Lightweight Strength: Alloy Solutions for Fuel Efficiency and Safety in Automotive Industry
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, aluminium, or a combination of both.
Alloy wheels for automobiles are lightweight wheels that enhance a vehicle’s steering and speed. Heat is attracted to alloys made of aluminium 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 manufactureability.
According to MRFR analysis, the global Alloys for Automotive Market is expected to register a CAGR of ~7.60% from 2023 to 2032 and hold a value of over USD 195.07 billion by 2032.
Regional Analysis
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 such as Japan, China, and India.
Market Segmentation
The Global Alloys for Automotive Market has been segmented into Type, Vehicles, and Application
Based on the Type, the market has been segmented into Iron, Titanium, and Steel.
Based on the Vehicles, the market has been segmented into Passenger vehicles and Commercial Vehicles.
Based on the Application, the market has been segmented into Chassis and Powertrain.
Key Players
Some of the key market players are ArcelorMittal, Aditya Birla Group, Alcoa Inc, UACJ Corporation, ThyssenKrupp, Kobe Steel Ltd, Norsk Hydro ASA, AMG Advanced Metallurgical Group, Constellium, AGCO Corporation.
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