Magnesium Beryllium Alloy Market Demand, Recent Trends, Size and Share Estimation by 2029 with Top Players
The global magnesium beryllium alloy market size is estimated to grow rapidly during the forecast period. Its exceptional heat and oxidation resistance can spike market growth. Fortune Business Insights™ presents this information in its report titled “Magnesium Beryllium Alloy Market, 2022-2029.“
Magnesium beryllium alloy is manufactured by mixing beryllium and magnesium in a specific quantity. This alloy offers excellent thermal resistance, chemical resistance, improved strength, and other such properties. It offers excellent resistance against heat and oxidation at high temperatures. This mixture enhances the magnesium beryllium alloys’ performance against ignition. In addition, the alloy finds its applications in the electronics sectors for manufacturing lightweight components for smartphones, laptops, tablets, and other devices For example, smartphone metal body, chipset metal parts, laptop parts, and others. Therefore, due to its benefits, the demand for magnesium beryllium alloy is expected to increase, thereby propelling market growth in the foreseeable period.
Request a Sample PDF Brochure:
Impact of COVID-19
Halt in Chemical Manufacturing to Slump Market Growth
This market is expected to be adversely affected during the COVID-19 pandemic as production activities shut down. This shutdown is attributable to the government lockdown regulations to control the spread of infections. The lack of raw materials and manpower is likely to negatively affect the magnesium beryllium alloys’ production activities. However, governments have undertaken an initiative to aid the growth of the chemical sector by allowing working at reduced capacities and maintenance of protocols to tackle the spread of the COVID-19 virus.
By type, the market is segmented into wrought alloy and cast alloy. Based on applications, it is divided into electronics, aerospace, industrial, automobile, and others. Geographically, it is clubbed into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
- This report offers an analysis of the latest trends and the leading segments of the market.
- It conducts a comprehensive study of the driving and restraining factors and the COVID-19 impact on the global market.
- The report examines the regional developments and the strategies incorporated by the market’s key players.
Drivers and Restraints
Robust Demand from the Automotive and Aerospace Sectors to Surge Market Growth
Magnesium beryllium alloy is extensively used to manufacture automobile and aircraft parts because of its excellent heat resistance and anti-oxidation properties. As a result, its demand from the automotive and aerospace sectors is growing significantly. The magnesium beryllium alloy is also used to manufacture lightweight smartphones, laptops, and tablet components such as microchips, nano processors, and camera sensors. Additionally, it is used to manufacture industrial components such as production equipment, machinery, and others. Thus, this factor can drive the magnesium beryllium alloy market growth.
However, the production of newer materials such as composites and ceramics can hamper the market growth.
Get Your Customized Research Report
Strong Demand from Electronics to Escalate Market Growth in the Asia Pacific
Asia Pacific is projected to dominate the magnesium beryllium alloy market share due to the strong demand for smartphones, laptops, and tablets from consumers. Magnesium beryllium alloy is used in these electronics because they are extremely lightweight and strong, thereby propelling the market growth.
In North America, the government is investing heavily in the production of superior aerospace parts using magnesium beryllium alloy, which, in turn, can boost market growth.
In Europe, the demand for strong and lightweight components from the automobile sector is likely to spike market growth.
Prominent Companies to Offer Innovative Products to Enhance their Market Position
The prominent companies operating in the market offer innovative products to enhance their market position. For example, Magontec, an Australian alloy recycling, and the manufacturing company offer general and specialist magnesium alloys containing beryllium to enhance the alloy’s mechanical properties. This strategy shall enable the company to enhance its market position. The companies in the market invest heavily in the research and development of better quality components to enhance their brand image. In addition, the companies incorporate technologically advanced production activities to improve the efficiency of their product and boost their annual revenue.
List of Key Players Profiled in the Magnesium Beryllium Alloy Market Report
- Magnesium Elektron
- Nanjing Yunhai Special Metals Co. Ltd
- Meridian Lightweight Technologies
- US Magnesium LLC
- Ka Shui International Holdings Ltd.
Read Related News:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]