The global Aerospace Magnesium Alloys market size is estimated to be worth US$ 180.85 million in 2022 and is forecast to a readjusted size of US$ 277.1 million by 2028 with a CAGR of 7.37% during the forecast period 2022-2028.

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Aerospace magnesium alloys are used in aircraft, missiles and spacecraft. These alloys are essential for the structural integrity of airframes and engines due to their light weight and high tensile strength.

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Research Methodology

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Fully considering the economic change by this health crisis, Casting Alloys accounting for 44.91% of the Aerospace Magnesium Alloys global market in 2021, is projected to value US$ 115.8 million by 2028, growing at a revised 6.3% CAGR from 2022 to 2028. While Commercial segment is altered to an 8.39% CAGR throughout this forecast period.

Segment Analysis:

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The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2017 to 2028. by Application segment also provides consumption during the forecast period of 2017 to 2028. Understanding the segments helps in identifying the importance of different factors that aid the market growth.

By Company:

The global major manufacturers of Aerospace Magnesium Alloys include Luxfer MEL Technologies, Magontec, Shanxi Yinguang, Huasheng Magnesium, Shanxi Bada Magnesium, Smiths Metal, Regal Magnesium, Allite, Inc., Shanxi Fugu Tianyu Mineral, Alloys International, Huashun Magnesium Industry and Tech Steel & Materials, etc. In terms of revenue, the global three largest players hold a 60% market share of Aerospace Magnesium Alloys in 2021.

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Luxfer MEL Technologies

Magontec

Shanxi Yinguang Huasheng Magnesium

Shanxi Bada Magnesium

Smiths Metal

Regal Magnesium

Allite, Inc.

Shanxi Fugu Tianyu Mineral

Alloys International

Huashun Magnesium Industry

Tech Steel & Materials

Segment by Type

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Casting Alloys

Wrought Alloys

Segment by End User

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Commercial

Military

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North America Aerospace Magnesium Alloys market size was US$ 86.06 million in 2021, while Europe was US$ 59.82 million. The proportion of the North America was 43.78% in 2021, while Europe's percentage was 30.43%, and it is predicted that Europe market share will reach 30.14% in 2028, trailing a CAGR of 7.13% through the analysis period. As for the Asia, the notable markets are China CAGR is 7.39% for the next 6-year period.

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An image that does not exist. Production by Region

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North America

Europe

China

Consumption by Region

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North America

US

Canada

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Asia-Pacific

China

Japan

South Korea

Southeast Asia

India

Rest of APAC

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Europe

Germany

France

UK

Italy

Russia

Rest of Europe

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South America

Mexico

Brazil

Rest of South America

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Market Drivers:

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Aerospace magnesium alloys market has witnessed a significant growth owing to the increasing demand for these alloys in various end-use sectors such as aircraft, defense, automobiles, and wind turbines. Some of the major drivers for this market include growing demand from the aviation sector, increasing requirement for lightweight and strong alloys, and increasing production of aircrafts. In addition, rising environmental concerns are also fueling the growth of this market.

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The research report has incorporated the analysis of different factors that augment the market's growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production about the global market and about each type from 2017 to 2028. This section mentions the volume of production by region from 2017 to 2028. Pricing analysis is included in the report according to each type from the year 2017 to 2028, manufacturer from 2017 to 2022, region from 2017 to 2022, and global price from 2017 to 2028.

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A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert's opinions have been taken to understand the market better.

Market Challenges:

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This growth is due to the increasing demand for aircraft and aerospace components, owing to their lightweight and high strength properties. However, various challenges faced by the market are restraining its growth. The most significant of these challenges is the high cost of magnesium alloys, which is a major barrier to the adoption of these materials in aircraft and aerospace applications. Additionally, environmental concerns are also hampering the growth of this market.

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