November 8, 2021 10:47 ET | Source: ReportLinker ReportLinker
New York, November 8, 2021 (GLOBE NEWSWIRE) - Reportlinker.com announced the release of the "2021 China Automotive Magnesium Alloy Die Casting Industry Report"-https://www.reportlinker.com/p06179282/?utm_source=GNW Magnesium alloy is Good substitutes for steel and aluminum alloys can reduce product weight by 25%-75%. However, the current application ratio of magnesium alloys in automobiles is much lower than that of aluminum alloys. Magnesium alloys help automobile lightweight Considering energy saving, environmental protection and performance, automobile lightweight has become one of the important directions for the development of the global automobile industry. In 2020, China will release the energy-saving and new energy vehicle technology roadmap 2.0, which puts forward lightweight requirements for all types of vehicles. In addition, major automakers have put forward goals to promote the development of lightweight vehicles. At present, automobile lightweight technology is mainly divided into three types: lightweight material technology, lightweight advanced process technology, and lightweight structure optimization technology. Lightweight materials are the key to lightweight cars. Magnesium alloy has the characteristics of low density, high strength, good heat dissipation, strong vibration resistance, noise reduction, excellent die-casting performance, and excellent cutting performance. It is an ideal lightweight material. Under the trend of lightweight automobiles, the market demand for magnesium alloys will grow rapidly. In 2015, my country's bicycles only used about 1.5kg of magnesium, which is far lower than the level in Europe, America, Japan and other regions. However, with the rapid development of new energy vehicles and the acceleration of vehicle lightweighting, the amount of magnesium used in bicycles in my country has increased rapidly, and it is expected to reach 15kg in 2020. New energy vehicle technology roadmap 2.0. China’s bicycles will use 45kg of magnesium alloy. By 2030, the demand for magnesium alloy die castings in the Chinese automotive market will reach 1.31 million tons, accounting for 4% of the vehicle’s weight. The compound annual growth rate from 2020 to 2030 is 13.2%. Magnesium alloy helps new energy vehicles to lighten the weight of new energy vehicles every 10% weight reduction, the average cruising range can be increased by 5%-8%. Therefore, the lightweight demand for new energy vehicles is imminent. The density of magnesium alloy is 2/3 that of aluminum and 1/4 that of steel, so it is much lighter than the latter two, which means that magnesium alloy is the best choice for lightweight new energy vehicles. New energy vehicle battery packs account for more than 20% of the vehicle's weight, and the lightweight part of new energy vehicles relies on lightweight battery packs. Lightweight battery packs can make the outer shell, bottom tray and inner end/side panel lighter. For example, the battery pack shell of Tesla MODEL S is mainly made of aluminum alloy, which can weigh up to 125 kg; if magnesium alloy is used, the weight will be reduced by about 60 kg or nearly 50%. At present, Wanfeng Meridian, Qianhe Magnesium, RSM Group, Eontec, Jiashui Group, etc. have been deployed in the field of magnesium alloy casting of battery pack casings for new energy vehicles. As the world's leading supplier of batteries for new energy vehicles, CATL has also applied magnesium alloy die-casting to battery packs. In November 2020, Ningde Times, Sanxiang New Materials, Wansheng Group, and Zhuhai Hengqin Yinmei Technology jointly established Ningde Wenda Magnesium Aluminum Technology Co., Ltd. to build a magnesium aluminum alloy project with a total investment of 800 million yuan. Products include die-casting structural parts of battery shells. Low market concentration, Wanfeng Automotive Wheels leads the current global automotive magnesium alloy die-casting market that is highly fragmented. Large-scale companies with low market concentration include Georg Fisher, DGS, STIHL, Wanfeng Meridian, SUNDARAM CLAYTON, Gibbs, and PACE. In the short history of China's automotive magnesium alloy die-casting market, there are only a handful of companies with a certain scale, including Wanfeng Automotive Wheels, RSM Group, Xinyuan ZM, Eontec, Jiarui Group, etc. Through the acquisition of Wanfeng Meridian, which has won the International Magnesium Association (IMA) Automobile Casting Excellence Award for two consecutive years, automobile wheels have become a leader in the automobile magnesium alloy die casting market in China and even the world. Wanfeng Meridian not only serves new energy vehicle companies such as Tesla and Weilai, but also serves traditional car manufacturers such as Porsche, Audi, Mercedes-Benz, BMW, and Volvo. Huge market potential urges companies to expand production. In view of the huge market potential, domestic companies have invested in the construction or expansion of automotive magnesium alloy die-casting bases to meet the growing market demand. In the future, industry competition will become more intense, and the automotive magnesium alloy die-casting market will mature. Read the full report: https://www.reportlinker.com/p06179282/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so that you can get all the market research you need instantly in one place. __________________________