Magnesium Alloys in Automotive Market Dynamics – Driver, Challenge, Segment & Competition FY2030
Magnesium Alloys in Automotive Market Dynamics – Driver, Challenge, Segment & Competition FY2030
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Markntel Advisors’ report, Magnesium Alloys in Automotive Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Magnesium Alloys in Automotive presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.
Magnesium Alloys in Automotive Market Research Report & Market Summary:
The Global Magnesium Alloys in Automotive Market size was valued at around USD 2.2 billion in 2024 and is projected to reach USD 4.3 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 12% during the forecast period, i.e., 2025-30. These blends have lower weight coupled with high robustness which makes them high in demand in the automotive industry in current times. The parts made of magnesium alloy weigh one-third less compared to those made of aluminum. It is observed that raw magnesium has limited decomposition resistance property, which prevents various end-users from considering it in their products. Yet, companies continuously ventured into research over the past few years to nullify those drawbacks.
If you’re interested in the assumptions considered in this study, you can download the PDF brochure- https://www.marknteladvisors.com/query/request-sample/magnesium-alloys-automotive-market.html
Magnesium Alloys in Automotive Market Dynamics:
Key Driver-
Increased Focus of the Automotive Industry on Reducing the Weight of Vehicles – Automobile manufacturers are focusing on improving the fuel efficiency of the vehicle while maintaining the design, comfort, and features and this is achieved by decreasing the overall vehicle weight and that is the reason for employing magnesium alloys in various parts of the vehicle. Magnesium alloys are used in engine blocks, in wheels they have better damping and heat transmission, clutch housings, cylinder head covers, seat frames, and body components. They have a high strength-to-weight ratio, high heat dissipation, and high vibration-damping properties. For instance, Chevrolet made an engine holding structure known as a cradle with magnesium alloy that weighs around 10.5 Kg. It earlier had a similar component made of aluminum that weighed around 18 Kg. More such parts help in further reducing the weight of the vehicle.
Therefore, to reduce the weight of vehicles and make their transit more efficient, magnesium has gained high popularity in this industry, and this trend is expected to continue in the future as well due to the superior properties and expected low-price production of magnesium alloys in the future.
Magnesium Alloys in Automotive Market Segmentation Analysis:
According to MarkNtel study the market is segmented into the following categories:
By Application
- Engine & Transmission Components- Market Size & Forecast 2020-2030, USD Million
- Structural Components- Market Size & Forecast 2020-2030, USD Million
- Wheels- Market Size & Forecast 2020-2030, USD Million
- Interior Components- Market Size & Forecast 2020-2030, USD Million
- Others (Battery Housing, Suspension, Exhaust, etc.)- Market Size & Forecast 2020-2030, USD Million
Based on the application of the magnesium alloys in automotive, wheels use the highest amount of magnesium alloy thus holding a market share of around 49%.
By Vehicle Type
- Passenger Cars - Market Size & Forecast 2020-2030, USD Million
- Commercial Vehicles- Market Size & Forecast 2020-2030, USD Million
- Electric Vehicles- Market Size & Forecast 2020-2030, USD Million
- Luxury & Sports Cars- Market Size & Forecast 2020-2030, USD Million
- Others- Market Size & Forecast 2020-2030, USD Million
By Alloy Type
- Cast Alloys- Market Size & Forecast 2020-2030, USD Million
- Wrought Alloys- Market Size & Forecast 2020-2030, USD Million
Based on the type of alloy, wrought alloys are the most used segment in automotive with a market share of around 71%. This is because, in terms of reducing the weight of vehicles, magnesium alloys are chosen only when the strength is an important factor to be ensured.
By End User
- OEM- Market Size & Forecast 2020-2030, USD Million
- Aftermarket- Market Size & Forecast 2020-2030, USD Million
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
Regionally, the Asia-Pacific leads the market with a share of around 47% because this region is the largest manufacturer of motor cars, with China as the biggest producer.
As indicated in the latest market research report published by Markntel Advisors, “Magnesium Alloys in Automotive Research Report: Forecast (2025-2030)”, this report offers a detailed analysis of the industry, featuring insights into the Magnesium Alloys in Automotive industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.
Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/magnesium-alloys-automotive-market.html
Top Companies Operating in the Magnesium Alloys in Automotive Market:
- AMACOR
- American Magnesium
- Rima Group
- Galaxy Magnesium
- ICL Group Ltd.
- Allite Inc.
- US Magnesium LLC
- Magontec
- Shanxi Bada Magnesium Co. Ltd.
- Luxfer Mel Technologies
- Mag Specialties
- Latrobe Magnesium
- Western Magnesium
- Meridian Lightweight Technologies
- Regal Metals
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Key Report Highlights:
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
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Frequently Asked Questions (FAQs)-
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- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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