How big is the magnesium alloys market?

The global magnesium alloys market size was estimated at USD 3.1 billion in 2019 and is expected to reach USD 2.9 billion in 2020.

What is the magnesium alloys market growth?

The global magnesium alloys market is expected to grow at a compound annual growth rate of 9.9% from 2019 to 2027 to reach USD 6.6 billion by 2027.

Which segment accounted for the largest magnesium alloys market share?

Automotive & transportation dominated the magnesium alloys market with a share of 58.1% in 2019. This is attributable to incessant production of electric and lightweight vehicles along with increasing applications including valve covers, steering wheels, and instrument panel beams.

Who are the key players in magnesium alloys market?

Some key players operating in the magnesium alloys market include ALLITE Inc, Nanjing Yunhai Special Metals Co., Magontec Ltd., Globe Specialty Metals, Fugu Jinwantong Magnesium Industry Co., and Weijie Magnesium Industry Co.

What are the factors driving the magnesium alloys market?

Key factors that are driving the market growth include increasing applications in jet engine fan frames, transmission castings, spacecraft and missiles along with increasing defense spending and demand for new commercial aircraft.