Magnesium Alloy Ingot Price Trend

Magnesium Alloy Ingot Prices December 2023

The price of magnesium alloy ingot in the United States for Q4 2023 was recorded at 3576 USD/MT. The market witnessed a sluggish price movement due to negligible year-on-year (YoY) fluctuations. Throughout the quarter, there were some differences in prices between the first and second half because of the usual changes in the market as conditions shifted slightly from month to month.

In the fourth quarter of 2023, the price trend for magnesium alloy ingot in China showcased a slight decline due to several factors that affect supply and demand. Moreover, there were different price levels observed at various times within the quarter, reflecting changing market conditions from the beginning to the end of the period. In December, the market stood at 3443 USD/MT. 

In the Netherlands, the magnesium alloy ingot market witnessed little changes in price trends. The price in the fourth quarter saw a slight dip in rates than the previous quarter of 2023 due to variables that affect supply and demand. The price trend was characterized by minimum year-on-year fluctuations, reaching 3587 USD/MT in December.

Magnesium Alloy Ingot Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Magnesium Alloy Ingot Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of magnesium alloy ingot pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of magnesium alloy ingot at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of magnesium alloy ingot price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing magnesium alloy ingot price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Magnesium Alloy Ingot Market Analysis

The global magnesium alloy ingot market size reached 752.3 thousand tonnes in 2023. By 2032, IMARC Group expects the market to reach 1108.4 thousand tonnes, at a projected CAGR of 4.40% during 2023-2032.

• The need for lightweight vehicles, is facilitating the demand for magnesium alloy ingot in the automotive sector, is boosting the market share. As the demand for automotive vehicles increases, the application of magnesium alloy ingots will also surge. In 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021, with China accounting for 27,222 thousand units, followed by Europe with 16,480 thousand units and North America with 13,596 thousand units. Also, China exported 2.1 million vehicles during Jan-Sep 2022, an increase of 55% compared with 2021. This has boosted the use of magnesium alloy ingots in these regions. Moreover, the rise of electric vehicles (EVs) has also fueled the product's demand. China has accelerated its transition towards electrification as it projects the sale of EVs from less than 1 million in 2019 to more than 20 million per year by 2035. Along with this, India's EV market is expected to grow at a rate of 49% between 2022 and 2030. 
• The magnesium alloy ingot demand is further amplified by its utilization in the consumer electronics sector for laptops, cameras, and mobile phones to provide a sturdy, lightweight frame. The global online sales of consumer electronics in Europe have jumped from approximately €434.99 billion ($473.2 billion) in 2020 to a forecasted figure of approximately €496.4 billion ($540 billion) in 2027. Also, the market for laptops and smartphones is growing substantially at a rate of 3.2% each and will reach US$ 198.7 billion and 1,968.7 million units by 2023. This has increased the demand for magnesium alloy ingots in these sectors. Likewise, India's electronics domestic production has increased at a rate of 13% from $49 billion in FY17 to $101 billion in FY23. Along with this, the country's electronic exports are expected to reach $120 billion by FY26.
• Magnesium alloy ingot is also becoming increasingly popular in military applications due to its lightweight and high strength. Increased defense budgets globally are leading to more investment in advanced materials, including magnesium alloys for components in military aircraft, vehicles, and personal equipment. For instance, the Indian defense sector allocated a budget of Rs 5.94 lakh crore in 2023-24, a jump of 13% from the previous year. The United States FY 2023 budget was $773 billion, with $194 billion for the Air Force and Space Force. Along with this, China raised its defense budget by 7.2% for 2024 to 1.67 trillion yuan ($231.36 billion). 
• The magnesium alloy ingot market share is further being reinforced as economies worldwide continue to invest in infrastructure, boosting its use in construction tools, ladders, and scaffolding increases. For instance, In the US, more than $350 billion has been announced in the Bipartisan Infrastructure Law (BIL) funding through October 2023. Among which, $9.8 billion has been allocated to passenger and freight rail, $7.8 billion for airports, $174.7 billion for roads, bridges, and major projects, $34.1 for public transportation, and $5.9 billion for ports and waterways, boosting the demand for magnesium alloy ingot.

Magnesium Alloy Ingot News

The report covers the latest developments, updates, and trends impacting the global magnesium alloy ingot market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the magnesium alloy ingot price trend.

Product Description

Magnesium alloy ingots are a type of metal ingot that is composed of magnesium alloyed with elements such as aluminum, zinc, manganese, silicon, copper, and rare earth metals to enhance their properties. They are known for their low density, which is about two-thirds that of aluminum, making them the lightest structural metals. Magnesium alloy ingots are also appreciated for their high strength-to-weight ratio, excellent machinability, good damping capacity, and electromagnetic shielding properties. They are classified based on their primary alloying elements, like AZ91D, which is alloyed with aluminum and zinc, and WE43, which includes yttrium and rare earth elements.

Magnesium alloy ingots find applications in a diverse range of industries, including automotive, aerospace, electronics, sports equipment, power tools, portable equipment, luggage frames, medical devices, and robotics. They offer numerous benefits, such as weight reduction, improved vibration damping, and their ability to shield electromagnetic interference. Additionally, magnesium alloy ingots are lauded for their ease of machining and casting, environmental benefits, and energy conservation and efficiency in various applications.

Regional Coverage

The report provides a detailed analysis of the magnesium alloy ingot market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the magnesium alloy ingot price trend.

Global Magnesium Alloy Ingot Price

The report offers a holistic view of the global magnesium alloy ingot pricing trends in the form of magnesium alloy ingot price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of magnesium alloy ingot but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes. 

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed magnesium alloy ingot demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Magnesium Alloy Ingot Price

The European region’s market for magnesium alloy ingot was characterized by subtle year-on-year (YoY) fluctuations. The market in the fourth quarter of 2023 witnessed the absence of plant shutdowns and stable operational continuity. Also, there were slight changes in prices during the initial and later phases of the quarter due to factors that affected the market demand and supply.

This analysis can be extended to include detailed magnesium alloy ingot price information for a comprehensive list of countries.

North America Magnesium Alloy Ingot Price

During Q4FY2023 in North America, the magnesium alloy ingot market witnessed no plant shutdowns and continued operational activity. Also, there was a slight disparity in prices in the initial and last month of the quarter due to several factors that rule the demand and supply chain.

Specific magnesium alloy ingot historical data within the United States and Canada can also be provided.

Middle East and Africa Magnesium Alloy Ingot Price

The report explores the magnesium alloy ingot pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on magnesium alloy ingot prices for countries can also be provided.

Asia Pacific Magnesium Alloy Ingot Price

The magnesium alloy ingot pricing in the Asia Pacific region encountered slight variations due to year-on-year (YoY) fluctuations. The market also saw a minimal dip in prices from the previous quarter, coupled with changes in costs in the first and second half of Q42023. 

This magnesium alloy ingot price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Magnesium Alloy Ingot Price

The analysis of magnesium alloy ingot prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of magnesium alloy ingot pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting magnesium alloy ingot price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The magnesium alloy ingot price charts ensure our clients remain at the forefront of the industry.