Automotive Magnesium Components Market Set to Witness Explosive Growth by 2030

According to the Regional Research Reports, the Global Automotive Magnesium Components Market size was valued at million USD in 2021 and will reach multi-million USD by 2030, at a CAGR of 3.4% from 2022 to 2030.

Using magnesium in vehicles can, and does, lower overall weight and improve these conditions. Many large automotive companies have already replaced steel and aluminum with magnesium in various parts of their products. Magnesium is currently being used in gearbox, front end, IP beams, steering column, and driver’s airbag housings, as well as in steering wheels, seat frames, and fuel tank covers. Using magnesium in automotive applications can provide more than just weight savings.

Global Automotive Magnesium Components Market Segmentation

Regional Research Reports has segmented the Global Automotive Magnesium Components market based on product type and application at a regional and global level. Geographically, the research report has considered the five regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Moreover, the research study focuses on the market analysis of the tier-1 countries, such as the USA, China, Germany, India, the UK, Japan, France, Italy, Spain, Russia, South Korea, and other territories.

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Global Automotive Magnesium Components Market Analysis by Product Type

  • Chassis
  • Rim
  • Steering Wheel
  • Seat Frame
  • Door Frame
  • Instrument Panel Frame
  • Engine Block
  • Others

Global Automotive Magnesium Components Market Analysis by Application

  • Passenger Car
  • Commercial Vehicle

Global Automotive Magnesium Components Market Growth, by Region and Country, 2018-2021, 2022-2030 (US$ Millions)

Global Automotive Magnesium Components Market Analysis by Region and Country

  • North America (US, Canada, Mexico)
  • Europe (Germany, UK, France, Italy, Spain, Russia, Switzerland, Poland, Belgium, the Netherlands, Norway, Sweden, Czech Republic, Slovakia, Slovenia, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Vietnam, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • South America (Brazil, Argentina, Peru, Colombia, Rest of South America)
  • The Middle East & Africa (UAE, Saudi Arabia, South Africa, Egypt, Qatar, Northern Africa, Rest of MEA)