MarkNtel Advisors Predicts Magnesium Alloys in Automotive Market to Surge to USD 4.3 billion by 2030 at 12% CAGR

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Magnesium Alloys in Automotive Market, 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. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Magnesium Alloys in Automotive Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

Forecast Period: 2025-2030
Market Size in 2024: USD 2.2 billion
CAGR (2025-2030): 12%

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Global Magnesium Alloys in Automotive Market Segmentation Breakdown:

The Magnesium Alloys in Automotive Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

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

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

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

Geographical Growth Insights:

By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific

Regionally, the Asia-Pacific leads the market with a share of around 47% because this region is the largest manufacturer of motor cars, with China as the biggest producer.

MarkNtel Advisors Highlights Key Market Drivers for Magnesium Alloys in Automotive Market:

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.

A Comprehensive Analysis of Leading Companies in Global Magnesium Alloys in Automotive Market

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
Others

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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.

What are the growth Opportunity driving the Global Magnesium Alloys in Automotive Market?

Increasing Popularity of Electric Vehicles – Electric vehicles have gained high traction in recent years. For instance, approximately 14 million electric-powered cars were sold around the world in 2023, which is 20% of the total cars sold, including ICEs. This further increases the demand for electric cars that have a long traveling range. This can be addressed by using lightweight parts in electric vehicles as they can reduce the energy required to move the vehicle. As a result, the elements made up of magnesium alloys can be the best alternative. Moreover, innovations in manufacturing procedures of such alloys are expected to reduce their price in the coming years. Therefore, the use of magnesium alloys in electric vehicles to reduce their weight and increase the travel range is expected to provide a good growth opportunity for the market.

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About Us –

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

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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