Magnesium Wheel Market for Automotive - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
- Transparency Market Research
Magnesium is a lighter material than aluminum. Moreover, it has a silvery shine, which makes wheels manufactured from it attractive. Nowadays, automotive wheels are made of magnesium alloys, which contain magnesium as the base metal and aluminum, tungsten, zinc, manganese, silicon, and copper as alloying elements. Magnesium wheels were introduced to the automotive industry in 1930. Magnesium is a corrosion sensitive metal. Therefore its alloys, which offer superior qualities than magnesium, are preferred.
A key driver of the automotive magnesium wheel market is magnesium’s superior qualities over other materials such as aluminum and steel. Magnesium has the highest strength- to-weight ratio among all the materials used for wheels. Magnesium wheels provide high damping capacity, which smoothens the ride. They have the unique property of transforming vibration into heat. One of the main advantages of magnesium wheels is their thermal conductivity, which increases brake life by dissipating heat generated when brakes are applied. Another promising quality of magnesium wheels is their appearance. Magnesium wheels have a shiny silvery appearance, which enriches the look of the vehicle.
A major restraint of the automotive magnesium wheel market is its cost. Generally, the cost of a magnesium wheel is 20% higher than that of aluminum-based wheels. This increases the overall vehicle cost, and hence, most consumers do not prefer magnesium wheels.
The magnesium wheel market for automotive can be segmented based on manufacturing method, wheel size, vehicle type, sales channel, and geography. In terms of manufacturing method, the automotive magnesium wheel market can be classified into casted magnesium and one other method. Casted magnesium wheels possess qualities such as superior surface finish and higher strength. They also cost less than wheels produced with the other manufacturing method. Therefore, casted magnesium wheels are preferred.
In terms of wheel size, the market can be segmented into three categories. 17 to 19 Inch wheels are mostly preferred on the general purpose vehicles, SUVs, MUVs, and luxury cars. The wheel diameter affects the vehicle control, noise, and also the efficiency.
In terms of sales channel, the automotive magnesium wheel market can be divided into two categories. For luxury and sports vehicles, the OEM segment offers magnesium wheels as a standard or add-on option. Although, different types of magnesium wheels are available in the aftermarket, owing to their high cost, very few vehicle owners prefer them.
In terms of geography, the magnesium wheel market for automotive can be categorized into five regions. North American and European countries are economically stable and consumers are willing to spend on vehicle appearance. These regions have a significant demand for luxury class vehicles as well as sports vehicles. Due to this, North America and Europe are dominant regions of the automotive magnesium wheel market.
Key players operating in the automotive magnesium wheel market are SMW Engineering Ltd., Dymag Group Limited, Tecnología y Fabricación, S.A., BBS, Tecnología y Fabricación, S.A., MKW Alloy Inc., and others. Increasing demand for luxury class vehicles owing to the increased per capita income and lower costs of the vehicles are expected to reveal numerous opportunities for the automotive magnesium wheel market.
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