MarkNtel Advisors recently published a detailed industry analysis of the Global Magnesium Alloys in Automotive Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.

Global Magnesium Alloys in Automotive Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030

The 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.

What are the major Driver the Global Magnesium Alloys in Automotive industry?

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.

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What segments define the Global Magnesium Alloys in Automotive Market from 2025 to 2030? How do these segments contribute to market dynamics and growth?

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

According to report, 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

According to report, Based on the type of alloy, wrought alloys are the most used segment in automotive with a market share of around 71%.

By End User

• OEM- Market Size & Forecast 2020-2030, USD Million
• Aftermarket- Market Size & Forecast 2020-2030, USD Million

Explore the Complete Global Magnesium Alloys in Automotive Market Analysis Report – https://www.marknteladvisors.com/research-library/magnesium-alloys-automotive-market.html

Geographical Analysis: Global Magnesium Alloys in Automotive Market

 By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Global Magnesium Alloys in Automotive Market Share & Competitive Landscape:

The Magnesium Alloys in Automotive Market characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry's leading companies, highlighting their strengths, financial performance, and market influence.

Leading Companies in the Global Magnesium Alloys in Automotive Market are:

• 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

The Global Magnesium Alloys in Automotive Industry Recent Development:

• 2023: Western Magnesium set up a new plant in Nevada, US. This development aimed to expand the production of magnesium and develop new alloys and IP with different industries.

Questions Addressed in this Study

1.What factors are driving the Global Magnesium Alloys in Automotive Market growth?

2.How is the Global Magnesium Alloys in Automotive Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Global Magnesium Alloys in Automotive Market Market?

4.What is the current size of the Global Magnesium Alloys in Automotive Market Market, and how is it projected to change in the future?

6.What is the future outlook for the Global Magnesium Alloys in Automotive Market in terms of technological advancements and market expansion?

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Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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