Aluminum-Magnesium Alloys Plate Market Size, Share, Growth, and Industry Analysis, By Type (Low Magnesium Alloy, High Magnesium Alloy), By Application (Automobile Industry, Electronics Industry, Rail Transit, Machinery and Equipment, Others) and Regional Forecast to 2031

Updated On: 22 April 2024

ALUMINUM-MAGNESIUM ALLOYS PLATE MARKET REPORT OVERVIEW

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The global aluminum-magnesium alloys plate market size was USD 2641 million in 2022 and the market is projected to touch USD 3617.63 million by 2031, exhibiting a CAGR of 3.5% during the forecast period.

The market is anticipated to rise as a result of an increase of need for aluminum-magnesium alloys plate through end-use sectors such machinery and equipment, rail transit, and automobiles. Throughout the projection period, it is projected that the growing trend of technical improvements in the automotive industry would increase the use regarding aluminum-magnesium alloys plate amongst other types. Over the coming years, this will also result in a higher acceptance rate of items made of aluminum and magnesium alloys.

Additionally, because of the strict government regulations regarding fuel efficiency and emission limits on cars worldwide, there is an increasing need for portable metal components that can be used in a variety of applications. This has led to a substantial adoption of these goods by manufacturers across regions, which in turn enhances their spread into new application areas, such as turbines and aircraft parts.

 COVID-19 Impact: Initiatives to Halt the Virus Spread to Deplete Market Share 

COVID-19 had a detrimental effect on the market. Work stoppages brought on by government initiatives to halt the virus's spread and supply chain disruptions both had a detrimental effect on the market. As a result, the COVID-19 outbreak's effects and uncertainty created a barrier over the market. But the market picked up steam, and a recovery is anticipated in the upcoming years.

LATEST TRENDS 

"Utilization in Rail Transit to Stimulate Market Development  "

The first kind of transportation to use aluminum-magnesium alloy was rail transit. Both freight and passengers are transported over rails. When compared to air travel, canals, and roads, it is among the least expensive options. High-speed trains in rail systems can be powered by renewable energy sources including solar power, which reduces the need for fossil fuels. Because of their lightweight nature, which lowers power consumption while improving operating speeds, and their resilience at high temperatures, aluminum-magnesium alloys accounted for a sizeable portion of the rail transit market.

ALUMINUM-MAGNESIUM ALLOYS PLATE MARKET SEGMENTATION   

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• By Type

Based on type the global market can be categorized into low magnesium alloy, high magnesium alloy.

Due to their comparatively low melting points, which are below around 1200oF (650oC), commercial alloys can only be used at fairly high temperatures. Furthermore, some alloys have melting points that are very high. Magnesium alloys melt at temperatures between 685°F (360°C) and 1200°F (650°C), depending on their composition.

• By Application

Based on application the global market can be categorized into automobile industry, electronics industry, rail transit, machinery and equipment, others.

Industries that deal with machinery and equipment use alloys made of aluminum and magnesium. Among other items, they are used in bolts, gearing, wheels, brake, bushings, and pistons in automobiles and aircraft. Over the projection period, the market is anticipated to increase as a result of rising requirements for aluminum-magnesium alloys from these automobile industry, electronics industry, rail transit, machinery and equipment, others.

DRIVING FACTORS

"Expanding Adoption of Alloys in Automobiles to Aid Market Expansion  "

One of the main factors propelling the aluminum-magnesium alloys plate market growth forward is the expanding adoption of alloys in automobiles. The growing use of aluminum-magnesium alloys plate for robotic human implants and its expanding uses in the defense and aerospace sectors are also expected to fuel the industry's expansion.

"Growing Need for Vibration Damping Capacity to Foster Industry Progress  "

The market is being driven by both the growing need for vibration damping capacity and the increasing manufacturing of technical components for lighter weight without compromising overall strength. These alloys also provide corrosion resistance, strength, low weight, resilience, thermal conductivity, and high temperature creep. As a result of these qualities, it is anticipated that the market for alloys plate will expand significantly.

RESTRAINING FACTOR

"Availability of Affordable Alternative Materials to Stop Market Evolution   "

However, it is anticipated that market expansion will be somewhat constrained by varying magnesium costs as well as problems related to corrosion and soldering of alloys plate. Additionally, it is anticipated that the market expansion will be constrained by the more affordable alternative materials that are available for alloys plate.

ALUMINUM-MAGNESIUM ALLOYS PLATE MARKET REGIONAL INSIGHTS

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"Asia Pacific is controlling the Market Attributable to Presence of Electrical Bases "

Due in large part to China's robust automotive industry and the recent growth in aircraft component manufacture, Asia Pacific is predicted to dominate the worldwide aluminum-magnesium alloys plate market share. Significant electrical production bases for the manufacture of cameras, mobile phones, notebook computers, and portable media players are located in Taiwan, China, and South Korea. Demand for electronics increased in India, as the market's size expanded quickly.  The expanding markets for appliances and electronics in China and India could fuel additional expansion in the Asian Pacific region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• Alcoa (U.S.)
• Chalco (China)
•  Yinhai Aluminum (China)
• Yunnan Aluminum (China)
• China Hongqiao (China)
• Rusal (Russia)
• Rio Tinto (U.S.)
• Nanshan Light Alloy (China)
• Ahresty (Japan)
• Wanji (China)
• Handtmann (Germany)
• Kumz (Russia)

INDUSTRIAL DEVELOPMENT  

• January 2023: The first-ever flashlight constructed of magnesium alloy has been named Baton 3 Pro Max in Magnesium Alloy within Desert Tan, created by Olight. With the introduction of this 3 Max in Magnesium Alloy Desert Tan, magnesium alloy which may someday compete aluminum alloy can now be used in flashlights more often.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.