Magnesium Alloys Market Size, Share, Growth Analysis, By Alloy Type(Cast Alloys, and Wrought Alloys), By End-Use(Automotive, Aerospace) - Industry Forecast 2024-2031

Magnesium Alloys Market size was valued at USD 1.84 Billion in 2022 and is poised to grow from USD 2.14 Billion in 2023 to USD 7.21 Billion by 2031, at a CAGR of 16.4% during the forecast period (2024-2031).

The competitive landscape of the market is defined by a varied blend of niche manufacturers and renowned industry players, with eachstriving to gain market share and fulfill demand. Key companies like Norsk Hydro ASA, AMG Advanced Metallurgical Group N.V., and Meridian Lightweight Technologies were prominent figures in the market, leveraging their extensive production capabilities and diversified product portfolios. Moreover, regional players played a significant role, especially in areas with substantial magnesium resources, such as China. Leading Chinese magnesium alloy producers like Ningxia Hui-Ye Magnesium Marketing Group and Tianjin DongHui Powder Processing Equipment Co., Ltd. were prominent contributors to the market. 'Norsk Hydro ASA', 'AMG Advanced Metallurgical Group N.V.', 'Meridian Lightweight Technologies', 'Nanjing Yunhai Special Metals Co., Ltd.', 'Ningxia Hui-Ye Magnesium Marketing Group', 'Tianjin DongHui Powder Processing Equipment Co., Ltd.', 'Magontec Limited', 'Mag Specialties Inc.', 'Smiths Advanced Metals', 'Dead Sea Magnesium Ltd.', 'Mag-Lite', 'Shanxi Credit Magnesium Co., Ltd.', 'U.S. Magnesium LLC', 'Magnesium Elektron', 'Hunan High Broad New Material Co., Ltd.', 'C&J Clarks International Ltd.', 'Rima Group', 'Western Magnesium Corporation', 'VSMPO-AVISMA Corporation', 'Luxfer Holdings PLC'

As a result of their low density and recyclability, magnesium alloys were seen as the green alternative in these industries, keeping their production in line with sustainability goals and regulations worldwide.

Lightweighting in Automotive: The automotive sector has significantly driven the market growth of magnesium alloys. Automotive producers have sustained extensive adoption of magnesium alloys into vehicle components, such as transmission cases, engine blocks, and structural parts, to enhance fuel efficiency and lower weight.

Asia-Pacific, particularly China with its high rate of production and adoption of these products, is the largest region in the magnesium alloys market. China's increasing demand for magnesium alloys, particularly in the automotive and electronics sectors, and extensive manufacturing capabilities established its presence in the APAC region. China’s influential magnesium production industry and flourishing manufacturing ecosystem made it a key player in the magnesium alloys market.