Aluminum-Magnesium Alloys Rod Market Size, Share, Growth, and Industry Analysis, By Type (Low Magnesium Alloy and High Magnesium Alloy), By Application (Automobile Industry, Electronics Industry, Rail Transit, Machinery and Equipment, and Others), and Regional Forecast to 2032

Updated On: 22 April 2024

Aluminum-Magnesium Alloys Rod Market REPORT OVERVIEW

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global Aluminum-Magnesium Alloys Rod market size was USD 5133 million in 2022 and market is projected to touch USD 7421.26 million by 2032, exhibiting a CAGR of 3.7% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with aluminum-magnesium alloys rod experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Aluminum-magnesium alloys are a type of alloy that combines aluminum and magnesium as its primary alloying elements. These alloys are commonly used in various industries due to their favorable combination of lightweight properties, corrosion resistance, and strength. The addition of magnesium to aluminum enhances its mechanical properties and makes the alloy suitable for a wide range of applications.

However, it's important to note that the specific composition and properties of these alloys can vary based on the ratio of aluminum to magnesium and any other alloying elements that may be present. "Rod" in this context typically refers to a solid cylindrical or round bar made from the aluminum-magnesium alloy. These rods can be further processed through various techniques such as rolling, extrusion, or machining to create different shapes and products.

COVID-19 IMPACT: Demand Fluctuations to Hamper Demand Significantly

COVID-19 had a life changing impact globally. The aluminum-magnesium alloys rod market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for aluminum-magnesium alloys rod experienced a reduced demand.

Industries that use aluminum-magnesium alloys rods, such as aerospace, automotive, and construction, experienced demand fluctuations due to lockdowns, reduced consumer spending, and economic uncertainty. This could have impacted the orders for these materials. Travel restrictions and disruptions in global trade could have affected the import and export of aluminum-magnesium alloys rods and related components, leading to delays and difficulties in sourcing materials.

Many manufacturing facilities reduced or halted operations to comply with safety regulations and protect workers' health. This could have resulted in reduced production capacity and delayed delivery of products like aluminum-magnesium alloys rods. Labor shortages due to illness, quarantines, or lockdown measures might have impacted production capacities and led to delays in manufacturing processes. The market is anticipated to boost the aluminum-magnesium alloys rod market share following the pandemic.

LATEST TRENDS

"Advanced Alloy Formulations to Broaden Market Growth"

Researchers and manufacturers might have been working on developing new aluminum-magnesium alloy compositions with enhanced properties such as higher strength, improved corrosion resistance, and better weldability. Industries such as aerospace, automotive, and transportation continue to emphasize lightweight materials to improve fuel efficiency and reduce emissions. Aluminum-magnesium alloys, known for their lightweight properties, could have seen increased attention in these sectors.

Advances in manufacturing technologies such as extrusion, rolling, and heat treatment might have led to improved process efficiency and product quality. The ability to tailor aluminum-magnesium alloys to specific applications could have advanced further, allowing for customized alloys that meet the precise needs of different industries. These latest developments are anticipated to boost the aluminum-magnesium alloys rod market share.

Aluminum-Magnesium Alloys Rod Market SEGMENTATION

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• By Type

Based on type, the market is divided into low magnesium alloy and high magnesium alloy.

Low magnesium alloy holds a major share of the global market.

• By Application

Based on application, the market is bifurcated into automobile industry, electronics industry, rail transit, machinery and equipment, and others.

Automobile industry as application holds a major share of the global market.

DRIVING FACTORS

"Lightweight Properties to Boost Market Share"

Aluminum-magnesium alloys are known for their excellent strength-to-weight ratios. Their low density makes them lightweight while still providing sufficient mechanical strength. This property is crucial in industries where weight reduction is essential, such as aerospace, automotive, and transportation. The addition of magnesium enhances the mechanical properties of aluminum, resulting in alloys that offer good strength and load-bearing capabilities. This makes aluminum-magnesium alloys suitable for applications that require both strength and durability.

"Corrosion Resistance to Boost Market Size"

Aluminum naturally forms a protective oxide layer that gives it inherent corrosion resistance. The addition of magnesium can further improve this property, making these alloys well-suited for applications in corrosive environments, such as marine structures. Aluminum-magnesium alloys are often ductile and easily formable, allowing them to be shaped into various complex parts and structures using processes like extrusion, rolling, and forging. These factors are anticipated to drive the aluminum-magnesium alloys rod market share.

RESTRAINING FACTORS

"Galvanic Corrosion to Hamper Market Share"

When aluminum-magnesium alloys come into contact with certain dissimilar metals, galvanic corrosion can occur due to the difference in electrochemical potentials. This can limit their use in situations where galvanic coupling with other metals is a concern. Achieving the desired combination of properties in aluminum-magnesium alloys requires careful alloy design. Balancing various elements and properties can be complex and may require expertise. The factors are anticipated to hinder the growth of the aluminum-magnesium alloys rod market share.

Aluminum-Magnesium Alloys Rod Market REGIONAL INSIGHTS

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"Asia-Pacific Dominates the Aluminum-Magnesium Alloys Rod Market "

APAC is the largest market shareholder for aluminum-magnesium alloys rod market share. The region has established manufacturing capabilities for aluminum and magnesium products contributed to have a significant ownership stake in producing aluminum-magnesium alloys rods. Their strong demand for lightweight and corrosion-resistant materials in industries such as aerospace, automotive, transportation, and marine might drive the production and distribution of aluminum-magnesium alloys rods. North America is the second major shareholder for the growth of the aluminum-magnesium alloys rod market share.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Alcoa [U.S.]
• Chalco (Aluminum Corporation of China Limited) [China]
• Yinhai Aluminum [China]
• Yunnan Aluminum [China]
• China Hongqiao Group Limited [China]
• Rusal (United Company RUSAL Plc) [Russia]
• Rio Tinto [U.K]
• Nanshan Light Alloy Co., Ltd. [China]
• Ahresty Corporation [Japan]
• Wanji Holdings Group Limited [China]
• Handtmann Group of Companies [Germany]
• Kumz (Kamensk Uralsky Metallurgical Works) [Russia]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.