August 31, 2022 13:22 ET | Source: Data Bridge Market Research Data Bridge Market Research
SEATTLE, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market Research in its report titled of Global Magnesium Alloys Market offers comprehensive insights and detailed research on this market. The report covers the key factors that are propelling the growth of the Magnesium Alloys Market, untapped lucrative opportunities for players, latest trends and latest developments that are shaping the growth of the market and other valuable insights across different market segments. The premium Magnesium Alloys Market business report endows with a better understanding of the fine distinction related to complex information on competitors, consumers, trends, and investments, etc. at the short turnaround time. The market research report service provides beneficial solutions for both start-up businesses as well as established enterprises with equal care and commitment to quality. With a well-equipped global delivery center and highly-competent research team, new milestones are consistently created for business research services. With the widespread Magnesium Alloys Market research report, it gets effortless to make informed decisions that eventually provide maximum ROI from the marketing expenditures
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.
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The growing use of magnesium alloys in the automotive industry is expected to drive the market growth and the demand for the global magnesium alloys market. However, the main obstacles to this market's expansion are price uncertainty for magnesium and problems with weldability and corrosion resistance.
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.
The global magnesium alloys market competitive landscape provides details of the competitor. Components included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' global magnesium alloys market focus.
Historic Years - 2020 (Customizable to 2014 - 2019)
Some of the major players operating in the Magnesium Alloys market are:
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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
Key Highlights of the Industry Report:
The global magnesium alloys market is analyzed, and market size insights and trends are provided by country, product, and application, as referenced above.
On the basis of geography, the global magnesium alloys market is segmented into North America, South America, Asia-Pacific, Europe, and the Middle East and Africa. North America is segmented into U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands and Rest of Europe. Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, Rest of Asia-Pacific, Brazil, Argentina and the Rest of South America, South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel and Rest of the Middle East and Africa..
In 2022, the Asia-Pacific is expected to dominate the global magnesium alloys market due to increasing applications of the material in the aerospace and defense industries.
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Drivers:- Magnesium Alloys Market
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.
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.
The increasing demand for lightweight components in the Aerospace & Defense sector is a key driver of the 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.
Part 02: Scope of The Report
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