The aluminum-magnesium alloys market is poised for significant growth in the coming years. The lightweight and high strength of these alloys make them ideal for a variety of applications, from automotive to aerospace.
A new study by Market.us projects the Aluminum-Magnesium Alloys market to grow from USD 5.55 Billion in 2018 to USD 6.90 Billion by 2023, at a CAGR of 4.3%. One of the key drivers of market growth is the increasing demand for lightweight vehicles. Aluminum-magnesium alloys are much lighter than steel, making them an attractive option for automakers looking to reduce vehicle weight and improve fuel economy.
This increase can be attributed to the rising demand for aluminum-magnesium alloys in the automotive and aerospace industries. The increased use of these alloys in lightweight vehicles and fuel-efficient airplanes is driving the market growth. Another driver of market growth is the increasing use of these alloys in the aerospace industry. Aluminum-magnesium alloys are well suited for aircraft components due to their high strength-to-weight ratio.
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Who Are Top Winning?
New product launches, portfolio expansion, strategic collaborations, and mergers are some of the strategies used by the aforementioned companies to stay afloat in the Aluminum-Magnesium Alloys market.
Some of the key players operating in the Aluminum-Magnesium Alloys market [In no particular order of Rank] are Alcoa, Chalco, Yinhai Aluminum, Yunnan Aluminum, China Hongqiao, Rusal, Rio Tinto, Nanshan Light Alloy, Ahresty, Wanji, Handtmann, Kumz, MCI.
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Aluminum-Magnesium Alloys Market – Segmentation
The global Aluminum-Magnesium Alloys market is segmented on the basis of product type and by application type. The pricing analysis of the Aluminum-Magnesium Alloys market can be done on the basis of product type segment.
Application Segment Analysis: Some of the key applications are as follow:
Automobile Industry
Electronics Industry
Rail Transit
Machinery and Equipment
Others
Type Segment Analysis: Some of the key types analyzed in this report are as follows:
Rod
Plate
Others
Aluminum-Magnesium Alloys Market: Region Segment Analysis
On the basis of geography, global Aluminum-Magnesium Alloys market region is segmented into North America, Latin America, Asia-Pacific excluding Japan (APEJ), Eastern Europe, Western Europe, Middle East & Africa (MEA), and Japan. Among these regions, North America is presently leading the global Aluminum-Magnesium Alloys market.
Along with North America, Asia Pacific Aluminum-Magnesium Alloys market is projected to grow at a significant rate during the forecast period due to major investments. The demand for Aluminum-Magnesium Alloys is also anticipated to register high growth in global hubs such as Europe and Latin America region.
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Examined in the study are:
– Aluminum-Magnesium Alloys Market behavior, risk and opportunity levels
– An assessment of end-industry behavior and opportunity
– An anticipated timeline for Aluminum-Magnesium Alloys industry recovery
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