Magnesium Alloys Market Size Worth $6.6 Billion by 2027 | CAGR: 9.9%: Grand View Research, Inc.

SAN FRANCISCO, May 20, 2020 /PRNewswire/ --A  The global magnesium alloys marketA size is expected to reach USD 6.62 billion by 2027 registering a CAGR of 9.9%, according to a new report by Grand View Research, Inc. Increasing magnesium content per vehicle is projected to drive the demand of magnesium alloys products over the next forecast period.Auto manufacturers are now shifting to lightweight materials, such as magnesium, aluminum, and composite materials, to reduce the emissions from vehicles. Rising preference for fuel-efficient vehicles is projected to boost the usage of such lightweight materials, thereby augmenting the product demand.Key suggestions from the report:

The automotive & transportation was the largest application segment in 2019 and is likely to expand further at the fastest CAGR during the forecast period

The growth of the segment is attributed to incessant production of vehicles and increasing magnesium content per vehicle

Asia Pacific held the highest volume share in 2019 and is projected to maintain its position during the forecast period

Rapid expansion of the automotive sector and increasing demand for electric vehicles (EVs) are anticipated to remain key drivers for the regional market

Key vendors in the global market are Magontec Ltd.; Magnesium Elektron Ltd.; Ka Shui International Holdings Ltd.

Read 112 page research report with ToC on "Magnesium Alloys Market Size, Share & Trends Analysis Report By Application (Automotive & Transportation, Aerospace & Defense, Electronics), By Region (MEA, North America, APAC), And Segment Forecasts, 2020 - 2027" at: terms of mass, magnesium is the lightest metallic material used in the die casting process. Magnesium alloys have 30% lesser density than aluminum, which boosts their usage in vehicles and aerospace applications. Also, as compared to aluminum and steel, these components can save nearly 25 to 40% and 55% of weights respectively.
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