The size of the worldwide automotive wheel coatings market is expected to rise at a steady 3.1% CAGR between 2022 and 2032. The global market is expected to be valued US$ 737.6 million by 2022, and US$ 1,001.4 million by 2032. The market is expanding due to ornamental and performance coatings made using sustainable technology, and environmentally friendly materials are expected to dominate the sector in the next ten years. The market is estimated to be driven by increased demand for protective coatings, aesthetic coatings, performance coatings, and anti-corrosive coatings for vehicle wheels over the forecast period.
With the fast growth of the automobile sector, demand for vehicle wheel coatings is expected to rise steadily. Increased demand for automotive-like passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs) has resulted in increased vehicle production, as well as following accessories such as automotive wheels. These wheels are usually made of metal or metal alloys, which are prone to corrosion in changing environmental conditions. Automotive wheel coatings are thus required to preserve the surface of these wheels from environmental changes and to maintain them safe, durable, and ready to operate throughout time.
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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 help 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.
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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.
Top Key Players in the Global Market
- 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
- Helios Coatings
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Key Segmentation
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 Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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