Magnesium Wheel Market Growth Trends & Projections 2021-2024
Global magnesium wheel market is slated to emerge as a highly profitable investment avenue in the forthcoming years, Owing to superior characteristics and increased application in the luxury vehicle and two-wheeler segments. Presently, the most commonly used wheel metals across the global automobile industry include aluminum, steel as well as magnesium. While magnesium is the most expensive of the bunch, costing approximately 20% more than aluminum, its superior characteristics when compared to the other two wheel metals make it an ideal base for automotive alloy wheels.
Get sample copy of this research report @ https://www.decresearch.com/request-sample/detail/2129
Reportedly, material scientists and engineers have been conducting in-depth research studies to check the feasibility of magnesium for manufacturing automotive structural components. For instance, scientists at the Pacific Northwest National Laboratory (PNNL) of the Department of Energy have developed a new extrusion process to incorporate magnesium alloys into automotive components. The prevalence of research and development activities related to the advancement of magnesium material, such as the aforementioned, are certain to propel magnesium wheel market trends.
Automobiles are responsible for about 12% of the overall carbon emissions across Europe. As the weight of the vehicle increases, fuel consumption increases, releasing more CO2 per km. In this regard, to curb carbon footprints, the European Commission is planning to introduce regulatory norms for reducing the overall weight of the vehicle, which would impact the regional magnesium wheel market.
Vehicle weight reduction is among the more principal factors responsible for lowering the fuel consumption thereby minimizing exhaust emissions. This would help augment magnesium wheel market size, as magnesium alloys fulfill the lowest weight value set by automakers and giants in aeronautical sectors. The presence of a large automotive base across several European countries will also have a positive impact on the Europe magnesium wheel industry.
Since 2009, the usage of lightweight materials such as aluminum and magnesium has increased considerably. As stringent regulatory norms related to emissions are coming into the picture, magnesium material is going to be used on large scale for several parts of automobiles. Considering the excellent material characteristics such as light weight, high strength, and lower overheating, most of the superbike manufacturers are giving preference for mag wheels, which will apparently boost magnesium wheel market size.
Considering the efficiency of this product, most of the well-known automakers are replacing heavier steel material with magnesium alloys in order to boost its fuel economy by minimizing the weight of the vehicle. Over the coming years, the surging investment in magnesium for automotive applications is thus likely to stimulate magnesium wheel market share.
Heavy investments in R&D activities along with surging technological advancements in magnesium wheel industry are thus likely to fuel product demand over the years ahead, owing to which the overall magnesium wheel market will surpass a revenue collection of USD 28 billion by the end of 2024.
Request for a Customization of this research report @ https://www.decresearch.com/roc/2129
Partial Chapter of the Table of Content
Chapter 4 Magnesium Wheel Market, By Manufacturing
4.1 Market share by manufacturing, 2018 & 2024
4.2 Cast
4.2.1 Market estimates and forecast from cast, 2013 - 2024, (Thousand Units) (USD Million)
4.2.2 Market estimates & forecast from cast, by region, 2013-2024 (Thousand Units) (USD Million)
4.3 Forged
4.3.1 Market estimates and forecast from forged, 2013 - 2024, (Thousand Units) (USD Million)
4.3.2 Market estimates & forecast from forged, by region, 2013-2024 (Thousand Units) (USD Million)
Chapter 5 Magnesium Wheel Market, By End-Use
5.1 Market share by end-use, 2018 & 2024
5.2 OEM
5.2.1 Market estimates and forecast from OEM, 2013 - 2024, (Thousand Units) (USD Million)
5.2.2 Market estimates & forecast from OEM, by region, 2013-2024 (Thousand Units) (USD Million)
5.3 Aftermarket
5.3.1 Market estimates and forecast from aftermarket, 2013 - 2024, (Thousand Units) (USD Million)
5.3.2 Market estimates & forecast from aftermarket, by region, 2013-2024 (Thousand Units) (USD Million)
Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/magnesium-wheel-market