Rapid Growth Anticipated in Automotive Magnesium Demand, Magnesium Template Market Holds Great Potential
The use of magnesium alloys in automotive lightweighting, compared to steel and aluminum alloys, offers superior weight reduction. Currently, China's per-vehicle magnesium usage lags behind Europe and America, but future demand for automotive magnesium is expected to rise significantly. According to projections, the consumption of magnesium alloy in China's automotive industry will reach 353,200 and 711,200 tons in 2025 and 2030, respectively, with raw magnesium consumption hitting 388,500 and 782,300 tons. The compound annual growth rate for domestic raw magnesium consumption from 2022 to 2030 is expected to be 21.70%. At present, domestic die-casting technology is relatively mature for small components, with future breakthroughs mainly anticipated in various types of bracket products. Additionally, the technology related to magnesium alloy construction templates has been fully developed and is set to begin mass supply soon. Rapid development in this area is also expected, with forecasts for raw magnesium consumption in 2025 and 2030 at 325,300 and 607,700 tons, respectively, and a compound annual growth rate of 30.69%.
#Lightweight #LightweightAsia2024 #per-vehiclemagnesium #magnesiumconsumption
To?learn?more?about?the?market?trends,?stay?tuned?to?Lightweight?Asia?2024
Date:?03-05?July?2024
Venue:?Shanghai?New?International?Expo?Center?
Learn?more:https://lnkd.in/gid2RGSb
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Author | Founder, Strategic Reliability Solutions Ltd | Co-Chair, LRVS
7 个月Great show, great connections, everything transitioned seamlessly due to the amount of work that this team did prior to and at the event. They truly went above and beyond to ensure an exceptional conference. Amazing job team! ?? ?? ??