Asia Pacific Magnesium Alloys Market Size & Outlook
Asia Pacific magnesium alloys market, 2016-2027 (US$M)
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Asia Pacific magnesium alloys market highlights
- The Asia Pacific magnesium alloys market generated a revenue of USD 1,591.2 million in 2019.
- The market is expected to grow at a CAGR of 4.7% from 2020 to 2027.
- In terms of segment, automotive & transportation was the largest revenue generating application in 2019.
- Automotive & Transportation is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2020 to 2027.
Asia Pacific data book summary
| Market revenue in 2019 | USD 1,591.2 million |
| Market revenue in 2027 | USD 2,292.2 million |
| Growth rate | 4.7% (CAGR from 2019 to 2027) |
| Largest segment | Automotive & transportation |
| Fastest growing segment | Automotive & Transportation |
| Historical data covered | 2016 - 2018 |
| Base year for estimation | 2019 |
| Forecast period covered | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Automotive & Transportation, Aerospace & Defense, Electronics, Other Applications |
| Key market players worldwide | Nanjing Yunhai Special Metals, Ferroglobe PLC |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 51.0% of the global magnesium alloys market in 2019.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 2,292.2 million by 2027.
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Magnesium Alloys Market Scope
Magnesium Alloys Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific magnesium alloys market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to magnesium alloys market will help companies and investors design strategic landscapes.
Automotive & transportation was the largest segment with a revenue share of 57.91% in 2019. Horizon Databook has segmented the Asia Pacific magnesium alloys market based on automotive & transportation, aerospace & defense, electronics, other applications covering the revenue growth of each sub-segment from 2016 to 2027.
Similar to other countries, Asia Pacific was majorly impacted with the COVID-19 pandemic. However, the countries are reporting quick recovery, especially China. The rapid growth in the electronics and other applications in the region are expected to spur the demand for magnesium alloys in coming years.
In addition, growth of the automotive industry from second quarter of 2020 onwards is providing boost in the product demand. The shipping industry is emphasizing on reducing the overall weight of ships to increase their payload capacity and reduce fuel consumption.
Thus, aluminum-magnesium alloys are witnessing gradual adoption by shipbuilders due to their potential to reduce the weight of ship structures and generate significant savings on fuel consumption. Thus, the growing demand for lightweight ships is expected to drive the demand for magnesium alloys in the region.
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Target buyers of Asia Pacific magnesium alloys market databook
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Our clientele includes a mix of magnesium alloys market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific magnesium alloys market, including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific magnesium alloys market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
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Asia Pacific magnesium alloys market size, by country, 2016-2027 (US$M)
Asia Pacific Magnesium Alloys Market Share, 2019 & 2027 (US$M)
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