Automotive Magnesium Alloy Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are increasing across the globe. Automotive Magnesium Alloy is light metal alloys which are widely utilized in automobiles original equipment manufacturing (OEM). The most striking features associated with magnesium alloys include rigidity, higher strength, ductility, higher specific strength, high thermal stability, and it is light in weight.
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The factors that propel the growth of the Automotive Magnesium Alloy Market include increasing demand, rapid urbanization & industrialization, and product development & technological innovations. Automotive Magnesium Alloy Industry is classified on the basis of product type, applications, distribution channel and geography. This market is segmented by product type as wrought magnesium alloy, cast magnesium alloy and others.
Top Key Manufacturers of Automotive Magnesium Alloy market are :-
- Nanjing Yunhai Special Metals
- DongGuan Eontec
Automotive Magnesium Alloy Market by Product Type:
- Wrought Magnesium Alloy
- Cast Magnesium Alloy
Automotive Magnesium Alloy Market by Applications:
- Passenger Vehicles
- Commercial Vehicles
Geographical Analysis of Automotive Magnesium Alloy Market:-
- North America
- Southeast Asia
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Automotive Magnesium Alloy Market is classified on applications as passenger vehicles and commercial vehicles. Automotive Magnesium Alloy Industry is segmented by distribution channel as online stores, specialty stores and others. Automotive Magnesium Alloy Market is classified on the basis of geography as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.
The North American region consists of the U.S., and Canada. Latin America region consists of Mexico and Brazil. The Western European region consists of Germany, Italy, France, England and Spain. The Eastern European region consists of Poland and Russia. Asia Pacific region consists of China, India, ASEAN, and Australia & New Zealand. The Middle East and African region consists of GCC, South Africa and North Africa.
In case of geographical region, Asia Pacific is expected to account a significant share of the Automotive Magnesium Alloy. The key factors that attribute to the growth of this region include growth in vehicle production, rise in disposable income and ever increasing population.
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