Dublin, Aug. 13, 2020 (GLOBE NEWSWIRE) -- The "Magnesium Alloy Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for the magnesium alloy market is expected to grow at a CAGR of approximately 4% globally during the forecast period.
Rising number of production activities of engineering components for weight reduction purpose without compromising overall strength and the growing need for vibration damping capacity are driving the market growth.
Magnesium Alloy is facing competition from other products which is expected to hinder the market growth of magnesium alloy as a structural material.
Key Market Trends
Increasing Demand from Automotive Manufacturing Industries
- The applications of magnesium alloys offer various benefits. They are employed in the production of the engine block and wheels which in turn support weight reduction, especially for sports cars.
- Automotive manufacturers have been using magnesium alloys in production to reduce the weight and thereby increase the fuel efficiency and performance of automobiles. Magnesium Alloys are preferred in engine blocks as they are resistant to higher temperatures.
- Many large automotive manufacturers like Audi, Mercedes-Benz, Ford, Jaguar, Fiat, and Kia Motors Corporation have already replaced steel and aluminum with magnesium alloys in various parts in their vehicles.
- Magnesium alloys possess good impact resistance and they absorb shocks and vibrations while traveling, in turn providing a subtle and comfortable driving to the consumers. Magnesium alloys are also environment-friendly as these are recyclable.
Asia Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed automotive sector in China, coupled with the developing production of aerospace components in the region in recent years.
- Magnesium Alloys have been increasingly used in the electronics industry in owing to the huge electronic production bases in China, Taiwan, and South Korea, for the production of cameras, cell phones, laptops and portable media devices.
- According to the U.S. International Trade Commission, China leads the market and exports a large quantity of magnesium alloys to Europe and North America because of the large number of magnesium alloy manufacturing industries in the country.
- Moreover, the growth of various manufacturing industries in China, India and other ASEAN countries is expected to support the demand for magnesium alloys through the years to come.
Competitive Landscape
The magnesium alloy market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Magontec Industry Ltd, Advanced Magnesium Alloys Corporation (AMACOR), U.S. Magnesium LLC, and Smiths Advanced Metals, among others.
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Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Need for Weight Reduction
4.1.2 Increasing Demand for Castings in Electronic Applications
4.2 Restraints
4.2.1 Competition from Substitutes
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Types
5.1.1 Cast Alloys
5.1.2 Wrought Alloys
5.2 End User
5.2.1 Aerospace
5.2.2 Automotive
5.2.3 Medical
5.2.4 Electronics
5.2.5 Sports
5.2.6 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Russia
5.3.3.6 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Magontec Industry Ltd
6.4.2 Nanjing Welbow Metals Co., Ltd. (RSM)
6.4.3 Shanghai Regal Magnesium Limited Company
6.4.4 Hydro Magnesium
6.4.5 Dead Sea Magnesium, Ltd
6.4.6 U.S. Magnesium LLC
6.4.7 Salzgitter Magnesium-Technologie Gmbh
6.4.8 Ka Shui International Holdings Ltd
6.4.9 Jinwantong Magnesium Industry Co. Ltd
6.4.10 Smiths Advanced Metals
6.4.11 Rima Group
6.4.12 Advanced Magnesium Alloys Corporation (AMACOR)
6.4.13 Nippon Kinzoku
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand from Engineering Light Weight Applications
7.2 Other Opportunities
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