The global automotive wheel coatings market is expected to increase at a 3.1% CAGR from 2022 to 2032. The global marketplace is estimated to be worth US$ 737.6 billion by the end of 2022, and US$ 1,001.4 billion by the end of 2032.
The growth of the market is attributed to the decorative and performance coatings made through sustainable technology and environmentally friendly materials are further expected to drive the market in the next ten years. The rising demand for protective coatings, decorative coatings, performance coatings, and anti-corrosive coatings for automotive wheels is anticipated to drive the market during the projected period.
The demand for automotive wheel coatings is anticipated to surge at a steady pace with the rapid growth of the automotive industry. Increasing demand for automotive-like passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs) has led to a surging production of vehicles, as well as subsequent accessories such as automotive wheels.
These wheels are most of the time made of metal and metal alloys, which are most likely prone to corrosion in changing weather conditions. Automotive wheel coatings, therefore, are necessary to protect the surface of these wheels from environmental changes and to keep them safe, durable, and ready to perform in a long run.
Drivers and Challenges Have an Impact on Market Dynamics, which can Impact Businesses. Find more Insights in a Sample Report! https://www.futuremarketinsights.com/reports/sample/rep-gb-3454
Yet another brilliant aspect of automotive coatings is to offer attractive looks to vehicles. In order to enhance the look of an automotive vehicle, innovative designs of wheels coated with catchy and bright colors are expected to drive market growth over the projection period.
This combination would help to boost the demand for cars, especially those falling under the luxury and sports segment among the millennials and Gen Z. Thus, demand for wheel coatings for luxury and decorative purposes is also propelling the market.
In addition to that, young buyers and owners of two-wheelers and passenger cars are specifically attracted to using allow rims and metallic coated wheels for their vehicles because they believe that the use of such accessories enhances their vehicle’s look. They also associate the same as the user’s outer personality and status symbol.
Key Takeaways
- The frequency of changing environmental conditions all over the world has significantly surged over recent years which has resulted in leaving a negative impact on the wheels and rims. It has resulted in the corrosion and wear-and-tear of the substrate material. Demand for all-weather coatings from industries such as construction and automotive witnessed decent growth from all over the world, but especially in North American and Atlantic countries.
- The atmosphere in various countries situated in such regions has a high salt content and therefore they become very cold & snowy during the winter season. Such a hostile environment affects the wheel substrate and its coating.
- The tire and wheel are known to be those vehicle components that are subjected to the most complex conditions, it is necessary to shield the wheel with the best possible technology to sustain its longevity. A thorough composition prevents salt from corroding the wheels which helps in eliminating the probability of high-magnitude wear and tear. Therefore, demand for all-weather automotive wheel coatings from automobile manufacturers and individual consumers is expected to be a rising trend in the industry.
- Auto accessories shops in present times are loaded with such metallic wheel coatings owing to the high customer demand. In order to meet the rising customer demand, automotive wheel coating manufacturers have launched various wheel coating sprays that can be used without any prior guidance.
We Offer Tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-3454
Competitive Landscape
Prominent players in the market for automotive wheel coatings are concentrating on the acquisition of other market players in order to increase their consumer base. In addition to that, their rapid expansion and strategic steps include capacity expansions and geographical expansions in emerging economies to bolster the stronghold in the market.
Key market players are heavily investing in research and innovations for product development. At the same time, they are introducing sustainable coatings with attractive finishing properties to boost sales.
The market for automotive wheel coatings is estimated to be highly consolidated, where key players are expected to account for more than 50% of the market share. Akzo Nobel N.V., Kansai Paint Co. Ltd., PPG Industries Inc., Axalta Coating Systems, BASF SE, Emil Frei Gmbh & Co. KG, Lankwitzer Premium Coatings, TIGER Coatings GmbH & Co. KG, Arsonsisi, and many others are some of the leading manufacturers of automotive wheel coatings.
Automotive Wheel Coatings Market Outlook by Category
By Material Type:
- Acrylic Enamel
- Acrylic Urethane
- Acrylic Lacquer
- Zinc Phosphate
- Epoxy
- Epoxy Polyester
- Polyester
- Polyurethane
By Substrate:
- Aluminum
- Steel
- Others
By Product Type:
- Primers
- Base Coat
- Clear Coat/Topcoat
By Vehicle Type:
- Passenger Cars
- LCVs
- HCVs
By Sales Channel:
- OEMs
- Aftersales
Contact Sales for Further Assistance in Buying this Report@
https://www.futuremarketinsights.com/checkout/3454
More Insights into the Automotive Wheel Coatings Market
Over the last few years, China is anticipated to dominate the global chemical manufacturing industry attributing to its low labor costs, rapid investments, flexible government regulations, enormous supply chains, and easy availability of raw materials. Growth in the manufacturing industry has also flourished in end-use industries that cater to the cumulative growth of China as the biggest raw material manufacturer and consumer.
Explore FMI’s Extensive ongoing Coverage in the Chemicals & Materials Domain
Advanced Automotive Materials Market: The advanced automotive materials market is expected to grow at a CAGR of 6.8% during the forecast period. The market was valued at US$ 74.9 billion as of 2022 and is expected to hit a valuation of US$ 144.61 billion by 2032.
Paper Coating Materials Market: The global paper coating materials market was worth US$ 2.2 Bn in 2022, and the demand for paper coating materials is expected to reach US$ 3.52 billion by 2032, rising at a CAGR of 4.8% over the forecast period.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
Browse the latest Market Chemicals & Materials Reports: https://www.futuremarketinsights.com/category/chemicals-and-materials