Development Prospects of Magnesium Alloy Materials

Thanks to the transformation and upgrading of China’s automotive and consumer electronics industries, as well as the significant improvement of China’s economic status, the magnesium alloy industry is expected to enjoy a positive market outlook. The automotive industry’s demand for lightweighting and environmental friendliness, particularly the development of new energy vehicles, as well as the continuous advancement of magnesium alloy research and development and recycling technologies, will positively impact the widespread application of magnesium alloys.

In 2015, the amount of magnesium alloy used in domestic automobiles will reach 68 kg per vehicle. During the same period, my country’s automobile sales will exceed 28 million units, with passenger car sales reaching 19.6 million. Domestic automakers are expected to achieve sales exceeding 10 million units through industrial mergers and acquisitions, technological R&D, and market channel development.

At the same time, the application of magnesium alloys in the pharmaceutical, chemical, and aerospace industries is also expected to grow. Driven by the steady growth of the downstream automotive consumer market, the global magnesium alloy market is expected to reach 6 million tons in 2015, with a compound annual growth rate (CAGR) of 20%-25%. (This includes magnesium alloy applications in the transportation, consumer electronics, aerospace, and pharmaceutical chemical industries.)

Furthermore, as a sub-sector of the nonferrous metal alloy industry, the magnesium alloy industry has benefited from the upgrading of China’s manufacturing industry. As a capital- and material-intensive industry, the stable and low prices of raw materials, the consolidation and concentration of the casting industry, and advances in technological research and development are all conducive to the development of the magnesium alloy industry, and the market is optimistic about its prospects.