The global Magnesium Alloys market was valued at US$1,550.6 million in 2022 and is projected to grow at a CAGR of 7.3% during the forecast period 2023-2033

Growing urbanisation in emerging countries will aid infrastructure development in areas such as transportation and energy. The manufacturing and transportation sectors, which largely source and deliver raw materials for the fabrication of consumer goods, will benefit from economic success.

The penetration of lightweight composites in the development of advanced engine technology requiring high thermal stability fueled the growth of high temperature matrix systems.

The adoption of new standards can have a significant impact on the insulation industry, as observed in Russia and Mexico in the near future—quantifying this impact, however, is difficult and extremely speculative.

Increased demand for valves from healthcare & pharmaceuticals industries and growing investment in research & development are some of the major factors driving the market growth.