Aluminum-magnesium alloys are metal alloys that contain more than 50 percent aluminum. These alloys offer excellent resistance to corrosion, superior weldability, and higher strength-to-weight ratios than those of other aluminum alloys.
Aluminum-magnesium alloys are used in aircraft and automotive manufacturing, but they are also used for heat exchangers, electronic components, boat hulls, and medical applications. Due to their lower cost compared with other metals, these alloys are expected to continue to gain popularity in various industries.
According to industry reports, the global aluminum-magnesium alloys market is expected to grow significantly over the next five years with the highest growth expected in Europe and North America. The increased demand for light-weighting, corrosion resistance and stronger materials is expected to be the main drivers of the growing market.
The global Aluminum-Magnesium Alloys market was valued at US$ 9757 million in 2022 and is anticipated to reach US$ 13330 million by 2029, witnessing a CAGR of 4.5% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A detailed market research report on Global Aluminum-Magnesium Alloys Market available at: https://www.themarketreports.com/report/global-aluminum-magnesium-alloys-market-research-report
This report aims to provide a comprehensive presentation of the global market for Aluminum-Magnesium Alloys, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Aluminum-Magnesium Alloys.
Global Aluminum-Magnesium Alloys key players include Alcoa, Chalco, Yinhai Aluminum, Yunnan Aluminum, China Hongqiao, etc. Global top five manufacturers hold a share about 35%. Asia-Pacific is the largest market, with a share about 50%, followed by Europe and North America, both with a share about 20 percent. In terms of product, Rod is the largest segment, with a share about 60%. And in terms of application, the largest application is Automobile Industry, followed by Machinery and Equipment, Electronics Industry, Rail Transit, etc.
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