Report Predicts Magnesium-Alloy Growth in AutomotiveFebruary 1, 2016
According to a new market report, the future of magnesium alloys in the global automotive industry looks strong, with increasing penetration of lightweight materials combined with rising vehicle production. So reads Growth Opportunities for Magnesium Alloys in Global Automotive Industry through 2020: Trends, Forecasts, and Market Analysis, now available from Research and Markets.
Magnesium-alloy use in the global automotive industry is forecast to grow at a compound annual rate of 10.1 percent from 2015 to 2020, according to the report, with government regulations, growing demand for lightweight and fuel-efficient vehicles, and the lightweight properties of magnesium alloys as the major drivers. Magnesium is 75 percent lighter than steel, 50 percent lighter than titanium and 33 percent lighter than aluminum.
In automotive, interior, powertrain, chassis and exterior are identified as the major application areas for magnesium alloys. The development of new magnesium-based sheetmetals for passenger-car bodies is expected to spur growth for this segment over the forecast period, and North America is expected to remain the largest market due to high penetration of magnesium alloys in the automotive industry.