Global Automotive Magnesium Components Market by Type (Chassis, Rim, Steering Wheel, Seat Frame, Door Frame, Instrument Panel Frame, Engine Block, Others), By Application (Passenger Car, Commercial Vehicle) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

                                          

                                                                                       
Market Overview:

The global automotive magnesium components market is estimated to be valued at US$ XX Mn in 2018 and is projected to reach US$ XX Mn by 2030, exhibiting a CAGR of X.X%. The market growth can be attributed to the increasing demand for lightweight vehicles and stringent emission norms across the globe. On the basis of type, the global automotive magnesium components market has been segmented into chassis, rim, steering wheel, seat frame, door frame, instrument panel frame engine block and others. Among these segments, chassis is expected to account for a major share of the global automotive magnesium components market during the forecast period. This can be attributed to increasing demand for lightweight vehicles across different regions. Chassis made up of magnesium are known for their high strength-to-weight ratio as compared with traditional materials such as steel or aluminum. They also offer better corrosion resistance and heat dissipation properties than other metals used in vehicle construction. On the basis of application, passenger car accounted for a majority share of the global automotive magnesium components market in 2017; however commercial vehicle is anticipated to exhibit highest CAGR over 2018-2030 owing rising demand from developing countries such as India.



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Product Definition:

Magnesium is a light, strong metal that has many important applications in the automotive industry. Magnesium components are used in a wide range of vehicles, from passenger cars to heavy-duty trucks. Some of the most common magnesium components include engine blocks, cylinder heads, and transmission housings.

One of the primary benefits of magnesium components is their weight savings potential. For example, an engine block made from magnesium can weigh up to 50% less than a traditional iron block. This reduced weight can improve fuel economy and make vehicles more efficient overall. In addition, magnesium is corrosion resistant and can withstand high temperatures without breaking down or corroding. This makes it ideal for use in engines and other high-heat areas within a vehicle.

Chassis:

Chassis is a structure that supports the body of a vehicle, which comprises of major components such as engine, drivetrain and safety equipment. The chassis also provides stability to the vehicle and protects it from external forces. In an automobile, the chassis consists of frame members that support the front end part along with suspension system parts like coil springs, shock absorbers and stabilizers at the rear end.

Rim:

Rim is a structural element that is attached to the wheel and it helps in spinning the tire. It also has an important role of holding the bead on the rim. The magnesium alloy wheel rims are used in place of aluminum or steel wheels due to their lightweight property which reduces fuel consumption by as much as 15%.

Application Insights:

The passenger car segment led the market and accounted for more than 54.0% share of the global revenue in 2017. The increasing production of passenger cars, especially in China, India and Japan, on account of rising disposable income levels is expected to drive the demand over the forecast period.

Magnesium-alloy based components such as instrument panel frame and engine block are lightweight which reduces fuel consumption by approximately 5%. This factor is anticipated to increase their penetration rate in commercial vehicles over the forecast period thereby influencing overall market growth positively.

Regional Analysis:

Asia Pacific accounted for the largest revenue share in 2017 and is projected to continue its dominance over the forecast period. The region is expected to witness significant growth owing to increasing automobile production in countries, such as India, Indonesia, and China. In addition, rising disposable income levels coupled with a growing population will also boost automotive sales over the coming years.

The European market was valued at USD X million in 2017 and is anticipated to grow at a CAGR of XX% from 2018 to 2030 owing to stringent regulations regarding fuel economy of vehicles driven on roads as well as high demand for lightweight vehicles that have superior performance characteristics than their counterparts fueled by conventional fuels. Moreover, Europe has been one of the leading producers of premium cars equipped with advanced safety systems since past few decades which are further boosting product demand across this region.

Growth Factors:

Increasing demand for lightweight vehicles: The automotive industry is increasingly focusing on lightweighting to improve fuel efficiency. Magnesium components are ideal for weight reduction, making the automotive magnesium components market a key growth driver.
Rising demand for electric vehicles: Electric vehicles require lighter weight materials to improve range and performance and magnesium is an excellent choice due to its high strength-to-weight ratio. This is expected to drive the automotive magnesium components market in the coming years.
Growing popularity of luxury cars: The global luxury car market is growing rapidly, with sales projected to reach 33 million units by 2025 . Magnesium offers several advantages over other materials such as aluminum when used in luxury cars, making it a key growth driver for the automotive magnesium components market .


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Scope Of The Report
Report Attributes
Report Details
Report Title
Automotive Magnesium Components Market Research Report
By Type
Chassis, Rim, Steering Wheel, Seat Frame, Door Frame, Instrument Panel Frame, Engine Block, Others
By Application
Passenger Car, Commercial Vehicle
By Companies
Wanfeng Auto Holding Group, Ryobi Group, TSUKUBA DIECASTING, Jiangsu Zhongyi, Dowell, EONTEC, Nanjing Yunhai Special Metals, Wanfeng Auto Holding Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
213
Number of Tables & Figures
150
Customization Available
Yes, the report can be customized as per your need.

Global Automotive Magnesium Components Market Report Segments:
The global Automotive Magnesium Components market is segmented on the basis of:
Types
Chassis, Rim, Steering Wheel, Seat Frame, Door Frame, Instrument Panel Frame, Engine Block, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Passenger Car, Commercial Vehicle
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
Wanfeng Auto Holding Group
Ryobi Group
TSUKUBA DIECASTING
Jiangsu Zhongyi
Dowell
EONTEC
Nanjing Yunhai Special Metals
Wanfeng Auto Holding Group



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Highlights of The Automotive Magnesium Components Market Report:
The market structure and projections for the coming years.
Drivers, restraints, opportunities, and current trends of market.
Historical data and forecast.
Estimations for the forecast period 2030.
Developments and trends in the market.
By Type:
Chassis
Rim
Steering Wheel
Seat Frame
Door Frame
Instrument Panel Frame
Engine Block
Others
By Application:
Passenger Car
Commercial Vehicle
Market scenario by region, sub-region, and country.
Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Automotive Magnesium Components Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
Correctly Positioning New Products
Market Entry Strategies
Business Expansion Strategies
Consumer Insights
Understanding Competition Scenario
Product & Brand Management
Channel & Customer Management
Identifying Appropriate Advertising Appeals



8 Reasons to Buy This Report
Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
Implemented Robust Methodology to Prepare the Report
Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
Provides Information About the Top-winning Strategies Implemented by Industry Players.
In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
Customization of the Report Available

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