Magnesium Alloy Wheels Market - Drivers and Forecasts by Technavio

LONDON—Technavio analysts forecast the global magnesium alloy wheels market to grow at a CAGR of over 20% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global magnesium alloy wheels market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

Magnesium alloy wheels are generally used in racing vehicles because of their low weight. Forged magnesium wheels yield shorter braking distance, faster acceleration, overall performance, and increased safety. Due to their lightweight nature, they lower fuel consumption by 5-7% and offer better strength and ductility.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global magnesium alloy wheels market:

• Growing popularity of automotive racing in developing economies
• Use of magnesium alloy wheels in racing cars
• Fuel efficiency of forged magnesium wheels

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Growing popularity of automotive racing in developing economies

Automotive racing is popular in developed countries such as the US, Italy, France, Spain, the UK, North America, and Japan. OEMs participate and conduct racing championships in these regions. The sport is also gaining popularity in developing countries such as China, India, and the UAE. This has encouraged OEMs to invest in racing championships in these regions.

Amey Vikram, a lead auto accessories research analyst at Technavio, says, “The 2011 Formula One event in India had the highest viewership in the history of Formula One racing championship. Force India uses cars with forged magnesium wheels. Hence, the increase in the number of events in this region will lead the magnesium alloy wheels market. China also has its own domestic racing car series, such as the China Touring Championship that was inaugurated in 2003.”

Use of magnesium alloy wheels in racing cars

Aluminum and magnesium are used for making alloy wheels, and a combination of both is also used. They were previously used in luxury vehicles and high-end sports car. Aluminum wheels are currently incorporated in budget cars, but magnesium wheels are restricted to racing vehicles. Magnesium alloy wheels have a higher heat conducting capability than steel ones.

“Aluminum alloy wheels were initially used in racing motorcycles. These motorcycles are currently equipped with light and strong forged magnesium wheels. All the MotoGP teams are using forged magnesium wheels as they manufacture specifically for racing events with advanced production technologies,” adds Amey.

Fuel efficiency of forged magnesium wheels

Japan's JWL test, which involves a truck striking a high curb at a speed of 50km/h, has been carried out on steel wheels and forged wheels. Trucks with steel wheels have shown extreme rim deformation and air loss in the tire, whereas forged wheels have passed the test successfully. With this test, it is proved that lightweight wheels have higher stiffness and are more resistant to cracking than cast alloy wheels.

Forged magnesium wheels reduce fuel consumption as they are 40% lighter than cast alloy wheels, thus requiring less effort to rotate. When compared to a twice heavy steel wheel, forged magnesium has repeatedly shown an improvement of at least 3% in tire rolling resistance in a test performed by Alcoa.

Top vendors:

• Marvic Wheels
• BBI Autosport
• Marchesini
• Vision Ability Dedication

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