Magnesium Alloys in Automotive Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2030

 

As per MarkNtel The Global 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.

Magnesium Alloys in Automotive Market Systems Market Insights:

These blends have lower weight coupled with high robustness which makes them high in demand in the automotive industry in current times. The parts made of magnesium alloy weigh one-third less compared to those made of aluminum. It is observed that raw magnesium has limited decomposition resistance property, which prevents various end-users from considering it in their products. Yet, companies continuously ventured into research over the past few years to nullify those drawbacks.

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Magnesium Alloys in Automotive Market Systems Market Segmentation:

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

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

By End User

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

By Region

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

Magnesium Alloys in Automotive Market 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.

Tap into future trends and opportunities shaping the Magnesium Alloys in Automotive Market complete report: https://www.marknteladvisors.com/research-library/magnesium-alloys-automotive-market.html

Magnesium Alloys in Automotive Market Drivers:

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.

Report Highlights Essential Insights for Strategic Decision-Making

  • Detailed market size, share, and forecast analysis
    • In-depth pricing trends and segment-wise cost evaluations
    • Key industry strategies, including innovation, partnerships, and acquisitions
    • Critical value chain analysis and stakeholder profiling
    • Regional import-export market insights and trade flow assessment
    • Thorough competitive benchmarking of top hearing aid manufacturers
    • Identification of new growth opportunities and niche market segments
    • Overview of market trends, drivers, and challenges shaping future demand

Some of the leading players in the 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 and others.

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Research Methodology Summary

A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.

Key Steps:

  • Define objectives and research design
  • Collect data through surveys and interviews
  • Analyze and validate data using reliable tools
  • Forecast trends and deliver actionable insights

About us:

MarkNtel Advisors is a global research and advisory firm with expertise across the energy industry, covering renewable energy, oil & gas, energy storage, and power generation. We deliver data-backed insights that assist energy producers, utilities, and investors in navigating regulatory transitions and emerging technologies. With Consulting Services, we help clients interpret market intelligence and design actionable strategies that accelerate decarbonization, enhance energy resilience, and ensure sustainable growth across global markets.

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