Global demand for magnesium alloys is being driven by the expanding use of these materials in the biomedical, healthcare, reinforced automotive, and aerospace industries.
JERSEY CITY, N.J., Sept. 23, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Magnesium Alloys Market" By Alloy Type (Cast Alloys, Wrought Alloys), By End User (Automotive And Transportation, Electronics, Aerospace And Defense, Power Tools), and By Geography.
According to the extensive research done by Verified Market Research experts, the Magnesium Alloys Market size was valued at USD 1.41 Billion in 2020 and is projected to reach USD 3.60 Billion by 2028, growing at a CAGR of 12.51% from 2021 to 2028.
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Browse in-depth TOC on "Magnesium Alloys Market"
202 - Pages
126 - Tables
37 - Figures
Global Magnesium Alloys Market Overview
Magnesium is the lightest alloy and thus a first choice for engineering applications where weight is a critical design aspect. Magnesium is one of the most prevalent elements on the planet. It is mined from the surface of ocean beds as dolomite, magnesite, and carnallite minerals. Alloying magnesium boosts its heat resistance, durability, and creep resistance. Magnesium alloys are used in a wide variety of engineering applications. Magnesium alloys are utilised as a replacement for a few engineering polymers due to their high recycling capabilities, high rigidity, and low production cost.
The market for magnesium alloys is likely to be driven by the increase in demand for vehicles, mobile devices, and notebook PCs built of these materials. The market for magnesium alloys was dominated by the Asia Pacific region. Global demand for magnesium alloys is being driven by the expanding use of these materials in the biomedical, healthcare, reinforced automotive, and aerospace industries. The market for magnesium alloys in this region is anticipated to be driven by the availability of magnesium ores, cost-effective manufacturing, and an increase in domestic production. Magnesium alloys are becoming more common in artificial human implants, which is driving the global market for these materials in medical applications.
Partnerships, Collaborations and Agreements
- On March 2021, Amcor has announced that it is joining the Alliance to End Plastic Waste (the Alliance) at the Executive Committee level. Amcor and the Alliance share the belief that collaboration and collective action are critical to eliminating plastic waste.
Mergers and Acquisitions
- On June 2019, Amcor announces the successful completion of its acquisition of Bemis Company Inc. The combined company will now operate as Amcor Plc (Amcor), trading on the New York Stock Exchange under the ticker symbol "AMCR" and the Australian Securities Exchange under the ticker symbol "AMC." Amcor is included in both the S&P 500 and S&P/ASX 200 indices.
Product Launches and Product Expansions
- On June 2021, Amcor advances sustainability commitments with the installation of the new blown-film production line. The line produces Amcor's recently launched proprietary AmPrima PE Plus ultra-clear and heat resistance films.
The major players in the market are Meridian Lightweight Technologies, Amacor, Shanghai Regal Magnesium Limited Company, Shanxi Yinguang Huasheng Magnesium, Shanxi Credit Magnesium Co. Ltd., Dynacast, Shanxi Fugu Tianyu Mineral Industry, Posco, China Magnesium Corporation Limited, Dead Sea Magnesium and Spartan Light Metal Products.
Verified Market Research has segmented the Global Magnesium Alloys Market On the basis of Alloy Type, End User, and Geography.
- Magnesium Alloys Market, by Alloy Type
- Cast Alloys
- Wrought Alloys
- Magnesium Alloys Market, by End User
- Automotive & Transportation
- Aerospace & Defence
- Power Tools
- Magnesium Alloys Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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