According to FORWARD Institute of Industry Research, global magnesium alloy market scale is estimated to reach six million tons in 2015 with CAGR up to 20%-25% (including magnesium alloy applied in vehicles, 3C, aerospace and pharmaceutical chemicals) thanks to positive prospects for auto market and the development of pharmaceutical chemicals and aerospace industries.
As a mixture of magnesium with other metals, magnesium alloy has the following advantages: low density, high specific strength, high elasticity modulus, excellent capacity of heat dissipation and vibration absorption, higher capacity of impact suffering and load carrying than aluminum alloy and good corrosion resistance. At present, Mg-Al alloys are most widely used, followed by Mg-Mn alloys and Mg-Zn-Zr alloys. As the lightest metal, Mg alloys are widely used in industries including automobile, medicine, aerospace and chemical.
Last year, a Chinese scientific research center accomplished an experiment on Mg alloy low pressure casting and managed to manufacture a sample Mg alloy-control arm of automobile chassis. Because of the transformation and upgrade of China’s industries such as automobile and 3C, Mg alloys are promising with a wide range of application. Favorable conditions contributing to the future Mg alloy market include the demand for lightweight and environmentally-friendly cars, especially the green cars, R&D of Mg alloy and constant technical development of Mg alloy recycle.
In the future, relatively low and stable price, integration and centralization of casting industry and technical development will promote magnesium alloy industry that is capital-intensive and material-intensive.
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