The ‘Automotive Magnesium Alloy Market’ research report assembled by Persistence Market Research provides a succinct analysis on the recent market trends. In addition, the report offers a thorough abstract on the statistics, market estimates and revenue forecasts, which further highlights its position in the industry, in tandem with the growth strategies adopted by leading industry players.
Automotive Magnesium Alloy is light metal alloys use extensively in automobiles original equipment manufacturing (OEM). Magnesium alloys offers higher strength, high thermal stability, rigidity, higher specific strength, ductility and it is light in weight compare to aluminium and steel.
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Automotive magnesium alloy are used in various vehicle’s interior parts, body parts, and chassis such as in crank shaft, oil pumps, mounts, brackets, housings, cylinder crankcase, and radiator support or carrier magnesium alloys also improves the aero dynamic performance of the vehicle by reducing overall weight on the front of vehicles.
On the basis of various applications, the global magnesium alloy market is categorize in four different segment namely,
- Chassis: brake bracket and bracket assembly, clutch pedal bracket, air bag housing, engine cradle or sub frame.
- Interior: seat base, console bracket, instrument panel, reinforcement, console support bracket, (anti breaking system) ABS Housing, steering wheel armature, lock housing, and actuator housing and retainer
- Exterior: sun roof cover, outside mirror armature, roof and frame, and wheel frame
- Powertrain: alternator bracket, valve cover, cam cover, and transfer case
In past few years there has been a trend towards reducing the weight of the vehicles to enhance vehicle performance such as reduces acceleration or deceleration time. Magnesium alloys also reduce front weight of the vehicle which helps in better design specification such as centre of gravity and aero dynamics of the vehicle. Automobiles parts made of magnesium alloys offers reduce noise, reduce vibration and better scratch resistance properties compare to aluminium and steel.
Inconsistent properties of magnesium alloys in High Pressure Die Cast (HPDC) parts, poor corrosion resistance properties of magnesium and the consumer perception that magnesium is a flammable is acting as the major challenge for the industries.
Asia Pacific is the largest market of the magnesium alloys followed by Europe and North America China and Japan are the some of the leading market in the Asia Pacific. Germany and Italy are the largest automotive magnesium alloys market in Europe. The U.S. accounts for the largest market share in North America. Asia Pacific is the fasted growing market of automotive magnesium alloys attributed to the increasing annual vehicle production and increasing demand of luxury vehicle from class A consumers in this region.
Some of the leading companies operating in global automotive magnesium alloy market include, Beijing Guangling Jinghua Science & Technology Co., Ltd. (“Gonleer”), Nanjing Yunhai Special Metals Co., Ltd., Meridian, STOLFIG, TAKATA, and Autoliv.