(MENAFN- Coherent Market Insights) Automotive alloy wheels combine the strength of aluminum and magnesium to produce light weight wheels that enhance the acceleration and braking of an automobile. Since magnesium or aluminum alloy is an excellent conductor of heat, automotive alloy wheel products greatly reduce heat transfer from brakes to the wheels and reduce the likelihood of brake failure due to extreme driving environments.
Wheels constructed from this material can also be designed to meet aesthetic requirements and to complement the overall appearance of any model. Alloy wheels are becoming more popular with vehicle producers due to their many advantages. High quality performance wheels require precision fabrication to ensure they are designed to exact specifications. The combination of precision engineering and precision manufacturing provides vehicle owners with products that will last for years to come. The lightweight design of aluminum alloy wheels make them ideal for off road environments
Increasing production and sales of automobiles worldwide due to rising disposable incomes and increasing demand for automobiles, especially in emerging economies such as India, is expected to propel the growth of the alloy market. For instance, according to the Society of Indian Automobile Manufacturers, passenger vehicle sales in India increased by 26.45% to 272,027 units in September 2020, up from 215,124 in September 2019.
Moreover, growing adoption of (demand for) electric vehicles worldwide is expected to fuel the growth of the alloy market. For instance, Toyota aims to sell 5.5 million electrified vehicles worldwide by 2025. The company plans to introduce at least one electrified version of each model by 2025.
Among region, the Asia Pacific is expected to witness robust growth in the market due to rapid growth of the automotive industry in the region. For instance, the Indian automotive industry is expected to reach US$ 251.4-282.8 billion by 2026, according to report by, India Brand Equity Foundation (IBEF).
Major players operating in the alloy market are Novelis Inc., Norsk Hydro ASA, Alcoa Inc., Constellium N.V., Nippon Steel & Sumitomo Metal Corporation, Arcelormittal SA, UACJ Corporation, AMG Advanced Metallurgical Group, Sumitomo Metal Corporation, Vedanta Aluminium, and ThyssenKrupp AG.
Major players in the market are adopting various growth strategies to meet the increasing demand for automotive alloy. For instance, in September 2019, Vedanta Aluminium (India) announced the formal launch of its newest product line, Primary Foundry Alloy (PFA) for the Indian automotive industry.
In October 2018, Hydro launched high strength alloy that will help carmakers improve safety and sustainability. The alloy will be particularly useful for next-generation cars, where weight and cost reductions are the key drivers.
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