Automotive Alloys Wheel Market Archives - Decision Market Insights

An alloy is a compound composed of two or more chemical components, one of which is a metal and can be used in a range of applications. In some cases, to reduce the material’s cost; in others, to provide strength, reduce overall weight, and increase corrosion resistance over pure metals. The need for more fuel-efficient vehicles to reduce fuel consumption and pollution is increasing the usage of alloys in the automotive sector. Automotive alloys are used in the production of commercial and passenger vehicle powertrains, chassis, and external and interior parts to reduce weight and improve fuel efficiency. These materials are gaining popularity due to their superior properties such as durability, corrosion resistance, and outstanding strength-to-weight ratios.

According to SPER market research, ‘Automotive Alloys Market– By Type of Alloy, By Application, By Vehicle Type, By Technology- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Automotive Alloys Market is estimated to reach USD 93.53 billion by 2032 with a CAGR of 8.33%.

Over the last ten years, the manufacturing industry has seen a considerable increase in competition, prompting automakers to embrace new technology. The need for fuel-efficient automobiles has continuously increased as the automotive industry wants lighter materials and pays more attention to fuel economy. Aluminium alloys outperform their steel equivalents in terms of corrosion and rust resistance. As a result, in addition to being lightweight, it has a longer lifespan, which benefits the clients financially. Customers are taking a more premium approach when acquiring automobiles because of urbanization and increased consumer purchasing power, which is likely to fuel market expansion throughout the forecasted period.

One of the most significant problems facing the Global Automotive alloy market is the expense of producing and implementing new alloy materials. High-performance alloys are frequently associated with higher production costs due to the complexity of alloy formulas, processing procedures, and the usage of premium raw materials. While high-strength alloys, such as advanced high-strength steel (AHSS) and certain aluminium alloys, provide higher strength while being lighter in weight, they frequently face formability and joinability issues. The formability of an alloy is defined as its ability to be shaped and molded into complicated shapes throughout the production process. Similarly, joinability describes the ease with which alloy components can be welded or attached. The Global Automotive Alloys Market has increasing challenges in ensuring alloy corrosion resistance and long-term durability.

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The initial recessionary downturns caused by the COVID-19 pandemic resulted in supply chain interruptions, reduced demand and sales, and delayed deliveries, all of which had an impact on the automobile sector’s expansion in 2020. The market will thereafter rise due to the vehicle industry’s rapid growth and technical advancements. Following the pandemic, individual car demand has skyrocketed to minimize COVID-19 infections and provide a safe environment for individuals and families. The growth of the vehicle industry is due to increased consumer demand and purchasing power. All these factors indirectly contribute to the growth of the automotive alloy market over the forecast period.

Automotive Alloys Market Key Players:

The Asia Pacific area is expected to be the world’s largest market for automotive alloys over the forecast period. The prominent companies in the market include Alcoa Corporation, AMG Advanced Metallurgical Group N.V., ArcelorMittal S.A., Constellium, and Kobe Steel Ltd.

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Automotive Alloys Market Outlook

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Automotive alloy wheels are made of aluminium, magnesium, or a combination of the two. It is usually lighter, has better heat conduction, and has a better aesthetic appeal than steel wheels. As a result, there is an increasing trend among consumers for alloy wheels for car exterior style. Alloy wheels are lightweight and increase a vehicle’s handling and speed. Growing demand for luxury automobiles, as well as increased need for lightweight vehicles, are important drivers of the automotive alloy wheel market.

According to SPER market research, ‘Automotive Alloys Market– By Type of Alloy, By Application, By Vehicle Type, By Technology: Regional Outlook, Competitive Strategies, and Segment Forecast to 2032’ state that the Global Automotive Alloys Market is predicted to reach USD 93.53 billion by 2032 with a CAGR of 8.33%.

Because of the growing demands of the automotive industry for lightweight materials and greater focus on fuel economy, there has been a progressive improvement in the requirement for fuel-efficient automobiles. Aluminium alloys are notable for their resistance to rust and corrosion when compared to their steel equivalents. Because of this, it is not only lightweight but also has a longer lifespan, which benefits the clients monetarily. Customers are also adopting a more upscale approach when acquiring automobiles as a result of urbanization and increased consumer purchasing power, which is anticipated to boost the market’s expansion over the projected timeframe. It is anticipated that rising mobility and investments in the transportation industry will boost the production and sales of various cars in established and emerging countries, supporting the growth of the global market’s revenue.

The primary obstacle impeding the market’s expansion is the exorbitant cost of magnesium and aluminium alloys. These alloys are expensive because of the energy needed to make them as well as the high costs of assembly and manufacturing for these low-density materials, which raises the price of cars as a whole. Moreover, another factor impeding the growth of the automotive alloy market throughout the forecast period is the fluctuating cost of raw materials.

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Impact study of COVID-19 indicates that global shutdowns and oil price changes caused a sharp drop in car sales in the first few months of the previous year. Prominent automakers are utilizing various strategies to mitigate the adverse effect on their business operations, such as evaluating their dealerships to allow for the restoration of services. The immediate impact of COVID-19 on the automotive industry has resulted in the closure of assembly plants in the US, manufacturing facilities in Europe, and the export of Chinese parts. However, as long as a COVID-19 breakthrough is not achieved, the automotive industry can continue to be resilient given the ongoing efforts of key companies to prevent revenue losses by pursuing recovery techniques like mergers and acquisitions.

Over the course of the forecast period, East Asia is expected to emerge as the world’s largest market for automotive alloys for a variety of reasons, including continued economic growth, rising vehicle production, rapid urbanization, and an increasing desire for lightweight cars. Additionally, some of the markets key players of Global automotive alloy market are Alcoa Corporation, AMG Advanced Metallurgical Group N.V, ArcelorMittal S.A., Constellium, Kobe Steel Ltd., Novelis Inc., Thyssenkrupp AG, UACJ Corporation.

Automotive Alloys Wheel Market Segmentation:

By Product: Based on the Product, Global Automotive Alloy Market has been segmented as; Steel, Magnesium, Aluminium, and Others

By Application: Based on the Application, Global Automotive Alloys are segmented as ; Structural, Powertrain, Exteriors and Others

By Vehicle type: Based on Vehicle Type, Global Automotive Alloys are segmented as; Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle.

By Technology: Based on the Technology, Global Automotive Alloys Market is segmented as; Conventional, Smart Connected

By Region: The automotive alloy market has been divided into four regions based on geography: North America, Europe, Asia-Pacific (APAC), and the rest of the globe. Due in large part to China’s developed automotive sector, APAC is expected to be the largest market for automotive alloys throughout the forecast period. For instance, in previous decade China produced more than one-third of all vehicles produced worldwide and more than two-thirds of all vehicles produced in the APAC area. Japan and India are also significant vehicle markets in addition to China. The region’s large population and improvements in the economic standing of individuals in developing nations like China, Indonesia, Thailand, and India are also factors contributing to the market’s expansion.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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Automotive Alloy Wheel Market Future Outlook

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