Market Replacement Sales Volumes
- Market Installed Base
- Market By Brands
- Market Procedure Volumes
- Market Product Price Analysis
- Market Cost of Care Analysis
- Market Shares in Different Regions
- Recent Developments for Market Competitors
- Market Upcoming Applications
- Market Innovators Study
The Study Is Segmented By Following:
The global magnesium alloys market is segmented based on product and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Cast alloy
- Wrought alloy
On the basis of product, the market is segmented into cast alloy and wrought alloy.
- Automotive & transportation
- Aerospace & defense
- Power tools
On the basis of application, the market is segmented into automotive & transportation, aerospace & defense, electronics, power tools, and others.
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TOC of Global Magnesium Alloys Market:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Magnesium Alloys Market.
Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.
Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the Magnesium Alloys market.
Market Development: Comprehensive information about emerging market. This report analyses the market for various segments across geographies.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Magnesium Alloys Market.
Market Growth: The growth factors of the market are discussed where the different users of the market are described in detail.
Market Segmentation: Data and information by market player, by region, by type, by application, etc and custom research can be added.
Appendix: The final of the report contains conclusion part where the industrial experts opinions are included.
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Research Methodology: Global Magnesium Alloys Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or can drop down your inquiry.
The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Expert Analysis, Import/Export Analysis, Pricing Analysis, Production Consumption Analysis, Climate Chain Scenario, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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