New York, US, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Alloys for Automotive Market Information Report by Type, by Application, by Vehicles and by Region - Global Forecast to 2030”, The market for alloys for automobiles is also being driven by stringent government rules for environmental safety. The CAGR for the global market is anticipated to be about 7.6%.
Alloys for Automotive Market Research Insights
The desire for lightweight wheels with the same strength as steel wheels and great thermal stability & flexibility has resulted in a development phase for the automotive alloy wheel industry. For the automobile industry, alloy wheels are either created from an alloy of magnesium, aluminum, or a combination of both. Alloy wheels for automobiles are lightweight wheels that enhance a vehicle's steering and speed.
Key Players
- AMG Advanced Metallurgical Group NV (Germany)
- Constellium (Netherlands)
- ArcelorMittal SA (Luxembourg)
- Aditya Birla Group (Asia)
- Alcoa Inc. (U.S.)
- UACJ Corporation (Asia)
- ThyssenKrupp AG (Germany)
- Kobe Steel Ltd. (Japan)
- Norsk Hydro ASA (Norway)
- Agco Corporation (U.S)
- Among others.
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Heat is attracted to alloys made of aluminum or magnesium in good quantities. Automobile alloy wheels reduce brake heat dissipation and lower the possibility of brake failure in difficult driving situations.
Automobile alloy wheels have intricate geometries and must meet several design requirements, including those for weight, appearance, performance, and manufacturability.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 1,77,470 Million |
| CAGR during 2022-2030 | 7.6% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, by Application, by Vehicles |
| Key Market Opportunities | Reduce overall weight Resistance to corrosion over pure metals. |
| Key Market Drivers | fuel efficient vehicles Reduced weight Improved performance |
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While making alloy wheels, aspects like strength to weight ratio and improved fuel efficiency are prioritized. To meet customer expectations and industry requirements, alloy wheel quality is verified and examined utilizing cutting-edge technological tools. The market for automobile alloy wheels is growing as a result of the rising need for lightweight, corrosion-resistant alloy wheels brought on by shifting weather patterns. Alloy wheels for automobiles support tubeless tyres and provide a greater hold on brakes.
In the market's growth, alloys for structural applications in automobiles are crucial. In the years to come, it is projected that the growth curve of the Alloys for Automotive Market Size will be impacted by the increased demand for safer and crash-proof vehicles. Also, there has been a long-term increase in the number of traffic accidents. Governments are enforcing regulations that require automobiles to pass crash testing before entering the market. This is expected to propel the market size for alloys used in automobiles forward.
Alloys for Automotive Market Segmentation
The Alloys for Automotive Market Size is segmented by type and includes iron, steel, titanium, copper, and other metals.
The alloys automotive industry has been divided into four categories based on supporting applications: chassis, interior, exterior, and powertrain.
The Alloys for Automotive Market Size has been segmented into passenger cars and commercial vehicles based on the kind of vehicle.
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Alloys for Automotive Market Regional Analysis
The market is dominated by Asia-Pacific, with North America and Europe coming in second and third. Due to rising yearly vehicle production and demand in this region, Asia Pacific is anticipated to dominate the market by the end of the projected period. The main markets for alloys in the Asia Pacific area include developing nations like China, Japan, and India.
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