Global Magnesium Alloys Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 13.79% during forecast period.
The major driver of the global magnesium alloys market can be attributed to the high demand for magnesium alloys from the automotive & transportation, electronics, aerospace & defense, medical, and power tools industries. The global magnesium alloys market has witnessed significant development over the last few years, because of the increased demand for magnesium alloys for lightweight automotive parts. Global magnesium alloys market uncertainty of magnesium prices and issues related to weld ability and corrosion resistance are. The main opportunity for the market is the growing demand for magnesium alloys from the medical .the growing market for electric vehicles is also a potential opportunity for the magnesium alloys market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
On the basis of the alloy type segment, Cast alloys is expected to hold the largest market share during the forecast period, because of its large-scale applications in automotive & transportation, electronics, and other industries. Wrought alloys is estimated to be the second-largest alloy type in the global magnesium alloys market. Because of its increasing applications in electronics, and aerospace & defense industries.
Based on the end-use industry segment, aerospace & defense is estimated to hold the largest market share during forecast period. Because of the growing demand for global magnesium alloys market from body structure and powertrain applications. The electronics industry is the second-largest consumer of global magnesium alloys market. The penetration of magnesium alloys is increasing rapidly in the electronics industry because of its increasing use in 3Cs.
In terms of region, APAC is estimated to hold the largest market share during forecast period. China and South Korea are the major markets for magnesium alloys because of the rising demand for magnesium alloys from the powertrain, body structure, computers, cellphones, and consumer electronics applications in these countries. These countries have also shown a rapid increase in the number of smartphone users in the recent past that is expected to continue over the forecast period.
The report offers a complete evaluation of the market. It does so via in-depth historical data, qualitative insights, and verifiable projections about market size. The estimates featured in the report have been derived using proven research methodologies and assumptions. The research report serves as a source of analysis and material for every facet of the market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global Magnesium Alloys Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the modest analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global Magnesium Alloys Market.
Scope of the Global Magnesium Alloys Market
Global Magnesium Alloys Market, By Alloy Type
• Cast Alloy
• Wrought Alloy
Global Magnesium Alloys Market, By End-Use Industry
• Automotive & Transportation
• Aerospace & Defense
• Power Tools
Global Magnesium Alloys Market, By Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
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