Automotive Magnesium Alloy Market Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

The global automotive magnesium alloy market is expected to have significant growth owing to the increasing demand across the industry. They are used widely by OEMs in various vehicle body parts, interior parts, and frameworks such as oil pumps, crankshafts, brackets, cylinder crankcases, housings, and radiator support. Moreover, they increase the aerodynamic performance by decreasing overall weight on the front of vehicles and also helps in better design specification such as the center of gravity.

Magnesium alloys are unique among metals owing to their ability to absorb energy, high specific strength, low density, tremendous heat dissipation capacity, vibration absorption, high elasticity modulus, excellent corrosion resistance, and high impact suffering capacity. It is widely used in industries such as medicine, automobile, chemical, and aerospace, owing to its lightweight properties.

Increased vibration absorption capacity provides for the low-noise operation of equipment when Mg castings are used for enclosures and housings.Mg has a small volumetric specific heat compared with aluminum and zinc, which means that magnesium castings cool more quickly, allowing faster cycle times and reducing die wear.

The ongoing trend to minimize the weight of vehicles to enrich automobile performance is expected to drive market growth. Auto parts made of Mg alloys offer reduced vibration, low noise, and improved scratch resistance properties compared to steel and aluminum.

The automotive magnesium alloy market can be segmented by various applications into chassis, interior, exterior and power train. Automotive parts can be easily formed from magnesium and companies such as Audi, Ford, Mercedes-Benz, Jaguar; Kia Motors Corporations are replacing aluminum and steel with Mg alloys.

The die casting cycle of Mg has various benefits compared to aluminum such as less lubrication, shorter eject time and dwelling time. Mg castings are used for automotive safety-related applications such as airbags were owing to the elastic energy absorption characteristics of magnesium resulting in real impact, energy management, and dent resistance. Handheld electronics and portable tools also benefit from this combination of properties offering mechanical shock resistance.

Plate and sheet alloys fall under AZ31 category, which is the most widely used Mg alloy for applications at or slightly above room temperature. Sheets made from AZ31 are used for prototype testing for automotive sheet panels.

The passenger car segment is anticipated to witness significant growth owing to the development of new magnesium-based sheet metal for the motor vehicle body.

Increasing demand for electronics such as cameras, cell phones, laptops and portable media device housing are expected to boost revenue growth. They are used to replace plastics owing to their stronger and more durable properties. Moreover, it has better dissipation, heat transfer, ability to shield radio frequency and electromagnetic interference.

Owing to its capacity to form complex shapes, they are widely used in sports equipment such as archery bows, tennis rackets, and golf clubs. The damping effects of the alloys are perfect for the chassis of in-line skates and bicycle frames as it can absorb vibration and shock. Moreover, they are used in household appliances such as vacuum custodians owing to their dent-resistant and lightweight properties. Even skiing, snowboards, and ice skate equipment are made out of magnesium as it provides better stability at high speed.

Apart from cars, trucks and vans, various other vehicles have amalgamated magnesium in their designs. In the aerospace industry, it is important to drop the weight of air and spacecraft as well as missiles to achieve higher fuel efficiency, which leads to low operational cost.

It is widely used in these applications owing to continuous improvement on aluminum weight decline, the high cost of fiber metal laminates and the weak impact & damage properties of low-density plastics when subjected to extreme temperature. These materials are also used in engines of helicopters' transmission exoskeletons. Additionally, missiles and spacecraft contain magnesium, as it is efficient of tolerating the impact of energy particles and exposure to ozone.

Moreover, increasing the construction sector owing to urbanization and industrialization is expected to boost the demand for this industry. Strict government regulations regarding environmental concerns and emission reduction targets are supposed to strengthen the need for this automotive magnesium alloy market. Factors challenging the industry growth include corrosion of coated parts due to abrasion and mechanical damage.

Europe and North America are anticipated to witness significant growth over the forecast period owing to rise in automotive production. Asia Pacific is predicted to observe high growth due to increasing demand for luxury vehicle and increasing annual vehicle production.

Key players in the industry include Fugu County Industry, Jinwantong Magnesium Industry Co. Ltd, Metals Co Ltd., MagontecIndustry Ltd., Ningxia Hui-ye Magnesium Marketing Group Co. Ltd. and YinguangWeijie Magnesium Industry Co. Ltd.