Strict government regulations for environmental safety are also driving the alloys for automotive market is expected to register USD 1,77,470 million a CAGR of about 7.6% during the forecast period.
The automotive alloy wheel market is in a growth phase due to increasing demand for lightweight wheels that have the same strength as steel wheels alongside having high thermal stability & flexibility. Alloy wheels for the automotive sector are made from either an alloy of magnesium or aluminum or a mixture of both. Automotive alloy wheels are lightweight wheels that improve the steering and speed of a car.
Aluminum or magnesium alloy attracts heat in good proportions. The automotive alloy wheels decrease heat dissipation from brakes and reduce the risk of brake failure under extreme driving conditions. Automotive alloy wheels have complex geometry and satisfy various design criteria, such as weight, style, performance, and manufacturability.
Factors such as strength to weight ratio and better fuel consumption are emphasized during alloy wheel manufacturing. The quality of alloy wheels is tested and checked using advanced technology devices to accomplish customers’ demands and standards of the automobile industry. The increasing demand for lightweight and corrosion-resistant alloy wheels is increasing due to changing weather conditions, which is a crucial factor boosting the growth of the automotive alloy wheel market. Automotive alloy wheels support tubeless tires and offer a better grip on brakes.
The leading players in the Alloys for Automotive market are ArcelorMittal SA (Luxembourg), Aditya Birla Group (India), Alcoa Inc. (U.S.), UACJ Corporation (Japan), ThyssenKrupp AG (Germany), Kobe Steel, Ltd. (Japan), Norsk Hydro ASA (Norway), AMG Advanced Metallurgical Group NV (Netherlands), and Constellium (Netherlands), and AGCO Corporation (U.S) and others.
In the current scenario, the preference for alloy wheels over factory-fitted wheels has led to an increase in customization activity, which, in turn, will fuel sales in the aftermarket segment during the forecast period. It is expected to become a driver for the automotive alloy wheel market.
An alloy is a mixture of two or more chemical elements, one of which is a metal and is used in a wide variety of applications. In some cases, to reduce the cost of the material while in other cases, to provide strength, reduce overall weight and resistance to corrosion over pure metals. Automotive applications of alloys are growing due to increasing demand for more fuel efficient vehicles to reduce fuel consumption and air pollution. The growing demand for fuel efficient vehicles with reduced weight and improved performance is the major driving factor of alloys for automotive market. Strict government regulations for environmental safety are also driving the alloys for automotive market. Global market is expected to register a CAGR of about 7.6%.
These are some of the benefits that are likely to increase the demand for automotive alloy wheels, which will accelerate the growth of the automotive alloy wheel market in the upcoming years. The nominal reduction in fuel consumption and precise steering handling are other essential factors that will drive the growth of the automotive alloy wheel market.
Asia Pacific is dominating the global market and followed by North America and Europe. Asia Pacific is expected to be leading the market by the end of the forecasted period due to increasing annual vehicle production and demand of vehicles in this region. Developing countries such as China, Japan and India are the key markets for alloys in the Asia Pacific region.
Global Alloys for Automotive Market, By Region, 2016 (USD billion)
The report covers brief analysis of country level market information –
Geographical analysis across 21 countries
|Market Size||2030 : USD 1,77,470 Million|
|CAGR||7.6% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Type, by Application, by Vehicles|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ArcelorMittal SA (Luxembourg), Aditya Birla Group (India), Alcoa Inc. (U.S.), UACJ Corporation (Japan), ThyssenKrupp AG (Germany), Kobe Steel, Ltd. (Japan), Norsk Hydro ASA (Norway), AMG Advanced Metallurgical Group NV (Netherlands), and Constellium (Netherlands), and AGCO Corporation (U.S)|
|Key Market Opportunities||
|Key Market Drivers||
Alloys for Automotive Market is Expected to Reach USD 1,77,470 Million By 2030.
Alloys for the Automotive Market Growing at a CAGR of 76% During the Forecast Period of 2022 – 2030.
List of Key Players Such as ArcelorMittal SA, Aditya Birla Group, Alcoa Inc., UACJ Corporation, ThyssenKrupp AG, Kobe Steel, Ltd., Norsk Hydro ASA, AMG Advanced Metallurgical Group NV, and Constellium, and AGCO Corporation.
The Asia Pacific Region Will Dominate the Alloys for Automotive Market.