Sales of zinc and steel balancing weights set to grow
The latest report on the wheel balancing weights market by Persistence Research values the market at US$ 420 million in 2018. According to the report, it is anticipated to reach a value of US$ 750 million by the end of 2029, influenced by the cyclic trend of the automotive industry and new product launches. The wheel balancing weights market is expected to grow at a moderate compound annual growth rate (CAGR) of 6 per cent during the period.
As vehicles are being made lightweight to enhance performance parameters, so the usage of balancing weights is increasing. The reason? Heavier automobile actually help improve ride by dampening vibrations before the driver senses them. At the same time, more responsive tyres are being used with lower profiles. As a result, small imbalances can be felt in most vehicles, proliferating the demand for wheel balancing weights.
Lower environmental impacts and human health coupled with the propensity for steel wheel balancing weights to be made from recycled material appears to position steel wheel balancing weights as the best overall alternative in the upcoming years. Moreover, the growing prominence of alloy wheels around the world is propelling the demand for wheel balancing weights. Several Japan-based and Europe-based OEMs are said to be switching to zinc- and steel-based wheel balancing weights. However, the prevalence of lead-based wheel balancing weights is still high in the aftermarket segment in markets where they are still allowed, dampening the sales of alternative wheel balancing weights.
Asian economies lucrative markets
“South Asia and East Asia are the crucial helms deciding the fate of the automotive industry and acting as a future driver for the wheel balancing weights market. At a global level, steel-based wheel balancing weights have become the replacement material of choice for almost all OEMs and regional/domestic tyre retailers. South Asia and East Asia, still account for significant share for clip-on lead-based wheel balancing weights”, the report observes.
Lead has historically been used to manufacture wheel balancing weights due to its distinct characteristics such as high density, softness, and relatively inexpensive to manufacture and market. However, because lead wheel weights were banned in 2005, the European wheel balancing weights market is witnessing substantial growth for zinc-based wheel balancing weights due to the regional dynamics of the zinc material. Whereas, in the Americas, the demand for wheel balancing weights is attributed to the growing adoption of steel-based wheel balancing weights.